Business for sale

Business description

Unique canal side pub located within prestigiously developed office and popular leisure circuit of metropolitan city centre of nottingham.

With all the advantages of lifestyle & location along with large captive customer base and potentially high returns offered at a most realistic price of £89,000 lease assignment to include extensive fixtures and fittings, goodwill plus s.a.v.

*Strong sales foundation of £311,000 inc vat 10% Dry to 90% Wet with unbridled potential off in excess of £500,000 pa – currently run under management

*Relaxed atmospheric canal side Lounge Bar (220) – Function Room (50) –good kitchens

*Lock side towpath seating (60+) over looking wharf – discrete smokers patio(30)

*Comfortable well presented 3 double bed roomed owners accommodation with private entrance

*Ideally located adjacent new Nottingham Evening Post buildings and Castle Wharf

*20 year protected fully renewable lease (at no further cost)

LOCATION (NG2 7JY)
The much coveted location of this well know pub could not be much better for those who would like to live within a city centre environment enjoying the vibrant social amenities & shopping yet within an area of historic significance with nottingham castle a few strides away and the victorian fascination of the canal system of british waterways castle wharf, a wonderful collation of old and new architecture with beautifully restored grade 2 properties, which has become so popular for leisure use and as a nature reserve, sit on the canal side watching the boats go by and the swans going about their graceful pastime in the tranquil peace of this delightful and unique setting.

New build offices including the nottingham evening post building, surround the pub along with upmarket residential apartments and branded licensed retailers along the castle wharf which is a magnet for tourists and those living within this outstanding city with its newly created tram service providing easy access from outlying areas into the city centre making it even more convenient with throngs of high spending people travelling into the city to enjoy its social activities and up to the minute shopping facilities. The pub is un-missably located on wilford street (a 453) just up from canal street sitting astride a major footfall and road bridge into the city centre.

PROPERTY DESCRIPTION
The property commands a main road frontage and was constructed around the same time as the canal with the name of the pub being derived from the irish work force of “navvies” who cut out the waterways from the hard bedrock of stone running under the city. The property is completely detached on 3 floors, of “hovingham” brick construction under pitched slate roofs. Tall light bearing windows pour natural lighting into the splendid internals with further windows over looking the lock system of the canal.

Main lounge bar (cap 220) have a mixture of hard wearing timber floors with softer areas of carpeting with a blend of assorted furnishings including tall sit-to drinking tables and low dining tables of different shapes and materials providing an interesting range of sitting opportunities depending upon user occasion requirement. The mixed level ceilings have inset beams and support poles again providing an interesting array of features. Bar servery is of light timber construction with matching high backed ,back fittings and polished counter top with real ale pulls and bright ale pumps.

To one end is a glass wash area and “dumb waiter” servicing the bar from the main catering kitchen which has a full range of commercial equipment, located to the 1st floor of the property. Function room (50) located to the 1st floor is a popular venue for use by local clubs and could be further marketed as a “private lunch club”, folk/ jazz club, meetings, training courses etc. An opportunity ready to happen. Ladies and gents toilets are provided to the ground floor. The beer cellar is fully chilled and set to basement level.

OWNERS ACCOMMODATION
Located to the first floor with private entrance there are 3 good bedrooms, bathroom, kitchen and lounge.

EXTERNALS
To the side elevation the pub has the unique benefit of a CANAL SIDE TOW PATH with timber benches (60+) adjacent the canal locks providing entertainment and amusement for customers. The towpath facility has direct access from the bars lounges. A further facility is available for smokers to the rear of the building by way of a secured heated terrace area(30) which provides a well used solution for smoker customers. There is a small yard for the parking of 3 cars.

PREMISES LICENSES
The Premises License allows opening from 10am until 1am all week with 12 midnight on Sundays. Current opening hours are , 11am through till 11pm Sunday till Thursday with 11am till 12pm Friday & Saturday. This provide plenty of further opportunity to take advantage of unused trading hours. A Personal License will be required and our training associates can assist with this for you along with other licensed retail training inc BII courses.

TENURE
The business is being offered with the benefit of a 20 year lease, commencing May 2003, on an OPEN HOUSE W & D BREWERIES LEASE with Landlord & Tenant Act security affording renewal at the terms end at no further cost. The Business rent is just £31,000 pa which is reduced by way of barrelage discount to £13,000 (set until 2013) making this a highly desirable and affordable proposition.

SERVICES
We are advised that the pub benefits from mains electric, water, sewage, gas with heating by GAS. Business rates payable are £7,000 pa.

THE BUSINESS
Our client purchased the lease in 2003 and have traded the pub as a “managed house” during this period , at arms length , holding down an outside career separate to the business. Sales are running to £311,000 pa inc vat on a split of 90% Wet to 10% Dry offering a fantastic opportunity for a new “hands on” focused operator to develop sales to above £500,000 by introducing an appropriate food offer including “take away” service which could add above £100,000 to the sales of the business which would also generate further wet sales as a spin off and by looking at the possible utilisation of currently unused opening hours. A business of this nature should in our experience return above 20% Net Profits for an owner operator having lived out of the business. (currently run under management).

A unique pub business located within a unique setting offering a high return to its owners and a most special locale to live and work – a must to view at the earliest opportunity

Ref: G4401L