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IN DELIGHTFUL BARNSTAPLE, NORTH DEVON, THIS CHARMING HISTORIC COMMUNITY INN
Price:
Leasehold - £98,000
Location:
Devon, Barnstaple
Business Type:
Food Service Businesses, Pubs
Centrally located in this ancient borough.
Deceptively large, substantially refurbished and extended.
Main Bars, garden room, dual skittle alley and 60 cover dining area, trade courtyard.
Extensive accommodation – potential to create guest rooms.
7 years left on Innspired/Punch lease.
Rent £17,942.
Sales averaging £280,000 (incl.) split 70% wet, 30% food.
EXCELLENT OPPORTUNITY TO FURTHER EXPAND THIS CONSISTENTLY SOUND BUSINESS.
ASKING PRICE £98,000 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL PLUS S.A.V.
THE PROPERTY
Said to date in part from the 17th Century, the property is mainly of two-storey construction under a pitched, tiled roof. There is a single storey extension to the rear.
The main, and only, entrance via an internal porch leads into the main bar areas. Highlighted by a central, dark-wood servery, they are nicely decorated and richly carpeted. With beamed ceilings and furnished with polished, inlaid, wooden tables, perimeter cushioned seating, captains and mates chairs, the bar areas generate an atmospheric ambience. The lower bar has a wood-burning stove, darts throw and large-screen satellite TV projection. The upper bar has a pool table and an illuminated cabinet crammed with trophies won by the various teams hosted by this popular activity-driven local.
Passageway up to toilets, garden room and small courtyard. In a most attractive L-shaped extension the vendors have built a hugely popular dual skittle alley and 60 cover dining area with pine tables and elegant chairs. In addition, the bar areas can cater for around 30 diners.
Adjacent to the garden room is a spacious, fully equipped catering kitchen and a utility/freezer room (no equipment tested). Behind the servery is a ground level, full-height beer cellar.
THE BUSINESS
In his six years in situ the vendor has invested heavily in the refurbishment and extension of the inn and has more than doubled the turnover in this time. In the past two years annual sales have averaged approx. £280,000 (incl.) with adjusted average net profit around £35,000 (after funding a full-time manager). Business split currently 70% wet 30% food. There is much scope to further develop catering functions and, of course, to create profitable guest accommodation in this attractive area.
Accounting information will be made available to interested parties after viewing.
This business was viewed by Frank Mackwood who would be delighted to discuss further details and can be contacted on 07803 049291. Viewing appointments must be made by contacting Guy Simmonds on 01332 865112.
This pleasant inn is to be found in Joy Street which links Boutport Street to the High Street in this honeycomb of thoroughfares in the ancient town of Barnstaple, Britain’s oldest borough. At the head of the Taw Estuary, and only a few minutes drive to the beaches of the Heritage Coast, Barnstaple is the northern terminus of the Tarka Line, the wonderfully scenic 40 mile railway that follows the gentle valleys of the rivers Yeo and Taw. The Tarka Trail for walkers also crosses over in the town. Whilst Barnstaple attracts many visitors, it is also a commercial centre and the inn benefits from its dual catchment of business folk at lunchtimes and community support at evenings and weekends.
The business is offered as a lease assignment sale with 7 years remaining on Innspired/Punch Taverns full repairing and insuring lease. Annual rent is advised at £17,942 to be reviewed in September next and thence in 2008. 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 uses gas central heating (no services seen or tested). Business rates are advised as being £5,030 per annum.
OWNER’S ACCOMMODATION
At first floor level, this is extensive and comprises 4 large and 1 single bedroom, lounge, dining room, kitchenette, office, bathroom/toilet and separate toilet.
GUEST ACCOMMODATION
There is clear potential to revamp the above accommodation to incorporate at least two en suite guest rooms. In this busy tourist and commercial town it would not be difficult to achieve near 100% occupancy.
EXTERNAL
To the rear is the trade courtyard with picnic tables and umbrellas. Parking in Boutport Street and in municipal parks close by. The vendors have dedicated parking in the nearby health centre.
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