• AN HISTORIC AND WELL-KNOWN PUBLIC HOUSE SITUATED ON OUTSKIRTS OF PENZANCE
Price:
Leasehold - £110,000
Location:
Cornwall, Penzance
• MANY CHARACTER FEATURES COMPRISING 2 BARS AND DINING AREA
• WET (77%) / DRY (23%) TRADE
• EXTENSIVE 3-BEDROOM OWNERS’ ACCOMMODATION (POTENTIAL LETTING ROOMS)
• LARGE OWNERS’ LOUNGE, KITCHEN AND BATHROOM
• LARGE TRADE GARDEN AND CAR PARK
• A VIBRANT COMMUNITY BUSINESS
• INTERNAL VIEWING HIGHLY RECOMMENDED
We are advised The Pirate Inn dates back to the early 1600s and has been a public house since the 1950s. The premises are an attractive 2-storey building with much character and briefly comprise a large public bar, with steps up to a dining area, separate lounge bar/games area. Commercial kitchen and w.cs on the ground floor, stairs to the first floor with extensive 3-bedroom owners’ accommodation (all en-suite), large lounge, recently refitted kitchen and bathroom. The 3 bedrooms could be utilised as letting accommodation as all en-suite.
We are advised the business has circa 77/23 wet/dry sales and is held by way of an Enterprise (formerly Unique) 30-year renewable Lease, commenced 28/06/99. The tie relates to beer and cider products and we are advised the current passing rental is £21,000 (as per last Rent Review in June 2009, next Review June 2014).
The trading Profit & Loss Accounts for the year end April 2010 showed net sales of £244,526, producing a combined gross profit of 55% and an adjusted net profit of £41,741 (after deducting wages/employment costs of £45,472). Further accounting information will be made available subject to a viewing appointment in the normal manner.
A 30-year Enterprise Inns Lease within the Security of Tenure Provisions of The Landlord & Tenant Act 1954, commenced 28/06/99. Current passing rental £21,000 (including accommodation) with 5-yearly Rent Review pattern, next Review June 2014.
UK Non-Specific
£ 800,000
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