Business for sale

Business description

This 19th century pub ideally located in the centre of the popular historic city of lancaster within minutes of the great panoramic views of morecambe bay and the lake district.

Ideal opportunity to obtain a well known pub with huge potential to increase in particular dry trade in the busy city centre with ‘on the doorstep’ customers from shoppers to the 14,000 students as well as the normal pub trade clientele.

Now offered at a most realistic asking price of £79,000 lease assignment to include fixtures and fittings, goodwill plus s.a.v.

*Profitable Sales of £388k inc VAT y/e Dec’07 – split approx 89% Wet, 9% Dry, 2% Machine Income.

*New Leather chairs & sumptuous leather sofas sit upon solid oak flooring throughout the trade areas comprising Lounge Bar (20+ vertical), Main Bar (21+ vertical) and Snug (10+ vertical).

*This Historic building was once the Yorkshire Penny Bank until conversion some 10 years ago with thick stone walls still evident.

*Large 3 d/bed owners accommodation with huge lounge area, fitted kitchen, bathroom and office all to the first floor.

*Huge potential to let the 15 unused rooms to the first and second floors to city visitors or as student accommodation.

*10 year protected lease from Dec’05, renewable at no further cost, partially tied.

LOCATION (LA1 1XF)
Based in the heart of this historic city on the corner of the high street within yards of two shopping centres and the canal towpath the Penny Bank is ideally placed. Lancaster is a small city, rich in architectural delights and cultural heritage which is best explored on foot.

Lancaster’s history can be traced back thousands of years and that is no better displayed than by having a guide tour of Lancaster Castle. This imposing mediaeval castle also dominates the Lancaster skyline and no more so when used as the back drop to the Annual Fireworks Spectacular held each November.

The Grand Theatre (one of the oldest theatres in the Country) provides delightful plays, musicals and shows with the Dukes Cinema showing all the current blockbuster films.

For views across the city, head up to the Ashton Memorial one of the grandest of English follies. The memorial is set within the beautiful parkland of Williamson Park with enchanting walks and provides some great panoramic views across Morecambe Bay to the Lakeland Fells.

The city’s museums offer exhibitions and collections, including the Maritime Museum on the historic quayside, telling tales of Lancaster’s past and all the worst things that have ever happened at sea. Other historic places of interest include Lancaster Cathedral with its tower standing over 240ft tall, containing a peel of ten bells, possibly the only Catholic church in England with so many.

PROPERTY DESCRIPTION
Converted to a Public house some 10 years ago this highly attractive 3-storey property was originally 5 separate buildings with the previous occupier being the Yorkshire Penny Bank.

Originating back to the late 19th century of stone construction housed beneath pitched slate roofs with featured 3rd floor windows.
The whole of the trade areas have been recently refurbished with exposed solid oak flooring, timber boarded roof beams and open plan seating featuring throughout.

Lounge bar (20+vertical) with 3x leather sofas & tall leather upholstered chairs surrounding the brick faced fireplace and stone hearth. A traditional wall ‘safe’ and coffee bar servery also highlight in this area.

Main bar (21+ vertical) as you walk through the main corner entrance from the high street you are greeted by exposed brick walls and pillars, tall leather chairs, stools and sofas instantly giving the whole area a warm and welcoming feel.

Snug (10+vertical) has to be one of the most relaxing bar areas in the country with very deep set leather benches and footstools, large airy windows and red painted walls hosting tasteful artwork.

Excellent central bar servery and new back bar is of wooden panelled construction with polished timber top holding a full range of real ale wickets and bright ale pumps. High leather chairs surround the bar giving that ‘executive look’ and feel to the area.

High quality ladies, gents & disabled toilets are fully tiled to walls and floors. Three available beer cellars with just one to the ground floor currently used which was fully equipped with new pumps, lines etc. Some 18 months ago.

Split level catering kitchen is extensively equipped with commercial units.

POTENTIAL LETTING ACCOMMODATION
15 spare rooms spread over three different areas to the first and second floors could be furnished and let generating significant profitable income as student accommodation or B&B.

OWNERS ACCOMMODATION
The generous owners accommodation is located to the first floor comprising 3 large d/bed, office, fitted kitchen, bathroom with shower and a huge private lounge.

EXTERNALS
Occupying a large corner plot in the city centre the whole frontage has been redecorated with new lighting & signage fitted.
A side gate allows for beer barrel access and owners yard for private parking.

PREMISES LICENSES
We are advised that the premises license allows for 09.00 – 00.30 every day and the business currently trades 11.00 – 00.00 Mon-Thurs, 11.00 – Close Fri/Sat and 12.00 – 23.00 Sun.

A personal license will be required and our training associates can assist with this for you.

TENURE
The business is held on a 10 year assignable lease, commencing Dec’05, from ENTERPRISE INNS with a Business rent payable of £42,800 and is PARTIALLY TIED with FREE OF TIE for Wines and Spirits. The lease is fully renewable at its end, with Landlord & Tenant Act Protection, at no further cost and under no less favourable terms.

SERVICES
We are advised that business rates payable are £9,000 per annum and the inn benefits from mains electric, water & sewage with Gas central heating.

THE BUSINESS
Our client has owned this business since July’05 but relies on a manager and full time staff to run the pub due to other pub and business interests which effects the bottom line profits which would normally return at circa 20% of net sales.

The pub enjoys an excellent client base with shoppers and students throughout the daytime and all ages during evenings/weekend.

We have the last 2 years accounts (T/O £388,000 incl.vat Y/E Dec’07) which demonstrate the huge potential of this already popular venue.

We and our client believe that in the hands of enthusiastic new lessees working and living on-site, providing evening meals and more live entertainment (currently just wed. evenings) the benefits are limitless for this already profitable business which could easily grow sales to above £500,000 plus the outstanding opportunity to develop the guest lettings of the business.

Ref: W4398L