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New nil premium, 'free of tie' lease available for historic, comprehensively refurbished North Norfolk pub

Norfolk, England

  • Price: Offers Invited
Seller Reference: BTLORDNELSON
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Business Description
 
 
 
 
 
 
 
 
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Seller Reference: BTLORDNELSON
Request Details
Business Description
• Historic landmark pub available 'to let'
• Rental offers invited for a new 20-year FRI, ‘Free of Tie’ lease
• Comprehensive extension and refurbishment programme underway
• Entire trade space will be fully furnished and fitted out
• Traditional bar areas and spacious new extension to the rear
• Sizeable, newly installed commercial trade kitchen
• Site area- 0.77 acres (approx)

Property
The Lord Nelson is a character detached timber framed building with stone and flint construction under a pantiled roof, arranged over two storeys with single side and rear extensions. The landmark building is currently undergoing a comprehensive extension and refurbishment programme which is scheduled to complete in summer 2020. In addition to the refurbishment, the pub will also be fully fitted out, affording the opportunity to begin trading immediately.

Planned Layout
Ensuring the historic character of the building is protected, the original 'Nelson Bar' and 'Wardroom' will remain. The remainder of the pub will be completely upgraded with the layout also being reconfigured. Utilising the existing bar servery, a new counter will open to a bar area which, in turn, will lead to the 'Victory Room' in the new rear extension, benefiting from views of the substantial garden and adding c. 40 restaurant dining covers.

Male and female WC and AWC will be located off a rear hallway. A manager's office will also be added and accessed from behind the bar. The existing extension to the west of the site will be converted to a sizeable, fully fitted commercial trade kitchen with extraction, ancillary pot wash area, store room and staff WC. The cellar will remain at ground floor level and will be extended.

On the first floor there will be 1/2-bedroom private accommodation with lounge, kitchen and bathroom.

Externally, a dedicated car park to the front of the building will provide 2 disabled spaces and 8 marked bays. The removal of an outbuilding to the west of the site will make way for further 12 spaces. The sizeable rear garden will be landscaped and a patio area adjoining the rear extension will create space for c. 14 tables.

Tenure
Rental offers are invited for a new 20-year FRI lease within the protection of the Landlord & Tenant Act (1954). The agreement is free from any purchasing ties. There is no premium payable for the benefit of the new lease.

It is anticipated that rental proposals will incorporate a base rent with a turnover-linked top-up payable in addition. The Landlord may consider a 'sliding scale' for the latter, or a cap.

A rent-free period is available and further concessions may be offered, subject to the tenant’s assessed covenant strength and overall business plan. Applicants must have sufficient capital available to cover 4 months' rent (3 months as a deposit; 1 months' rent in advance), building insurance, legal fees and working capital. Proof of funding will be sought.

Holkham Estate are seeking the best possible tenant for this landmark pub. There can be flexibility on terms for the right applicant.

Rates & Charges
Business Rates: Rates Payable: £7,365 (based upon Rateable Value: £15,000 and UBR: 49.1p)
Location Details:
Burnham Thorpe is a picturesque village on the north Norfolk coast made famous as the village where Horatio Nelson was born. Originally named The Plough this pub is known to have been frequented by Nelson and was renamed in his honour in 1798 after the battle of the Nile (Abu Qir). The Lord Nelson is positioned in the centre of the renowned village facing Walsingham Road, opposite the River Burn, the village recreation grounds and bowls club.
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