Business for sale

Business description

A traditional inn with letting 9 letting bedrooms located in a plesant suburb of the thriving university city of sheffield.

This is a very strong business which is idealy placed to exploit the development of food and letting rooms, with its already strong performance on trading it offers a great opportunity offered for sale by way of a lease assignment at £95,000 to include extensive fixtures and fittings, goodwill plus s.a.v.

*Strong trading history with accounts showing turnover of £346,625 inc V.A.T. and net operating profits, reconstituted at £49,000 100% wet.

*Locals bar (40) Main lounge (40) and poolroom (20) Catering Kitchen, complete refurbishment 2004, excellent condition throughout.

*9 recently refurbished letting bedrooms with two shower rooms and toilets ideal for student lets or budget accommodation.

*No food offer currently, excellent opportunity for developing trade further.

*Owners large sitting room and Kitchen and large double bedroom.

*An original 10-year lease with four years remaining full landlord and tenant protected.

LOCATION (S7 2QD)
On the west hand side of the city Abbydale road leads from the heart of the city out to the suburbs of Dore and Beauchief. The road is adjacent to the A621. With a thriving area immediate to the property with shops and restaurants and quality housing this is a great location to benefit from local trade as well as students who need to be on the south west side of the city.

Sheffield is transforming it’s self from the decline of the steel industry, the centre is now vibrant and every where one looks there is new development for commerce, new industry and of course this means new migrant workers moving to the area. The south west of the city long known as the affluent residential conurbation it is even more in demand than ever.

PROPERTY DESCRIPTION
Stone built under a slate roof at the turn of the century it is a most attractive looking building and having undergone a complete refurbishment in 2004 to a very high standard indeed it is now as they say “fit for purpose” in the current market place.

There is a single bar with two Locals bar areas adjacent with T.V and pub games immediately in front or the bar to the left is a raised area, which has a Poolroom.

The Locals Bar has both fixed and loose seating with ample space for bar stools without blocking the service area. The lounge bar is in the style of a library with fixed banquet seating and loose tables and chairs.

There is an entrance lobby with the ladies and gentleman’s facilities leading from this area. A large traditional cellar with no fewer than six rooms provides ample storage; the main beer cellar has modern cooling systems in place. There is also A catering kitchen not currently used.

Our client has recently undertaken to refurbish all nine bedrooms on the first and second floors with the intention of letting them and early indications are very promising with a high uptake, there are currently no en-suite facilities however there are two shower rooms and separate toilet families. The rooms have great character and have been done out in the most delightful way.

OWNERS ACCOMMODATION
There is a large owners sitting room and large well-fitted kitchen dinning room with modern fitted units. A further large double bedroom is also set aside for the owners use. Of course if needed further rooms could be taken out of use for the lettings.

EXTERNALS
The property faces onto the main road and has a car park for circa 20 cars; there is ample space for tables to the side and front of the building providing for smokers and sun worshipers alike.

PREMISES LICENSES We are advised that the business’s premises license allows for trading 10am until 11pm five days per week and 10am until 12 midnight Friday and Saturday. Days a week.

The current hours operated are Monday through to Thursday 11am until 12pm, Friday and Saturday 12pm until 12am. A personal licence will be required and our associates will be only too pleased to assist in this matter.


TENURE We are instructed to offer the business for sale by way of lease assignment of a 10 year tied lease from 2002, fully renewable at no further premium with full Landlord & Tenant Act Protection from Enterprise Inns at a business rent of £47,622 p.a.

SERVICES
We are advised that the pub benefits from mains services with gas central heating throughout. Rates payable are £10,000 p.a.

THE BUSINESS
This business has accounts that demonstrate that it has grown over the last three years to a turnover of £346,625 with reconstituted net operating profits of £49,000 Our client is selling due to a recent divorce, however he has introduced 9 letting bedrooms that are to a very high standard indeed and would be perfect for student accommodation or other budget users as there are no en-suite facilities of course it would be possible to alter the current layout to facilitate the creation of En-suite bathrooms without too much trouble as the infrastructure is in place.

These currently are being let at £50 per room only, however we do believe £80 to £100 would be achievable or on a bed and breakfast basis £50 per night per room. There is also the question of food as there is a perfectly serviceable catering kitchen and the lounge area is perfect for bar food. With this in mind we would expect that a turnover of £500,000 would be achievable – given the right operating team.

Ref: S4431L