Ref: 8360 Leasehold
Beautiful stone built Village Inn & Restaurant with 9 Letting Bedrooms being offered either Freehold or Free of Tie Lease within the lovely village of Luxborough, set in the Exmoor National Park, Somerset
• Lovely location within this desirable village and set in the stunning Exmoor National Park.
• The trading areas are full of character and benefit from flagstone floors, open fireplaces, beams and exposed stone and include a Lounge Bar/Dining Area (circa 45), Dining Room (circa 25) and Public Bar (circa 30).
• 9 Beautiful En-Suite Letting Bedrooms.
• 2 Bedroom Living Accommodation.
• Front Riverside Garden and Rear Enclosed Courtyard offering seating for 70 customers.
• Advised turnover for y/e 02/20 was approx £384,000 (incl. VAT) with trade split of 40% wet, 40% food & 20% letting.
• Desirable Free of Tie Lease or Freehold with an ‘Option to Purchase’ opportunity.
A stunning opportunity to acquire either a Freehold or Free of Tie Lease on this beautiful property and business
This lovely characterful Freehold/Free of Tie Inn & Restaurant with 9 Letting Bedrooms is delightfully located in the heart of Luxborough, Somerset.
Luxborough is a desirable village and civil parish located 6 miles south of Dunster, lying amongst the Brendon Hills and the Exmoor National Park. It is divided into the hamlets of Churchtown, Kingsbridge and Pooltown, which lie within a mile of each other.
The area is renowned for tourism with the famous Dunster Castle only a short drive away and the many walking routes that cover the Exmoor National Park. The surrounding estates offer some excellent shooting during the season and this successful business has a prime location.
This beautifully presented freehold village inn is of stone construction under a pitched, tiled and thatched roof, occupying an excellent village location within Luxborough.
The Lounge Bar/Dining Area (circa 45) are made up of three intimate rooms that offer cosy dining experiences along with a bar servery, flagstone floors and an open fireplace.
The Public Bar (circa 30) is a traditional room benefitting from flagstone floors, bar servery, log burner, beams and exposed stone.
The Dining Room (circa 25) is a lovely room offering solid wood floors and feature fireplace and is ideal for private dining events.
Ladies and Gents W.C.s.
There is a well-equipped Commercial Catering Kitchen with stainless steel appliances (not tested) and work surfaces along with a separate wash up area.
The Ground Floor Beer Cellar has coolers and a python system.
The owner’s accommodation is situated on the 1st floor and briefly comprises: 2 En-Suite Double Bedrooms and a Lounge (needs work). The property is flexible in regards to accommodation and can be refigured for any owner’s needs.
To the rear of the property is an excellent enclosed Courtyard Garden (circa 50) and to the front is a Riverside Terrace Area (circa 20).
To the side of the business is a Car Park.
Located on the Ground and 1st Floors are 9 Individual and Beautifully Presented Letting Bedrooms ranging from Standard Double/Twins up to a Royal Oak Suite. The accommodation rates are from £80 up to £140 per night.
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 11am - Midnight
Current opening hours are:
Tues – Sunday 11am – 11pm
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 property and business is being offered for sale 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 £49,950.
2. The initial annual rent will be £30,000
3. The annual rental 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 costs relating to the transaction.
9. Satisfactory references will be required on behalf of our vendor client.
10. 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 and timescale to be mutually agreed, with Guy Simmonds again acting as the agent for our vendor client.
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 lpg and all other mains services and uses oil central heating (services not tested).
Business rates payable are advised as being £9,000 per annum.
The current owner purchased the business in 2014 and has made considerable improvements to the property over the past 6 years and is offering the property in excellent condition.
This highly desirable business is continuing to grow year on year and offers new owner operators the opportunity to acquire a profitable business with an outstanding ‘quality of life’ in an affluent location. Our vendor is happy to either sell the freehold or offer a new lease with an ‘option to purchase’.
We are advised that declared turnover for y/e 02/20 was approx £384,000 (inc VAT) with a trade split of 40% wet, 40% food & 20% letting.
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: Feb 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.