Ref 8349 leasehold
excellent freehold or ‘free of tie’ leasehold inn centrally located within the historic port town of bideford, devon with excellent living accommodation
• Edge of town location, 5 mins walk to the waterfront or town centre with considerable footfall.
• Public Bar (circa 30) with bar servery, tiled flooring and beamed ceilings.
• Dining Area (circa 24) offering wood flooring, log burning fireplace and beamed ceilings.
• Courtyard Terrace Area (circa 30)
• Commercial Catering Kitchen.
• Very nice 4 Bed Living Accommodation.
• Good Beer Guide Entry.
• We are advised turnover for y/e 04/19 is circa £219,202 (inc vat) with a trade split of 75% wet and 25% dry and a recon net profit of £58,683.
• Freehold or Lucrative ‘Free of Tie’ Lease with an option to purchase.
This traditional and nicely presented Freehold or ‘Free of Tie’ Leasehold Inn is located on Chingswell St, Bideford, Devon.
Bideford is a historic port town on the estuary of the River Torridge in North Devon.
Bideford is ideally situated to enjoy the west coast of Devon being just south of Barnstaple and Westward Ho along with being a short drive from Clovelly and the Cornish border.
The town is served by the A39 Atlantic Highway road as well as the South West Coast Path that passes through the town. A ferry operates from Bideford Quay to Lundy Island.The popular beach resort of Westward Ho is walkable.
This Freehold/’Free of Tie’ Inn is built of stone construction, under a tiled roof, occupying an excellent prominent position in the heart of this desirable town.
The Public Bar (circa 30) is a traditional bar area offering a pleasant bar servery area, tiled flooring, beamed ceilings and traditional furnishings.
The Dining Area (circa 24) is an intimate area benefitting from a log burning fireplace, wood flooring and beamed ceilings.
Ladies and Gents W.C.’s.
There is a Commercial Catering Kitchen with stainless steel appliances and work surfaces (appliances not tested).
There is a Ground Floor Cellar with python and cooler systems. There is a Ground Floor Bottle & Dry Store.
Located on the 1st Floor and briefly comprises of: Four Double Bedrooms (1 En-Suite), Fitted Kitchen, Lounge and Bathroom with Shower all in excellent condition.
To the rear of the property is a Lovely Enclosed Courtyard Terrace Area offering seating for approx. 30 customers.
We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:
7 days per week 10am – 11pm
Current opening hours are:
Mon – Sat 11am – 11pm
Sunday Midday – 10.30pm
nb. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the aplh Qualification in readiness for their intended operation of the Public House.
The business is offered for sale as a freehold (although we have not had sight of the title deeds) or as a new highly favourable 10 year Private Fri Lease Agreement as follows:
1. The asking premium will be £29,950.
2. The initial rent will be £24,000.
3. The annual rent is simply rpi linked to inflation every 3 years, hence no market rent reviews.
4. Rent payable monthly in advance.
5. Deposit equivalent of 3 month’s rent.
6. Lease assignable after initial 2 year period.
7. Free of all brewery and supply ties.
8. Each party responsible for own legal fees relating to the transaction.
9. We are advised that our vendor client would be agreeable to insert an ‘Option to Purchase’ clause within the lease agreement, to enable the lessee to subsequently purchase the freehold element at a price to be mutually agreed.
We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954. We are advised that the inn benefits from all mains services and is heated by gas central heating. (services not seen or tested). Business rates are advised as currently being free of charge.
The current owners purchased the property in 2013 and are offering the property to market in excellent condition.
Our vendors are looking to retire and are extremely flexible in regards to the options offered and are happy to lease or sell the freehold outright. This is a good opportunity for hands on owner operators to benefit from this profitable business.
We are advised turnover for y/e 04/19 is £219,202 (inc vat) with a trade split of 75% wet and 25% dry.
Accounting information will be made available to interested parties after viewing.
This business was viewed by Marc Blackford who would be delighted to discuss further details.
Viewing appointments must be made by contacting Guy Simmonds.
Details Prepared: Jan 2020
Note: Size quoted is usually the Total Useful Floor Area taken from the EPC and is for guidance purposes only and no responsibility is assumed by Guy Simmonds for the accuracy.
If size stated =1m2, this is because no measurements are available at this time.
Viewing: All appointments must be made through Guy Simmonds. Please note that these Sales Particulars are issued on the strict basis that all negotiations, viewings and contacts in connection with this business are conducted through Guy Simmonds who are appointed by the vendor to act under a Sole Selling Rights agreement with total confidentiality. Any breach of these terms may make you liable in law to litigation and damages. Under no circumstances must you approach the owner direct without a formal appointment or disclose to other customers and staff that the Premises are for sale.
Finance for purchasing A licensed property: We are in constant touch with a leading finance broker who specialises in arranging Business Finance for Licensed Properties. Whether you are purchasing a Licensed Property through ourselves, or another agent, we will be pleased to contact on your behalf our specialist who can arrange the necessary Finance Package for you at preferential rates. Please telephone for free and no obligation advice with regards to financing a Business.
Guy Simmonds for themselves and for the vendors or lessors of this property and/or business whose agents they are give notice that:-
(I) These particulars are a general outline for the guidance of intending purchasers (or lessees) and do not constitute an offer or contract, nor any part of an offer or contract.
(II) All descriptions, dimensions, distances, maps/plans, references to condition, trading figures and other items in these particulars are given as a guide and no responsibility is assumed by Guy Simmonds for the accuracy of individual items. Intending purchasers (or lessees) should not rely on them as statements of representations of fact and should satisfy themselves as to the correctness of each item by making independent enquiries.
(III) Intending purchasers (or lessees) should make their own independent enquiries regarding the use of the property, necessary permissions for use and occupations, potential uses and any other matters affecting the property prior to purchase.
(IV) Guy Simmonds do not make or give whether in these particulars, during negotiations or otherwise, any representation or warranty in relation to this property. No responsibility is taken by Guy Simmonds for any error, omission or mis-statement in these particulars. Guy Simmonds do not warrant the accuracy of any accountancy information supplied and purchasers are advised to take independent advice in order to satisfy themselves.
(V) Guy Simmonds are unable to give any warranty as to the working order of any apparatus, equipment, fittings or services associated with the premises and therefore, cannot verify they are in full working order. Purchasers are strongly advised to obtain specialist reports prior to exchange of contracts in order to satisfy themselves.
(VI) All statements and descriptions are made without responsibility or warranty by Guy Simmonds, the vendors or lessees. Neither do Guy Simmonds nor the vendors/lessees hold ourselves responsible for any expenses whatsoever incurred by applicants inspecting Businesses which may be sold or withdrawn, to include travelling, valuation/survey, legal fees etc.
(VII) No person in the employment of Guy Simmonds has any authority to make or give any representation or warranty whatever in relation to this property.
(VIII) It should not be assumed that the contents of any photographs are included in the sale.
(IX) All prices quoted are excluding stock at valuation.