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On Market Issue 16/01
1 On Market Issue 16/01 fleurets.com Positive Predictions for Pub Sector
Graeme Bunn Managing Director
I am going to make three, perhaps bold, from the position of the one size fits all full predictions for the rest of 2016: repairing lease of years gone by.
1. Jennifer Aniston will eventually accept The continued growth of the managed I would challenge my dinner date house divisions of the tenanted pub 2. Donald Trump will not become U.S. companies should also be welcomed as it anyone to look back in 8 “ President will provide such companies with a better months time and say that 3. 2016 will be viewed as a year of understanding of the challenges and
2016 was neither a year of positive change and innovation in the opportunities arising from running a public pub sector. house. Whilst many tenants of good quality change nor a year of “ pubs, where the unexpired lease term is progress and opportunity Now perhaps I am going out on a limb for dwindling in length, will become increasingly for the pub sector the first two, but I am entirely confident that nervous as to whether their lease will be my third prediction will hold true. With the renewed; this may lead, particularly in final stages of the MRO legislation under London, to a sharp correction of leasehold discussion and introduction imminent, the values. impact of this legislation is undoubtedly driving strategy of all the large tenanted pub At the outset, those campaigning for this companies. Even the most ardent supporter legislation were perhaps targeting a more of the tied pub companies will have fundamental outcome in relation to the admitted that the structure had become one tie. Many commentators warned against dimensional. the unintended consequences of the legislation - I am entirely optimistic that The forthcoming legislation has perhaps such consequences will be positive for the forced pub companies to consider much pub sector. Although it is perhaps not what needed alternative operational and Greg Mulholland was hoping to achieve ownership structures. The introduction of by advocating this legislation, I believe the genuine franchise agreements, free of tie change it will drive will benefit all, and not leases, shorter term “taster” agreements just the few. Whilst much hard work still with significant flexibility, turnover rent only needs to be done, I would challenge anyone agreements and longer term agreements to look back in 8 months time and say that without any rent review provisions, provide 2016 was neither a year of change nor a obvious choice to novice and experienced year of progress and opportunity for the potential tenants. This is a long way away pub sector.
Cover image courtesy of South Kensington Club
2 On Market Issue 16/01 fleurets.com In this issue Market commentary INVESTMENTS
A look at corporate activity 04 - 05 Investment Commentary 16 Properties 17 Examining the corporate activity across the pub, restaurant and hotel sectors. HOTELS
London single asset transactions 06 - 07 Hotel Commentary 18
Looking at some key single transactions across Properties 19-23 the capital and where they have taken place. RESTAURANTS Market Commentary Meet the Operators 08 - 09 04 A look at corporate activity Restaurant Commentary 24-25 We interviewed two of the industries ‘leading lights’ regarding acquisitions. Properties 25-30
Gin - Fashion or Fad? 10 PUBS
Dissecting gin’s popularity and exploring its Pub Commentary 31 history. Properties 32-45 Life after EIS 11 LEISURE Steve Kenee, partner of Downing and head of the Licensed Sector team explains Leisure Commentary 46 crowdfunding. Properties 47 Tough times for the industry: Best 12 Market Commentary Western GB offers solutions 06 London single asset transactions
Rob Payne, CEO of Best Western Great Britain looks at the challenges within the hospitality industry.
What Lies Ahead? 13
Neil Gerrard from The Caterer takes a look at the next few months.
Making Room 14
Mark Wingett from MCA comments on the UK’s coaching inn sector.
The Leasehold Pub - The route to 15 success Market Commentary 08 Meet the Operators The benefits of the leasehold option laid out and explained.
Important notice: Unless otherwise stated, all properties are being dealt with on a Sole Selling Rights basis. The prices and other particulars regarding properties are correct at the time of going to press, April 2016. But, as prices can be altered by the vendor at any time, interested potential buyers would be wise to check the latest position with Fleurets On Market Fleurets before viewing. The information contained in this publication is not to be reproduced in whole or in part Published by Fleurets Ltd without the expression permission in writing of Fleurets Ltd. 4 Roger Street, London WC1N 2JX © Copyright - Fleurets Ltd 2016 London, Lizzie Hawes Enquiries: ‘All rights reserved’. T: 020 7280 4700 E: [email protected] Market Commentary W: fleurets.com/onmarket 10 Gin - Fashion or Fad?
3 On Market Issue 16/01 fleurets.com A look at Corporate Activity
Paul Hardwick sectors, each with differing characteristics However, most noticeable has been the Director reflective of the ownership and buyer sustained corporate activity in the managed & Head of Hotels structures. In the pubs sector, we saw sectors, for example with Stonegate Pub continued decline in the sale of individual Company’s acquisition of the 53 Tattershall assets by the major tenanted pub Castle sites alongside the 15 Maclay companies, albeit counteracted to a degree Group sites and, of course, Greene King’s by a couple of portfolio transactions. In acquisition of Spirit. the managed sector, the trend of strong It has been an incredibly interesting and trading results, increased operator and active year or so, with changing market consumer confidence has fuelled further dynamics across the leisure property organic acquisition by expanding multiples.
Pubs
Approx. No. of Approx. Avg. Deal Reported Buyer Units Sale Price/Unit Price Stonegate Pub Maclay Group 15 £12m £780k Company Spirit Pub 1,227 £774m £631k Greene King Company
El Vino 5 Undisclosed Undisclosed Davy's
Punch Taverns 158 £54m £338k NewRiver Retail Greene King 13 Undisclosed Undisclosed Heineken GRS Inns 146 £36m £246k Red Oak Taverns Tattershall Stonegate Pub 53 Undisclosed Undisclosed Castle Group Company J D 11 £7m - £8m £636k - £727k Hawthorn Leisure Wetherspoon
The restaurant sector has also seen a fair share of action and evolution, with a flow of corporate deals involving many of the high street brands; Côte, Las Iguanas, La Tasca and CAU to name a few. This area of the market continues to be under the watchful eye of private equity funds, supported by strong trading results, increasing brand confidence, brand awareness and brand loyalty. The sector also demonstrates a seemingly endless ability to develop new brands and secure expansion opportunities.
Restaurants
Approx. Approx. Avg. No. of Deal Reported Sale Price/ Buyer Sites Price Site Prezzo 245 £304m £1.24m TPG Capital £7m Honest Burgers 9 £778k Active Private Equity (50% Stake) Franco Manca 19 £28m £2.75m Fulham Shore Côte 65 £250m £3.85m BC Partners £1.95/ Las Iguanas 41 £80/ £90m Casual Dining Group £2.2m Coco di Mama 6 Undisclosed Undisclosed Azzuri £500k/ La Tasca 40 £20/ £25m Casual Dining Group £625k Gaucho and Equistone Partners 33 £100m £3.03m CAU Europe
4 On Market Issue 16/01 fleurets.com However, it is arguably the hotel sector which has dominated the headlines in terms of deal volumes. Due to a heavy excess of demand over supply and eye watering London pricing, transactional activity has concentrated on the regions. Whilst a reflection of the rejuvenating private market and individual asset sales, along with the continued expansion of the established and emerging brands through new development, it is predominantly a result of a handful of very significant group deals. Again, private equity and overseas buyers have been major players, albeit supported by trade buyers during recent times.
Hotels
Approx. Approx. Deal Hotels Keys Reported Price Per Buyer Price Key
Jurys Inn portfolio 31 861 £680m £79k Lone Star Funds of 31 Hotels
Feathers Group, 8 726 £70m £96k Topland portfolio of 8 hotels Cerberus Capital 18 UK Holiday Inns 18 2,443 £225m £92k Management Accor Sale and 7 469 £23m £49k Starboard Hotels Leaseback Malmaison Hotel Frasers Hospitality 29 2,082 £363m £175k Du Vin UK Holdings HK CTS Metropark Kew Green Hotels 54 £400m Hotels Co. Big Sleep Hotels 3 190 Undisclosed Undisclosed Compass Hospitality 50:50 JV between Thai Industrial Jupiter Mercure 26 2,883 £155m £53k and Engineering Hotels Service (TIES) 7 Fico Corporation
Frasers Hospitality/ Swire Hotels 4 265 £36m £136k Malmaison Hotel Du Vin
There has also been a reasonable degree of traditional investment supported by a trend of improving trading performance, we expect activity at portfolio level, reflecting the growing understanding that purchaser appetite will continue, with asset supply met through and acceptance of leisure property as mainstream investment trade sales, group consolidation and partly through increased assets. Starboard Hotels acquired 7 hotels in a sale and leaseback liquidity in the private market, as sellers cash in on improving transaction with Accor; Mansford Group acquired a package of pricing. 23 pubs let to Stonegate; and OLIM Property Limited bought 5 bowling centres for BAE Systems Pension Fund as well as a package The market is not, however, without concern. National Living Wage of 8 restaurants in a sale and leaseback transaction with Prezzo. is a significant challenge, the Market Rent Only option continues to be discussed, fuelling uncertainty to both owners and occupiers With interest rates continuing at historically low levels, increasing in the pub sector and, of course, there is continued uncertainty availability of funding from traditional and alternative sources, around the domestic, European and global economies.
5 On Market Issue 16/01 fleurets.com London single asset transactions
Andy Frisby Divisional Director
The trading performance of leisure and hospitality venues operating within Central London is well documented, with strong like-for-like sales growth reported across all sub-sectors of the wider leisure market. Given this backdrop, it is of little surprise that strong demand from operators for new and existing sites has seen the level of One of many quotes attributed to Warren of single asset transactions highlighting key asset prices grow steadily and strongly over Buffett sums up the thoughts on many. landmark and notable transactions which recent years. The level of rental values is “Only when the tide goes out do you have recently occurred across all sectors of regularly questioned, but are capital values discover who’s been swimming naked.” We the Leisure market. under the same pressure in the capital? therefore provide an overview of a number
Bocconcino, 19 Berkeley Street, Mayfair Fox & Anchor, 115 Charterhouse Street, Clerkenwell 1 7 New 25 year lease from 2014 at an initial rent Purchased by Young & Co in July 2014 for £4.3 million. of £380,000 per annum subject to a premium of £380,000. The Garrison, 99 Bermondsey Street, Bermondsey 8 Purchase of the freehold interest by City Pub Company Sexy Fish, Berkeley Square, Mayfair in May 2015 for £3.5 million. 2 Acquisition by Richard Caring of a former NatWest banking hall on a new lease at an initial rent of Admiralty, 66 Trafalgar Square, Trafalgar Square 9 £800,000 per annum subject to a premium of Acquisition by Fuller Smith & Turner of a new 25 year £500,000. lease from March 2014 at an initial rent of £300,000 per annum. Five Guys, 5-6 Argyll Street, Oxford Circus 3 Leasehold acquisition by Five Guys of the former Cape Five Guys, 9-11 Villiers Street, Charing Cross 10 Town Fish Market in 2014 with an unexpired term of 13 Another acquisition by Five Guys of the former Café years for £2.6 million. Rouge in December 2014 for £1.5 million, subject to a lease with 15 years unexpired. Harp, 47 Chandos Place, Covent Garden 4 Purchase of the freehold interest by Fuller Smith & TGI Friday’s, 30 Leicester Square, Leicester Square 11 Turner of the iconic Harp for £7.2 million in August Letting of the former Yates’ unit on a new lease of 20 2014. years from June 2015 at a rent of £1.8 million per annum. Kingsway Hall Hotel, 66 Great Queen Street, 5 Covent Garden Kings Head, 17 Hogarth Place, Earls Court 12 170 bedroom freehold hotel sold by Cola Holdings Ltd Acquisition of the freehold interest by Fuller Smith & in October 2014 for £96m to Shiva Hotels. Turner from Faucet Inns in 2014 for £3.5 million.
Ace Hotel, 100 Shoreditch High Street, Shoreditch 6 258 bedroom Ace Hotel acquired by Limulus from Starwood Capital for £150m.
6 On Market Issue 16/01 fleurets.com Sexy Fish - Five Guys - Harp - Kingsway Hall Hotel Berkeley Square 5-6 Argyll St. 47 Chandos Place - 66 Great Queen St. 2 Mayfair 3 Oxford Circus 4 Covent Garden 5 Covent Garden
Bocconcino - Ace Hotel - 100 19 Berkeley St. Shoreditch High St. 1 Mayfair 6 Shoreditch
Kings Head - Fox & Anchor - 17 Hograth Place 115 Charterhouse St 12 Earls Court 7 Clerkenwell
TGI Friday’s - Five Guys - Admiralty - The Garrison - 30 Leicester Square 9-11 Villiers Street 66 Trafalgar Square 99 Bermondsey St. 11 Leicester Square 10 Charing Cross 9 Trafalgar Square 8 Bermondsey
7 On Market Issue 16/01 fleurets.com Meet the Operators
James Davies popularist national media would have you any one of these coffee shops or restaurant Director believe, it is not all the fault of the ‘big bad’ chains and the experience should be pub companies. replicated.
We all are only too aware of the huge To compete, the private pub operator has pressures the average publican has had had to up the ante again and there are to endure in this time: an unprecedented now independent chains of pubs and bars number of threats to their business include throughout the country offering exceptional In the last 10 years we have watched the the smoking ban, declining beer volumes experiences, which once upon a time could pub and bar sector polarise, as we have and escalating costs associated with running only be found in the very best restaurants witnessed fantastic success stories their businesses. and West End bars. from some of our country’s best leisure entrepreneurs; smashing trading records But, what is often not considered is that we The rapid growth of such companies has whilst making sure the ‘bar’ continues to have also seen a huge growth in the number meant increased competition for a finite reach new heights. of coffee shops on every high street in the number of acquisition opportunities and country as well as a much higher number of here we speak to two of the leading lights in It is no coincidence that in this time we fast casual dining restaurants, all offering a our sector who share with us some of their have seen record numbers of public houses slightly different service and product with views for current acquisition requirements closing down, however despite what the brand consistency, meaning you can go to and future planning.
Sarah Weir Managing Director, Ruth and Robinson How far ahead do you plan your acquisitions? Do you have a set list of criteria for each potential acquisition? Probably planning about 2 years out now. In London there is a mix of acquisitions and new builds, and for the latter you need to be around a year ahead of completion. The criteria very much comes first, but then sometimes you see a site and/or a location and it just works. There is always a balance of ‘head and heart’ in the judgement. If we didn’t do that there would What tips do you have for the next be no new frontiers in locations; Soho House would never have generation of entrepreneurs? gone into the Meatpacking district of NY.
Get as much experience as possible first. Then, when you are Would you rather take a shell unit or ready, do not compromise on anything. Fulfil every one of your would you be happy to alter something dreams, every scrap book and every crazy idea. Be relentless and already in place? uncompromising, yet always gracious.
This really comes down to budget. It’s always better to signal What are the biggest changes you expect strongly your new concept from the start. That however doesn’t to see in the sector in the next 10 years? necessarily need lots of money. People, service, standards, music, entertainment, food and drink are all as important as design and Same as the last 10 years. Property prices and availability, the capex. Arguably more in some cases. impact of legislation and most importantly finding and keeping great people.
8 On Market Issue 16/01 fleurets.com Richard Brown Director, Pearmain Pubs Ltd How far ahead do you plan your acquisitions?
We aim to open one pub per year, so it is essential we have them in the pipeline, because these projects can take months of design, drawings and feasibility. Also What are the key criteria in assessing a planning consent may be needed, and that takes time, as does the work itself. It potential acquisition is now very difficult to find good sites at the right price.
It’s very much about the feel of a site and its location. We do have a basic criteria, i.e. footprint size, character building, What impact do you think the Market Rent Only location/demographics, car park, garden etc... Usually we option will have on your business? know within minutes of arriving at a site, but one or two have challenged us, but we have learnt from experience over many years. It’s a bit too soon to be sure of the impact generally, but we do not think it will have any significant effect on our existing group other than maybe less new lease properties on the market. We’ve been able to grow our business with traditional tied leases, it will be interesting to see how Enterprise and Punch react. What should the Government be doing to help the industry? What are the biggest changes you expect to see in To pay full taxes on profits from day one despite huge investment seems inappropriate, but it’s always been that way. Obviously the sector in the next 10 years? capital allowances help, but in my view do not go far enough, plus the Government changes them quite often. More innovation in both food and drink to keep pace with what is going on in the home retail sector, great opportunities for creative operators. For brewers, maintaining sales volume whilst keeping with the pace of change will be tough.
9 On Market Issue 16/01 fleurets.com Gin – Fashion or Fad?
Lizzie Hawes PR Manager
As with most industries, the hospitality sector is not immune to particular products ‘trending’. Drinks, themes and locations all come in and out of fashion; and it is always the challenge and concern of operators to predict the future; forecasting whether the current trend is fashion or fad. flavourings. However, the gin scene has also Newcastle leisure company Vaulkhard Whilst vodka has had its turn and the craft seen some more eccentric interpretations Group (formerly called Fluid Group) beer scene continues to thrive; the current of the old classic. Up until July this opened the doors of Bealim House, having trend is gin. Earlier this year in March, year, Londoner’s can swap sipping for bought the former print works in 2000 the Wine and Spirit Trade Association inhalation at Bompass and Parr’s Alcoholic and previously operated the premises as a announced that they expected to see gin Architecture bar in Borough Market – they sports bar with food offering. Having paired sales exceeding £1bn in 2017. And since describe the installation as ‘meteorology with award-winning gin specialists, Durham 2010, pubs have seen a 35% increase in and mixology’. Various cocktails bars have Distillery, the new partnership (named The the sale of gin, which is now the bestselling also begun offering hot beverages to keep Newcastle Gin Company) distills their own spirit. Its success is often attributed to its a chilly day at bay. A hot gin toddy has been gin on-site in a 400 litre custom-built still. popularity with the younger generations, no exception, and has been met with a This evolution is the first of a £4million however here at Fleurets we have (closely!) warm reception. development supported by NatWest and monitored gin’s upward surge and thus Sintons, which will be implemented over the believe gin’s popularity to be founded in the As well as occupying permanent residencies, next three years, spanning several of the spirit’s versatility. gin has also generated a strong following group’s city centre premises. within the pop-up scene and gin festivals Whilst gin is still being appreciated in its operate across the length and breadth Amber Taverns’ gin palace brand Hogarths most conventional form: a classic G&T; of the country. UK food and drink trends is particularly aptly named, as William gin lovers have also begun experimenting generally materialise in London, but once Hogarth’s famous 1751 painting ‘Gin Lane’ with other concoctions, for which tea and regional spread has begun, it is difficult to depicts gin’s less salubrious past. Gin’s cucumber have both become popular pacify the contagion. In September 2015 origins lie in medicine, as it was thought to be a cure for both gout and indigestion. However, gin was also the drink of choice for the working classes, as it was cheap. Such vast quantities were consumed, particularly by women, that children were consequently neglected and consumers imprisoned having indebted themselves through consumption. Hogarth’s print depicts the inebriated streets of London.
With that, the advice to drink responsibly has perhaps never been so pertinent as the popularity of gin once again soars.
And as for Fleurets’ conclusion as to fashion or fad - we believe gin is here to stay, although in what form, who can tell... Bompas Parr. Image credit Marcus Peel
10 On Market Issue 16/01 fleurets.com Life after EIS
Steven Kenee Crowdsurfer (which collects data from over oversight and the rights and protections Partner of Downing and head of the 700 platforms) and the key words of professional investors are likely to insist Licensed Sector team. ‘Pub’, ‘Bar’, ‘Brewery’, ‘Restaurant’, ‘Casual’ upon. & ‘Licensed Sector’ has highlighted the Raising equity under the Government’s following: However, whilst easier, cheaper funding Enterprise Investment Scheme (“EIS”) has may sound like a good thing, the truth is not historically been a key source of finance • This is a growth area: Whilst £39m was as simple. Professional investors carry out for early stage PubCo’s. However, changes raised in the past three years, £29m due diligence and insist upon protections/ to the EIS rules mean that companies that was raised in the past 12 months; oversight for a reason. As well as ensuring raise equity under the EIS scheme after 18 investors get the return they are entitled November 2015 will be prohibited from • Amounts being raised are small: The to, they are designed to protect companies purchasing businesses. Unfortunately for average amount raised was just £32k from taking on unsustainable amounts the sector, the definition of a business and less than 2% of the total successful of debt and from promising returns they includes trade and assets and therefore funds raised were for more than cannot deliver. If one of the advantages any pub which was trading when it was £250k; and of Crowdfunding is gaining customers/ purchased i.e. the majority of PubCo brand advocates, then one of the dangers acquisitions. • The success rate is low: just 39% is leaving them feeling short changed or raising the amount they requested. oversold. Whilst this is clearly a blow to early stage This falls dramatically as the amount companies, one thing is for sure, young being raised increases. Only 17% of This lack of oversight and/or proper ambitious companies will remain young businesses raising more than £250k disclosure has led many commentators and ambitious and will find new ways to being successful. to conclude that it is only a matter of fund their early stage businesses. So what time before the bad news stories start to will fill the void? One obvious candidate is Despite the relatively small amounts being appear. Indeed, former City regulator Adair Crowdfunding. raised and the poor success rate, both Turner has recently been quoted as saying Crowdfunding and Peer to Peer Lending ‘losses which will emerge from peer-to- So what is Crowdfunding? Technically make a good fit for the sector. It works peer lending over the next 5 to 10 years speaking Crowdfunding refers to raising for companies as they gain customers/ will make the bankers look like lending finance from a number of individual brand advocates as well as investors and it geniuses’! investors in exchange for shares in your works for investors as people like to invest business and/or benefits. Whilst this doesn’t into businesses they know and (think they) Finally a lot of time, effort and cost is have to be carried out on-line, the general understand. involved in putting a Crowdfunding pitch assumption is that it is. However, the term together and answering potential investors is often also used to describe raising debt Crowdfunding refers queries. This is, by definition, a very public via a web based platform which is otherwise to raising finance from process and one with no guarantee of known as Peer to Peer Lending. “ success. a number of individual Whilst most of the press coverage appears investors in exchange for“ Despite the issues above, we believe that to be focused on companies raising equity, Crowdfunding/Peer to Peer Lending is here according to Liberum Alti Volume Index UK shares in your business to stay. Generation X and Y are growing (as at 16 February 2016), 97% (£5.6bn) and/or benefits up using the internet for everything from of the estimated £5.8bn raised to date in shopping to their social lives and we expect the UK fell under the Peer to Peer Lending It may be a cheaper source of finance this to transpose to how they manage their category. as companies can set higher business investments. However, we also believe that valuations or lower interest rates than a in order for it to thrive, it needs to grow Digging behind the headline figures is professional investor would accept. It also up and become more professionalised, tricky, however, research by Downing using avoids the time consuming pre-investment otherwise the benefits could be due diligence, the ongoing post investment overshadowed by the failures...
‘Important notice: This article is for information only. Opinions expressed in this document represent the views of the author at the time of publication, are subject to change, and should not be interpreted as investment advice. Downing LLP shall have no liability arising for any error, inaccuracy or incompleteness of fact or opinion in this article. ‘
11 On Market Issue 16/01 fleurets.com Hard times for the industry: Best Western GB offers solutions
Rob Payne We are one of only three countries in apprentice schemes. Apprenticeships can CEO of Best Western Great Britain and Europe who don’t have a lower VAT for have a positive impact on our industry; Beacon, Britain’s leading purchasing tourism; a reduction in Tourism VAT would indeed, as a result of the NLW and other organisation. bring us in line with our competition. financial pressures, more than 80% of our member hotels said they would reconsider Tourism is one of the largest contributors The Cut Tourism VAT campaign group have their recruitment strategies, including to the UK economy, a multibillion pound said this would create 120,000 new jobs employing more apprentices. performer year after year. Yet I think the and add £3.9bn into the treasury. tourism and hospitality industries are faced We know that with some key issues that will continue every one of these to affect them significantly in the future, pressures with little intervention or support from the has a personal Government. impact on our hotels, and without One of the biggest issues for our industry, more support, the and most topical is the National Living landscape of Great Wage (NLW), which has the potential British hotels could to damage the image of British tourism change dramatically worldwide. From a recent survey of the over the next 12 hotels we represent, 90% said they might months. have to increase their prices to mitigate To find out more against costs incurred by the NLW. about how you can support industry- Best Western Plus The Connaught Hotel, Bournemouth The Office of Budget Responsibility backed campaigns predicted that 60,000 jobs would be lost visit www.bha.org.uk as a result of the introduction of the NLW. Another key issue for our industry is the or contact media@ While we are all in favour of a fair wage for disruption in the online distribution space bestwestern.co.uk. everyone, I think that it will be small and and a huge worry to Best Western’s medium-sized enterprises (SMEs) that will members is that amongst this online pay the highest price for the introduction disruption and dominance is Rate Parity. of the NLW, with those job losses Rate Parity has been banned in France, disproportionately distributed amongst our Italy and Germany and it is about time it industry. was addressed here too. Best Western GB is working with the British Hospitality Our sister company, Beacon, helps our Association (BHA) to ensure that this issue members with professional procurement to is at the forefront of the Government’s relieve the pressure on margins and secure mind. global economies of scale. We have seen businesses that are heavily dependent upon The third issue I am particularly passionate people for production and distribution pass about is making the hospitality industry on the cost of the NLW in their goods to a first choice career for school leavers our customer base. My worry is for those and graduates. With more governmental smaller independent businesses that do support and industry buy in, we believe not have the security of being part of a that we can address the skills deficit collective like ours. within the hospitality industry, as well as attract and support quality employees. With that in mind we are calling on the One way of attracting more young people Government to look again at ways in which into hospitality will be through the it can help ease pressure on our industry. wider promotion and implementation of Best Western Braid Hills Hotel in Edinburgh
12 On Market Issue 16/01 fleurets.com What Lies Ahead?
Neil Gerrard they did more often, but spending slightly Paris terror attacks which pushed down Associate Editor, The Caterer less on each occasion than they did a year London hotel occupancy in its aftermath, before. or the flooding in Cumbria, Lancashire, and Trying to predict the future is supposedly Scotland, and the continued fall in oil prices a mug’s game, but in the increasingly But all that glistens is not gold and there are which is wreaking havoc in the Aberdeen competitive world of hospitality nor is now some notes of caution. hotel market. ignorance likely to be bliss. Restaurant trends analysts Horizons In spite of all of the above, the picture still And while we at The Caterer like to try predicted that overcapacity in the market looks positive for UK hospitality, particularly and avoid being branded mugs, we also try due to several years of rapid growth, in the regions where much of the growth to remain alive to both the opportunities particularly among the bigger groups, means is taking place, and a continuation of food and some of the obstacles that may face that growth in eating out will be constrained price deflation in 2016 should at least restaurant, hotel and foodservice business over the longer term. provide some respite for hoteliers and operators. restaurateurs alike. The industry has also recently seen the So, after a couple of years during which we introduction of the National Living Wage, We mustn’t take continued food price have enjoyed some more positive economic and there is of course still concern among deflation for granted, of course. One news, what lies ahead for the hospitality many about the effect it will have on some interesting side effect of a decision to leave sector? operators, particularly independents. the EU (and a worrying one, especially if you are a restaurateur or caterer) could be We started the year with news that eating Meanwhile, there was a flurry of deals in a marked weakening of Sterling. Obviously, out in restaurants still appears to be in good the hotel sector at the end of 2015 with the effects of a decision to leave would health, and openings continued apace in the Accor Hotels paying £2bn for the luxury only be felt over the longer term, but it run-up to Christmas, both in and outside of Fairmont, Raffles and Swissotel brands. could eventually lead to a ramping up of London and the south east. The tug of war to gain control of Starwood food inflation again, which, combined with Hotels & Resorts has resolved as the merger increasing labour costs could spell trouble There was a raft of information from of Marriott International and Starwood for operators. operators like Fuller’s, Marston’s, Loungers, Hotels & Resorts has been approved by and Oakman Inns and Restaurants, among shareholders of both companies. So there are reasons to be cheerful, but others, that suggested that it was a positive also some potential pitfalls that the market Christmas and New Year period in the Consolidation is expected to continue will need to remain vigilant of. As ever, of hospitality sector (although of course, those throughout 2016 as several international course, the operators who demonstrate the who had a less fruitful festive period are hotel groups jockey for position, with IHG highest levels of quality - whether that is probably less inclined to shout about it). expected to try and reassert its dominance quality of service or food - coupled with an with an acquisition. offer that represents value for money, will Even the wet weather, which hurt some be the ones who endure. retail businesses, didn’t seem to dampen the On a national level, there have been some public’s enthusiasm for eating out, which local shocks to the market such as the
13 On Market Issue 16/01 fleurets.com Making Room
Mark Wingett Coaching Inn Group, the Kevin Charity-led, said this would be combined with existing Editor, MCA Andrew Guy-chaired business, secured a growth funds, as the group seeks to grow £20m investment from the Commer Group. to 10 sites. Greacen said he was keen to The UK’s coaching inn sector is on the That was followed by a further £4.5m focus on pubs with rooms because “the rise again, helped by new investment and secured from the Business Growth Fund as accommodation feeds other areas of the improving market conditions, with a number it seeks to double in size by 2020. business”. of fledgling groups set to take advantage. When the then seven-strong group Cirrus Inns, the investment vehicle launched According to the latest sector research received backing from the Commer Group to back a premium estate of freehold regional hotel occupancies have climbed last January it set out its target of doubling pubs with rooms, has recently secured a back into the 70s since 2011 and have in size by 2020. Having added three sites further two sites, as its looks to ramp up its been creeping up since then, hitting during 2015, the group is now planning six expansion plans over the next two years. 75% in 2014. It’s forecast for 2016 that more acquisitions this year. Finance director The 15-strong company raised a further 77% would be the highest on record. At Ed Walsh said: “We believe the ability to £15m toward its continued expansion the same time, research late last year by consolidate the coaching inn market could in 2014. The group, which is led by Alex Barclays showed that 77% of British adults create a very big business. It could be Langlands Pearse (Langy), raised the funding have been on or are planning a staycation, very much a national play. It depends on via its existing shareholders. The group, with the combined spend estimated at how viable group acquisitions are versus which operates sites including the iconic £22.5bn every year. It found that the individual sites. Our geography at the The Punchbowl in London’s Mayfair and number of UK small businesses catering for moment is quite broad and there are plenty the Yew Tree Inn in Berkshire, had spent accommodation and food services has risen of infill opportunities but we are certainly the previous 12 months strengthening its 17% since 2009 as appetite for staycations interested in pushing south.” operations team and enhancing the offer rises. across its estate as it gears up for further Competition for that growth will come from expansion. It is thought that the group The Barclays data reveals an average spend operators such as the Inn Collection, Cirrus is aiming to eventually invest in up to 35 of £575 per party with men spending over Inns and Draco Pub Company. The Inn pubs and has already built up a database of 5% more than women, while those over Collection, the north-east based coaching “talented” entrepreneurs to work with. 55+ budget £619 on average and are inn operator backed by Kings Park Capital, most likely to go away in September than has recently been given permission to Not that these fledgling operators will have any other month. The seaside is the most build its sixth site. Rob Greacen, managing it all their own way, with established group’s popular type of staycation with 20 million or director of Draco Pub Co, says that the such as Fuller’s, Young’s, Star Pubs & Bars 52% heading to be beside the sea, followed group’s recent £4m refinancing deal will and Thwaites all expressing their desire by country breaks (45%). allow it to ramp up its expansion plans – to ramp up the accommodations sides of with a deal close on its fourth site. The their businesses. Will there be room for It is no surprise then that new investment Somerset-based coaching inn operator has everyone? has entered the sector. Last January, the struck a deal with Barclays and Greacen
14 On Market Issue 16/01 fleurets.com The Leasehold Pub – The route to success
Nick Earee Divisional Director
Whilst the tied lease model of pub ownership has its critics, there are thousands of people who have been able to enter the trade using this format and to grow hugely successful businesses, moving on to much bigger things. With very little capital needed, tied and free of tie leasehold pubs offer the opportunity for passionate people to build spectacular businesses, that would be virtually impossible to do in many other business sectors. leasehold is whether the lease is tied or free cost of entry and wide choice of units that With the feel good factor returning in most of tie. tied leases can offer. parts of the UK, the Chancellor easing the burden on the industry with the duty freeze A tied lease binds the tenant to buying The life of a Publican is not for everybody. and trading performance reported by most some or all of its wet products from the It requires hard work, long hours and of the Pub Cos on the up, there has never landlord company at rates higher than could dedication. It is not a 9-5 job. You are been a better time to consider getting into be achieved from the freetrade. In return however your own boss, you don't answer the Pub trade. Whilst freehold prices maybe for the tie the landlord will charge a lower to anyone (your partner and the tax man prohibitive in some areas, many people with rent and offer additional business support excepted) and you are directly responsible limited capital are seeing the huge benefits services. Each agreement will vary in terms for your own rewards. that a leasehold pub can offer. For as little of discount levels and the extent of the tie. as £30,000 and a good degree of hard Many are limited to beers and ciders only. What offers better value for £30,000 - a car work, an individual can transform their life. For tenancies the landlord often retains and a holiday or a home, a job and a way of
responsibility for external repairs. life?
Leasehold pubs offer the opportunity for “ Free of tie agreements allow you to Don't pre judge leasehold pubs. Judge each “ purchase your products from anywhere you opportunity on its merits, take professional passionate people to build choose to at market rates. As a result rents advice, get all the facts and you will make spectacular businesses. are invariably higher and almost always the right decision. It could be your first step put the responsbility for all repairs on the towards a new life. There are many benefits the lease/tenancy tenant. You will also be on your own having model provides, other than purely economic no fall back business support available from return, which shouldn't be overlooked your landlord. To start with how about... Essentially, the choice comes down to • A Home (There is no place like it) personal preference, experience and often • A Job (For you, your partner and operational choice. New entrants might probably your kids/parents) prefer the support offered by the Pub Co • A Way of Life (In the heart of the landlord, where as operators intent on community) building a chain might choose the ability to build buying power offered by the free of The key to success for most is going in to tie lease. In many cases it will come down it with your eyes wide open and doing the to the choice of units that are available right deal at the outset. One of the main and many Pub and Restaurant multiple considerations when searching for a pub operators are taking advantage of the low
15 On Market Issue 16/01 fleurets.com Investments Long lease terms lure investors
Graeme Bunn Managing Director
The Public House investment market has historically been the Cinderella of the wider commercial property investment market with fewer transactions. However, the growth of leasehold estates on long, institutionally acceptable terms and the increasing appetite of operators to undertake sale and leaseback transactions has seen the pub investment sector become a key and active component of the market. Also in January 2016 TDR Capital Strong appetite from a
Critically, investors are attracted to the completed a swift sale & leaseback from sector by the often long unexpired lease the newly acquired Tattershall Castle Estate. range of investors including “ “ terms available, many of which provide The three pubs located in prime central major pension funds and for index linked rental growth. This has London locations was offered subject to property companies is set been evidenced by much of the recent new 25 year leases with five yearly capped transactional activity. and collared RPI reviews of 1% & 3% to the to continue
Stonegate Pub Company Ltd. The pubs, St
The trend of strong appetite from a range James Tavern - Piccadilly Circus, Admiral The pub investment of investors including major pension funds “ Duncan - Old Compton Street, and the sector has become a key and and property companies is set to continue “ Duke of Wellington - Wardour Street were throughout 2016, regardless of the active component of sold to CBRE Investors at a reported net uncertainty created by the wider political initial yield of 3.5%. the market events in the UK, EU and beyond.
In January 2016 Marstons completed In March 2015 OLIM Property Ltd acquired the latest of a series of “income strip” seven freehold pubs let to Stonegate transactions on a seven-strong package Pub Company or its subsidiaries for £9.7 of new build pubs for £25.32m with Legal million equating to a net initial yield of & General, representing a net initial yield 7.53%. In May 2015 Blackstone sold three of 4.15%. The pubs are located across the separate portfolios of central London pubs, north of England and the Midlands, and comprising 23 pubs, for £51.8m. All pubs include new build sites in Chepstow, Telford, were let to Enterprise Inns until 2046. Chesterfield and Middlesbrough. Perhaps 7 pubs were sold to LaSalle Investment most interesting is the movement in yield Management for £17.3m, reflecting 4.1% across the various transactions which has net yield. 8 pubs were sold to Harmsworth seen the yield harden from 5.6% in 2012 Pension Fund Trustees for £17.4m, when the first transaction was completed, reflecting 4.4% net yield, and a further to 4.6% in 2014 when the third deal was 8 pubs were sold to a private individual completed to 4.15% in the most recent sale. client for £17.6m. All of these transactions contained RPI linked rent reviews.
16 On Market Issue 16/01 fleurets.com Investments
Agent Details
London Graeme Bunn Managing Director T 020 7280 4700 M 07776 208085 E [email protected] Blackpool, Lancashire £1,200,000 - Freehold James Davies Seafront hotel. 62 en-suite rooms. £70k rental Director including dining (148). 4 bed accom. Car park. T 020 7280 4711 North West: NW-214660 EPC-C M 07990 573176 E [email protected] SOLD Ed Sandall Divisional Director T 020 7280 4700 M 07786 193 772 E [email protected] Chepstow, Monmouthshire Southport, Merseyside North West £1,000,000 - Freehold £650,000 – Freehold Extensive character public house with 11 letting Prominent, substantial high street building, located in the heart of Southport. Ground floor unit rental Lesley Watmough rooms. Long unexpired lease term without break. income is £60,000 p.a. First & second floors currently to let. Total GIA approximately 17,215 sq ft. Divisional Director London Ref: LH-52742 EPC-TBC North West Ref: NW-415977 EPC-E T 0161 683 5445 M 07887 504694 E [email protected] SOLD
Ian Taylor Associate T 0161 683 5445 M 07795 842492 E [email protected] Reading, Berkshire £575,000 - Freehold Town centre freehold investment with 3/4 North bedroom accommodation. London Ref: LS-520352 EPC-E Simon Hall Director & Head of Agency T 0113 234 0304 M 07867 528102 E [email protected]
Midlands Andy Tudor Divisional Director Brighton, East Sussex Sandbach, Cheshire T 0121 236 5252 Property Swap Invited – Freehold £350,000 - Freehold M 07880 702166 Villa on the south coast of Spain. Master suite & 4 Investment in town centre location. Refurbished restaurant/wine bar with approximately 78 covers. E [email protected] en-suite rooms with jacuzzi, pool & waterfalls. Rental income £30k. Patio area to the front & rear. South Ref: S-514573 EPC-TBC North West Ref: NW-618502 EPC-TBC West & South Wales
Chris Irving SOLD Divisional Director T 0117 923 8090 SOLD M 07818 412762 E [email protected]
South Mortlake, Surrey Offers Invited - Freehold Nick Earee Well presented open plan bar/restaurant with a Divisional Director passing rent £39,000 p.a. Beer and cider tie. T 01273 429500 London Ref: LS-520189 EPC-TBC M 07836 541790 E [email protected]
East Anglia Simon Jackaman Divisional Director T 01223 402600 M 07775 516674 E [email protected] Rugby, Warwickshire Finsbury Park, London £1,350,000 - Freehold £2,175,000 - Freehold Restaurant with residential investment, prime Well located property situated equidistant between Finsbury Park and Crouch Hill Railway Stations. Five location on Rugby’s leisure circuit. self-contained 1 bedroom flats with separate access. Midlands Ref: M-112252A EPC-C London Ref: ES GB EPC-TBC
17 On Market Issue 16/01 fleurets.com Hotels High Expectations
Will Thomas Growing demand for regional stock is in turn further yield compression, alternatively Senior Associate applying downward pressure on property seeking to dispose of hotels with inflated yields and increasing hotel pricing, alongside price expectations. It is certainly the which is the ongoing strengthening of case that the market has improved, regional hotels performance, benefitting performance is growing and values have sellers at the expense of buyers. generally increased, however, the key to achieving a sale at the right price in the Key performance statistics (supplied by optimum timeframe is proper pricing at A late flurry of activity in 2015 has meant STR Global Limited) for Greater London the outset. Whilst it is human nature to transaction volumes within the hotel sector suggested that hotel occupancy has seek to make the most of an opportunity, exceeded both 2014’s post recession declined and although room rate has shown excessive pricing typically leads to a peak and also the levels achieved in 2006. improvement, RevPar growth has slowed. prolonged marketing period, potentially a Activity in the regions has dominated Conversely, the statistics reflect a strong stagnated marketing process and alienating the market, with portfolio activity leading regional hotel performance, occupancy prospective purchasers. the way. Overseas buyers have been having improved substantially over the last key participants, particularly US private few years, room rates and RevPar showing Unfortunately, the current market equity and Asia Pacific and Middle Eastern above inflationary growth. conditions can readily be used by agents to investors. A shortage of Central London secure sales instructions by providing sellers stock, combined with high pricing means This renewed strength and confidence in with price guidance they want to hear rather that buyer activity is likely to be displaced, the regional market has led to some hotel than what they should hear. increasing the focus on the regions further. owners hoarding assets in anticipation of
Rolling 12 Months Regional UK Jan-14 Jan-15 Dec-15 Occupancy 72.7% 75.3% 75.9% ADR £60.27 £64.22 £67.19 RevPAR £43.83 £48.38 £51.00 % Change on Previous Year Occupancy 4.2% 3.6% 1.1% ADR 1.9% 6.6% 5.0% RevPAR 6.1% 10.4% 6.1%
Rolling 12 Months Greater London Jan-14 Jan-15 Dec-15 Occupancy 82.7% 83.0% 82.2% ADR £137.02 £140.61 £143.95 RevPAR £113.31 £116.74 £118.27 % Change on Previous Year Occupancy 2.9% 0.4% (-1.0%) ADR (-1.7%) 2.6% 2.5% RevPAR 1.2% 3.0% 1.5%
Source: STR Global Limited
18 On Market Issue 16/01 fleurets.com Hotels
London & South Agent Details Paul Hardwick SOLD STC Director & Head of Hotels T 020 7280 4749 M 07748 988568
E [email protected] Forest Row, East Sussex £1,850,000 - Freehold 19 letting rooms, bar & restaurant. Popular Will Thomas roadside inn in central village location. Senior Associate South Ref: S-515127 EPC-D T 01273 429500 M 07879 497363
Soho, London Alderney, Channel Islands £3,800,000 - Leasehold £1,465,000 - Freehold Stunning central London boutique hotel opportunity. 17 beds/suites. 50 cover restaurant and outside 14 en-suite rooms. Café/restaurant & additional seating. Prominent corner position. 50 metres from Leicester Square. bar area. 5 tier sun terrace. London Ref: LH-52814 EPC-D South Ref: S-514576 EPC-N/A
Lyndhurst, Hampshire Lewes, East Sussex Offers Invited - Freehold £2,000,000 - Freehold Unique opportunity in the New Forest National Park. 8 en-suite rooms and 5 flats. Planning for 3 High profile county town centre hotel. 19 en-suite rooms. Extensive food and beverage trade areas. additional letting rooms. Leisure facilities including pool. Circa 12 acres. Additional function room on first floor. South Ref: S-514586 EPC-TBC South Ref: S-414403 EPC-N/A
SOLD STC
Eastbourne, East Sussex Lyndhurst, Hampshire £2,000,000 - Freehold £1,300,000 - Freehold Well established 62 bed hotel. Presented to a high standard. Dining room with circa 120 covers. Genuine Well established business with strong EBITDA. 19 en-suite rooms with separate bar & restaurant. retirement sale. Car parking & gardens to the front. South Ref: S-313736 EPC-C South Ref: S-514707 EPC-B
19 On Market Issue 16/01 fleurets.com Hotels
Brighton, East Sussex Brighton, East Sussex £1,250,000 - Freehold £1,200,000 - Freehold 13 en-suite rooms. Near seafront. Owner’s studio Stylish boutique guest house. 14 en-suite rooms. flat. T/O y/e June 2015 £272,854. Ideal for investor buyer. South Ref: S-514976 EPC-N/A South Ref: S-615310 EPC-C
SOLD STC
Eastbourne, East Sussex Ventnor, Isle of Wight Polegate, East Sussex £300,000 - Leasehold £1,000,000 - Freehold £1,000,000 - Freehold 10 bed guest house, 2 separate cottages (1x2 bed & 1x4 bed), tea gardens. Centrally located on seafront 28 en-suite rooms. Restaurant (50) and bar. 7 en-suite rooms. 2 Rosette restaurant. in popular resort. Attractive lifestyle business. Terrace with seating for 60. Owner’s accommodation and car park. South Ref: S-515140 EPC-N/A South Ref: S-514923 EPC-C South Ref: S-515158 EPC-D
SOLD SOLD STC
Shanklin, Isle of Wight Eastbourne, East Sussex Brighton, East Sussex Shanklin, Isle of Wight £650,000 - Freehold OIEO £795,000 - Freehold £795,000 - Freehold £170,000 - Leasehold 32 en-suite rooms. Restaurant (62), bar & car park. Well presented with 10 en-suite rooms. Two bed 11 bed guest house near to seafront. Strong well 30 en-suite rooms. Restaurant, bar, indoor pool & Retirement sale. owner’s accommodation & car parking. established business. leisure facilities. South Ref: S-414297 EPC-D South Ref: S-79077 EPC-C South Ref: S-515233 EPC-N/A South Ref: S-514613 EPC-C East Anglia Agent Details Bob Whittle Director T 01223 402600 M 07836 680490 Norfolk E [email protected] £925,000 - Virtual Freehold 3 star guest accom. 45 en-suite bedrooms, lounge bar, 2 dining rooms & swimming pool. East Anglia Ref: E-414204 EPC-C
SOLD STC
Norfolk Stowmarket, Suffolk £685,000 - Freehold £975,000 - Freehold On behalf of mortgagee in possession. 40 Established AA 3 star commercial hotel. 26 bedrooms, lounge bar, restaurant, function room, self- bedrooms, 2 bars, functions & restaurant. contained management flat, garden & car park. 1.43 acres. East Anglia Ref: E-514649 EPC-N/A East Anglia Ref: E-514402 EPC-D
Downham Market, Norfolk Chatteris, Cambridgeshire Skegness, Lincolnshire £545,000 - Freehold £525,000 - Freehold £350,000 - Freehold 12 bedrooms, bar & restaurant/function room. 12 bedrooms, bar, restaurant, residents’ lounge, Close to town centre and seafront. 7 en-suite Established business. Retirement sale. function room, buffet room & 4 bed house. letting bedrooms. East Anglia Ref: E-514889 EPC-N/A East Anglia Ref: E-413909 EPC-N/A East Anglia Ref: E-514870 EPC-E
20 On Market Issue 16/01 fleurets.com Hotels
Chapel Hill, Lincolnshire Norfolk Harringworth, Northamptonshire £329,950 - Freehold £295,000 - Freehold Nil Premium - Leasehold UNDER OFFER Charming B&B, restaurant & bar. 8 B&B letting 4 star guest house. 8 en-suite letting bedrooms. 8 letting rooms situated in stunning Welland rooms. Resident’s lounge & 20 cover breakfast room. Valley. Good local and visiting trade. East Anglia Ref: E-514952 EPC-D East Anglia Ref: E-515043 EPC-C East Anglia Ref. E-615135 EPC-N/A North West Agent Details Lesley Watmough Divisional Director T 0161 683 5445 M 07887 504694 Bolton, Lancashire E [email protected] £1,800,000 - Freehold Bar, bistro & function room. T/O circa £900k. Approximately 40 rooms, not in use. North West Ref: NW-416514 EPC-TBC
South Lakes, Cumbria Llangollen, Denbighshire £1,390,000 - Freehold £1,100,000 - Freehold Established 27 bed hotel & restaurant. Excellent 32 en-suite hotel in town centre & riverside location. 55 cover restaurant, bar (40), 2 bed private trade. Retirement sale. 3 bed accommodation. accommodation & car park. Proven accounts. EPC-D North West Ref: NW-517995 EPC-C North West Ref: NW-618523
Warrington, Cheshire Blackpool, Lancashire £1,000,000 - Freehold £975,000 - Freehold 25 bed hotel & restaurant, circa 110 covers. 3 North Shore Promenade, 42 bed hotel, heated function suites. Established trade. pool & proven profits. North West Ref: NW-315718 EPC-C North West Ref: NW-518377 EPC-C
Appleby-in-Westmorland, Cumbria Portmadog, Gwynedd Blackpool, Lancashire £995,000 - Freehold £875,000 - Freehold £799,000 - Freehold Grade II listed 21 bed hotel. 3 star Visit England assessed. Mews café & wine shop. 2 private flats at Profitable bed & breakfast. Lifestyle business. 13 Dining room circa 80 covers. 40 beds, lounge bar, £150,000 each. Lounge, reception, bar, restaurant & car park. en-suite rooms. Approximately £120k net profit. TV lounge/games area & 2 bed flat. North West Ref: NW-416184 EPC-C North West Ref: NW-517921 EPC-E North West Ref: NW-3167 EPC-C
Faugh, Cumbria Carnforth, Lancashire Llandudno, Conwy Llandudno, Conwy £765,000 - Freehold £750,000 - Freehold £750,000 - Virtual Freehold £670,000 - Virtual Freehold Historic country inn/restaurant, 11 letting rooms, 3 Award-winning refurbed country inn & Fully refurbished 20-bed en-suite hotel, 3 bed flat. 24-bed en-suite prom hotel, t/a B&B. Proven bed accommodation, lifestyle business. smokehouse. 7 luxury rooms & 2 bed accom. Established turnover. profits. 1 bed accommodation. Grade II listed. North West Ref: NW-416826 EPC-C North West Ref: NW-517307 EPC-F North West Ref: NW-518317 EPC-C North West Ref: NW-518229 EPC-N/A
21 On Market Issue 16/01 fleurets.com Hotels
Llandudno, Conwy Holywell, Flintshire £595,000 - Freehold £590,000 - Freehold Promenade hotel with 18 en-suite bedrooms. Public bar, dining room & attractive 3 bed private flat. T/O Traditional country inn with 13 en-suite beds & 2 bed caravan. Established turnover £383,509. Adj NP IEO £200k. Refurbished to an excellent standard. £137,452. Traditional bar (50), dining room (30), 1 bed private accommodation, car park & gardens. North West Ref: NW-215116 EPC-C North West Ref: NW-416437 EPC-D
Morecambe, Lancashire Blackpool, Lancashire Llanbedr, Gwynedd Llanberis, Gwynedd £625,000 - Freehold £599,000 - Freehold £595,000 - Freehold OIEO £595,000 - Freehold Approximately 0.827 acre site. Substantial building. 45 bed tourist hotel. Proven trade. Passenger lift. Country house hotel, 7 letting rooms, dining room, Country hotel & restaurant. 10 letting rooms & 2 Currently closed ex-hotel. Parking & private flat. landscaped gardens & car park. bed owner’s accommodation. North Wet Ref: NW-518087 EPC-D North West Ref: NW-618607 EPC-C North West Ref: NW-517298 EPC-E North West Ref: NW-517368 EPC-C
Llandudno, Conwy Southport, Merseyside Llandudno, Conwy St Bees, Cumbria £550,000 - Virtual Freehold £299,000 - Freehold £585,000 - Long Leasehold £285,000 - Long Leasehold 15 en-suite sea front hotel. Proven T/O & profits. Lifestyle B&B, 6 en-suite beds, 1 bed private 16 en-suite bed hotel, 40 cover restaurant, run as Established guest house. Lifestyle business, 4 Car park & additional rental income. accommodation. Desirable location. B&B lifestyle business. Established t/o. Car park. letting rooms. Proven accounts. North West Ref: NW-417252 EPC-N/A North West Ref: NW-518121 EPC-D North West Ref: NW-518334 EPC-N/A North West Ref: NW-518056 EPC-C
Llandudno, Conwy Carlisle, Cumbria £525,000 - Long Leasehold £495,000 - Freehold Substantial detached property with 9 en-suite rooms, lounge area, private accommodation & dining area. City centre Bed & Breakfast business with 10 en-suite rooms. 3 bed owner’s accommodation, lounge and Potential to expand. Established t/o. Lifestyle bed & breakfast business with car park & gardens. dining room. Restaurant potential. Proven accounts circa £110k.
North West Ref: NW-518314 EPC-TBC North West Ref: NW-618482 EPC-C
22 On Market Issue 16/01 fleurets.com Hotels
West & South Wales Agent Details Chris Irving Divisional Director T 0117 923 8090 M 07818 412762 St Ives, Cornwall E [email protected] £949,500 - Freehold Town centre, 11 en-suite letting bedrooms, Kevin Conibear presented to superb standard, 0.24 acres, car park. Senior Associate West & South Wales Ref: W-93407 EPC-D T 0117 923 8090 M 07587 638268
Bridport, Dorset Brookthorpe, Gloucestershire OIEO £900,000 - Freehold £750,000 - Freehold 10 bed Georgian hotel, bar/restaurant & car park. 11 letting rooms plus private accommodation, gardens & parking. Very accessible Cotswold location. Gateway to Jurassic Coast. Established business, with further potential dining trade. Car park & gardens. West & South Wales Ref: W-93478 EPC-C West & South Wales Ref: W-93480 EPC-F
SOLD SOLD
Highworth, Wiltshire Mere, Wiltshire Coleford, Forest of Dean Dorchester, Dorset OIEO £800,000 – Freehold OIEO £550,000 - Freehold £450,000 - Freehold Offers invited - Freehold/Leasehold 10 en-suite letting rooms, bar, restaurant 10 letting rooms, private accom, bars, restaurant, 9 en-suite letting rooms, private accom, restaurant Centre of £100m Brewery Square development. enclosed courtyard & car park. function rm, car park & gardens. Refurb potential. potential, gardens & car park. Established business. Planning for 48-84 beds, spa & function facilities. West & South Wales Ref: W-93452 EPC-C West & South Wales Ref: W-93235 EPC-N/A West & South Wales Ref: W-93454 EPC-N/A West & South Wales Ref: W-93262 EPC-E Midlands & North Agent Details Andy Tudor Div. Director (Midlands) T 0121 236 5252 M 07880 702166 Ashbourne, Derbyshire E [email protected] £725,000 - Freehold 12 en-suite letting beds, residents lounge & Simon Cable meeting room. Potential to develop the restaurant. Negotiator (Midlands) Midlands Ref: M-112258 EPC-D T 0121 236 5252 M 07833 590576
Nick Thomas Negotiator (North) T 0113 234 0304 M 07770 672 556 Leyburn, North Yorkshire Kenilworth, Warwickshire £575,000 - Freehold E [email protected] £1,350,000 - Freehold 7 bed guest house in Dales market town. Lounge, Exceptionally presented property of rare quality with 14 well appointed en-suite letting beds & 400 year dining room & 3 bed owner’s accommodation. old character bars. Charming two bed private quarters. North Ref: N-520589 EPC-N/A Midlands Ref: M-112283 EPC-C
SOLD
Snainton, North Yorkshire Scarborough, North Yorkshire Immingham, North Lincolnshire £475,000 - Freehold OIRO £425,000 - Freehold £385,000 - Freehold Georgian coaching inn. 6 en-suite letting beds, Detached well presented B&B. 10 en-suite letting 11 en-suite lett beds, bar/lounge (60), restaurant restaurant (45), tap room & breakfast room. beds, lounge, dining room & bar. (60), conference rm (28) & 4 bed accommodation. North Ref: N-520605 EPC-D North Ref: N-520596 EPC-D North Ref: N-015064 EPC-F
23 On Market Issue 16/01 fleurets.com Restaurants A steak in the future
Rosie Hallam Senior Surveyor
Another year of strong M&A activity has seen 2016 continue in the same vein as the previous 12 months, with the private equity houses in particular competing to secure the best deals on some key restaurant groups, including Prezzo, Côte and Las Iguanas to name but a few. Hawksmoor. Image credit: Toby Keane
After two years with the focus on the larger, the headlines over the past 12 months as key brand in the sector and having proved more established brands, this year has the taste for steak restaurants continues themselves in the capital, have now begun with some of the smaller emerging to whet the consumer’s appetite. Within ventured north to Manchester to tap into brands taking centre stage and proving an the London market place especially, the this northern stronghold, with the next stop equally attractive proposition to investors. range and number of steak restaurants is New York, where they intend to open at Perhaps after such a flurry of top tier staggering, ranging from the affordable the new World Trade Centre in 2017. transactions, this is only to be expected and casual dining realm to high end fine dining; reflects the burgeoning growth and quality whether it is Flat Iron or Gaucho, Meat & At the same time as Hawksmoor have of new operators that have emerged in this Co or M Restaurants; the choice is yours. committed to venture across the pond to vibrant restaurant sector. try and establish itself in the US market, A personal favourite of mine, Flat Iron has the US based steak chain Smith and These transactions have primarily taken the firmly established itself as a quality, niche Wollensky, is now seeking to spread its form of minority stake acquisitions; Business player in the casual dining sector. From its presence further internationally following Growth Fund’s £6.4m investment in the 13 humble beginnings in it’s small but popular its recent acquisition by Irish private equity strong Giggling Squid; Livingbridge’s £9.8m Beak Street firm, Danu investment in the regionally based Le Bistrot site, where Investment Pierre; and Active Private Equity’s £7m people often Partners. Smith investment in Honest Burgers in return for a queue out the and Wollensky 50% stake. door for their have already £10 steak and put down a Deals of this structure provide the financial salad, to its marker in the means for these still emerging companies to newest and UK, opening have the financial muscle and opportunity largest site to their flagship to roll out their brands and achieve a date in Covent London site in wider market presence. At the same time Garden’s June 2015 with it enables the principal founders to retain Henrietta Hawksmoor Knightsbridge. Image credit: Toby Keane a 12,000sq ft a degree of control over the concepts they Street, it’s a brand that has hit a cord with unit in the Adelphi Building near Charing have created, ensuring they can continue to London diners, making steak accessible Cross. influence its direction and evolution. and affordable to all and is a brand that looks set to stay the course. Hawksmoor Another new entrant into the sector, M Stakes of a different kind have also been in have equally established themselves as a Restaurants, has been marked out as one to
24 On Market Issue 16/01 fleurets.com Restaurants watch. Martin Williams’ first site in the City after destination restaurant. Being one of Group. This deal was one of the last key set a clear marker, through sheer size alone, the first high end steak restaurants it is restaurant group transactions to take place that he was here to make an impact, not something of an institution, renowned for before the recession arrived. only on the steak restaurant sector but on its high levels of service, consistency and service and style, making interaction with quality of staff, let alone the quality of its Fast forward to January 2016 and Gaucho, his guests a core part of his strategy. steak! Not since 2007 has the restaurant this time along with its casual dining sister press really been talking about the group. brand, CAU, has once more returned to the But whilst a number of the newer steak headlines with Equistone Partners acquiring restaurant concepts have been hitting the Following an aborted IPO the decision was the group. As it stands today Gaucho is headlines in recent years, Gaucho has been taken to undertake a management buy out now 14 strong (up from 11 in 2007), with quietly maintaining its position as a sought instead, backed by Intermediate Capital sites across London as well as Leeds and Manchester and CAU, only established in 2010, boasts 19 units, predominantly regionally based in the likes of Guildford and Cambridge.
With renewed uncertainty in the wider world economy, and hot on the heels of several years of strong M&A activity, one has to hope that the recent sale of Gaucho will not be a portent of things to come.
Hawksmoor Spitalfields. Image credit: Toby Keane
SOLD
UNDER OFFER
25 On Market Issue 16/01 fleurets.com 26 On Market Issue 16/01 fleurets.com 27 On Market Issue 16/01 fleurets.com Restaurants
London Agent Details SOLD Graham Campbell Head of Restaurants T 020 7280 4700 M 07795 415435 Shoreditch, London E [email protected] Premium Offers Invited - Leasehold Prime location. 36 cover restaurant, A3 use with Rosie Hallam premises license until 2am. London Ref: R-55407 EPC-TBC Senior Surveyor T 020 7280 4700 M 07786 193 771 SOLD
Harry Cody-Owen Graduate Surveyor T 020 7280 4700 Fulham, London Fulham, London M 07900 576643 Premium Offers Invited - Leasehold Premium Offers Invited - Leasehold 80 cover restaurant in prime high footfall location. Renowned landmark premises situated on the fashionable King’s Road. Restaurant with nightclub & 4 E [email protected] Opposite Chelsea & Westminster hospital. luxury service suites. A4 use with premises and license until 2.30am. London Ref: R-45260 EPC-E London Ref: R-65457 EPC-E
SOLD STC SOLD
Teddington, Middlesex Premium Offers Invited - Leasehold High street location. New lease available. Accomodation upstairs. London Ref: R-55387 EPC-E
SOLD
Potters Bar, Hertfordshire Kensington, London Incentives Available - Leasehold Offers Invited - Leasehold Prominent high street location, on the busy 40 cover restaurant located in affluent Kensington. An attractive corner property with a high quality fit A1000. Suitable for A4/A3 user. out and external dining terrace. London Ref: LS-318778a EPC-F London Ref: R-55377 EPC-C
SOLD
Kensington, London Offers Invited - Leasehold 45 cover restaurant located in the affluent area of Kensington. London Ref: R-55378 EPC-E
SOLD
Chiswick, London Covent Garden, London Premium Offers Invited Nil Premium - To Let Circa 100 cover restaurant located close to the Ground floor restaurant in shell condition located in a key position close to Covent Garden’s piazza. Total heart of Chiswick GIA (approximately) 448 sq m/4,882 sq ft. London Ref: GC/VS EPC-TBC London Ref: R-55275 EPC-C
28 On Market Issue 16/01 fleurets.com Restaurants
Midlands Agent Details Andy Tudor Divisional Director T 0121 236 5252 M 07880 702166 Rugby, Warwickshire Birmingham, West Midlands Dudley, West Midlands E [email protected] £1,350,000 - Freehold £85,000 - Leasehold Offers Invited - Leasehold Restaurant with residential investment, prime Well-known licensed café, adjacent to Birmingham Prominent position at entrance to Merry Hill location on Rugby’s leisure circuit. University. Good income stream from flats above. shopping centre. 130+ cover restaurant. Midlands Ref: M-112252A EPC-C Midlands Ref: M-112240 EPC-B Midlands Ref: M-020101 EPC-TBC South Agent Details Kate Dowd Senior Negotiator T 01273 429500 M 07798 716 113 Chichester, West Sussex Brighton, East Sussex Brook, Hampshire E [email protected] £695,000 - Freehold £129,950 - Leasehold £89,000 - To Let Prominent freehold site. Bar/lounge area (20), Popular Spanish restaurant. Dining areas (65) & New free of tie lease. Extensive dining. Two flats, restaurant & private dining (50). Customer patios. tapas bar (10). First floor dining (25). function room, gardens, patios & play area. South Ref: S-515208 EPC-C South Ref: S-615413 EPC-F South Ref: S-615318 EPC-TBC North Agent Details Andrew Spencer Associate T 0113 234 0304 M 07884 495484 Leeds, West Yorkshire Barnsley, South Yorkshire Halifax, West Yorkshire E [email protected] POA - Leasehold Offers Invited - Leasehold Offers Invited - New Letting 1, 2 or 3 separate units. Attractive rent deals. Up Main road position. Approximately 100 covers. Prime location. Flexible terms. Former sandwich to 13,000 sq ft of A3 space. Parking & potential outside area. shop. Ideal for other uses. North Ref: N-418742 EPC-E North Ref: N-216814 EPC-C North Ref: N-520158 EPC-G
Bradford, West Yorkshire York, North Yorkshire Halifax, West Yorkshire Offers Invited - New Letting Offers Invited - Leasehold Offers Invited - New Letting Detached property in prominent position. Fully 90 cover restaurant in prominent retail park Prime town centre location. Flexible terms. fitted diner. Car park (20). location with parking for 20. Potential for bar use (STP). North Ref: N-520917 EPC-E North Ref: N-520599 EPC-C North Ref: N-520159 EPC-G
Impression of possible accommodation
Malton, North Yorkshire Batley, West Yorkshire Malton, North Yorkshire Nil Premium - New Letting Nil Premium - Leasehold Nil Premium – New Letting Refurb opportunity in vibrant town. 2 storey unit, New restaurant development opportunity offered Restaurant, bar or café opportunity. Historical circa 270 sq m. Suited to restaurant, café or bar. on favourable FOT terms. building, circa 3,230 sq ft GIA over 2 floors. North Ref: N-116385 EPC-F North Ref: N-116440 EPC - N/A North Ref: N-418795 EPC-E West & South Wales Agent Details Chris Irving Divisional Director T 0117 923 8090 M 07818 412762 Bournemouth, Dorset Cheltenham, Gloucestershire Cirencester, Gloucestershire E [email protected] Offers invited - Leasehold Nil Premium - Leasehold POA - Leasehold Fully fitted 100 cover restaurant in central Excellent licensed pitch, trading on 85 cover restaurant, refurbished kitchen & 2nd prominent location with external terrace. 3 levels & one bed flat. floor ancillary accommodation. West & South Wales Ref: W-93214 EPC-E West & South Wales Ref: W-93516 EPC-G West & South Wales Ref: W-93411 EPC-D
29 On Market Issue 16/01 fleurets.com Kevin Conibear Senior Associate T 0117 923 8090 M 07587 638268
Cheltenham, Gloucestershire POA - New Letting Character building, circa 3,927 sq ft, 5 letting rooms, garden & car park. West & South Wales Ref: W-93415 EPC-D
LET - STC
Bradford-On-Avon, Wiltshire Abingdon-on-Thames, Oxfordshire Nil premium - New Letting 3 New Lettings - Terms By Negotiation 1 restaurant opportunity 1943sq ft, riverside 3 restaurants to let. 1507-6425 sq ft (140-597sq m). Situated in Abingdon town centre, adjacent to the frontage & outside seating. River Thames. New development of 60 apartments. Excellent outside seating. West & South Wales Ref: W-93420 EPC-TBC West & South Wales Ref: W-93357 EPC-TBC East Anglia Agent Details Simon Jackaman Divisional Director T 01223 402600 M 07775 516674 Chapel Hill, Lincolnshire Woodbridge, Suffolk Dereham, Norfolk E [email protected] £329,950 - Freehold £475,000 - Freehold £349,000 - Freehold Charming B&B, restaurant & bar. 8 B&B letting Outstanding coaching inn on the Suffolk coast. Lounge bar & restaurant, 60 covers, gardens, car rooms. Lounge bar, rest (80+ cvrs) &11 en-suite lett beds. park & accommodation. East Anglia Ref: E-514952 EPC-D East Anglia Ref: E-514918 EPC-D East Anglia Ref: E-514894 EPC-D
Ipswich, Suffolk Northampton, Northamptonshire Felixstowe, Suffolk ONO £30,000 - Leasehold Nil Premium - New Letting £30,000 - Leasehold Established business in lock-up parade. Free of tie lease. Opportunity to rent all 3 floors. Prime town centre commercial units, available as a Fully equipped and fitted out. Ground floor restaurant. Licence until 2.00 am. whole or will split. East Anglia Ref: E-514310 EPC-C East Anglia Ref: E-514818 EPC-N/A East Anglia Ref: E-514853 EPC-TBC
North West Agent Details Tim Martin Senior Associate T 0161 683 5445 M 07787 552909 Chorley, Lancashire Rhyl, Denbighshire Altrincham, Cheshire £175,000 - Freehold £175,000 - Freehold E [email protected] Offers Invited - Leasehold Closed Chinese restaurant, may suit alternative Take away unit with circa 20 covers. 1 & 3 bed Town centre leisure park with 6 screen cinema. use. Open trading area & 5 bed accommodation. flats. May suit alternate use (STPP). 120 cover restaurant of 3,851sq ft GIA. North West Ref: NW-618503 EPC-TBA North West Ref: NW-214740 EPC-C North West Ref: NW-214992 EPC-D
Manchester, Greater Manchester Belle Vue, Greater Manchester Bolton, Lancashire Offers Invited - Leasehold Offers Invited - Leasehold Incentives Available - Leasehold Purpose built facility. Ground floor 3,056 sq ft. Modern purpose built restaurant/function facility. Modern fitout. Circa 110 cover rest. Dining on First floor 3,094 sq ft approximately. May also suit banqueting venue. ground & first floors. Private dining/function room. N o r t h We s t R e f : N W - 4 1 7 2 2 7 EPC-D North West Ref: NW-214969 EPC-E North West Ref: NW-214970 EPC-D
30 On Market Issue 16/01 fleurets.com Pubs Pub Closures - Target the real cause
Simon Hall Director & Head of Agency
It's not as simple as blaming the 'nasty' ‘Pub Co’ for the number of pub closures in the last decade. It is much more to do with the economic principles of price and demand.
As a population we go to the pub less often psyche, creating an aura of guilt around we could get because there is a shortage than we used too. Why? Well there are having a few pints or glasses of wine, of affordable homes in the community? I many factors that are involved but I would further reducing demand. suspect not. point to 3 main reasons. These are the main causes of pub closures, Even with stable demand don’t expect pub Firstly, many of the pub closures have been and these second two points should be the numbers to remain static. The managed pub in the old industrial areas; particularly the targets for CAMRA and all those who love companies are doing a great job in investing Midlands and the North. With the demise our pub industry. After all you can’t blame millions in fantastic new large pubs fit for of heavy industry, customer demand for pub owners for selling their properties to the 21st century. Each new super pub might wet led pubs has fallen. As a result many the highest bidder. Would we all be so trade at £40,000 per week, satisfying a have now become uneconomic and have quick to sell our homes for 10% less than good amount of demand and leaving less inevitably closed never to open again. for the typical community operator, thereby pushing them closer to the edge of viability.
So numbers will fall as big replaces small. As a population we “ Also the next generation of potential pub users are not growing up with the same go to the pub less often “ pub orientated outlook and will demand than we used too. different things from their licensed operations, leaving many older traditional outlets unable to meet changing needs. Secondly it is the increasing price differential between on-sale and off-sales. Like King Canute we can’t stop the world Supermarkets sell alcohol at a much lower changing, but to slow it down we should price than pubs. The increased cost of target the right causes of Pub closures. complying with legislation, the elimination of business rates relief, the national living wage and particularly the penal duty escalator, have all hit pub sales significantly, requiring an increase in retail price and a reduction in demand for on-sales.
Thirdly, the continuous attacks from the health lobby have seeped into the public
31 On Market Issue 16/01 fleurets.com Pubs London 020 7280 4700 [email protected]
London SOLD Pubs on market include...
Agent Details James Davies Elysia Wilson-Gunn T 020 7280 4711 T 020 7280 4700 M 07990 573176 M 07810 541579 E [email protected] E [email protected]
Andy Frisby Simon Bland T 020 7280 4700 T 020 7280 4700 M 07471 953231 M 07471 953022 Marylebone, London E [email protected] E [email protected] OIRO £2,000,000 - Freehold Desirable W1 postcode. Traditional freehold freehouse. Open-plan 40 cover bar, trade kitchen & 3 bed domestic accommodation. London Ref: LA-620640 EPC-D
SOLD SOLD SOLD
Clerkenwell, London Kilburn, London Putney, London Charlton, London OIRO £2,800,000 - Freehold OIRO £2,750,000 - Freehold £1,250,000 - Freehold Investment OIRO £1,100,000 - Freehold 4 storey building with planning permission for Investment. Passing rent approximately £24,000 Rare South West London freehold pub investment B&B letting accommodation to upper floors. three x 2 bed flats to upper parts. p.a. - 3 year agreement. 7,477 sq. ft. ½ mile from Putney High Street & station. Alternative use potential (STPP). London Ref: LS-520506 EPC-E London Ref: LS-520188 EPC-G London Ref: LS-520191 EPC-D London Ref: LS-520521 EPC-TBC
SOLD SOLD STC
Stockcross, Berkshire Nr Canterbury, Kent Hampton, Middlesex Ham, Wiltshire OIRO £695,000 - Freehold OIRO £650,000 - Freehold OIRO £575,000 - Freehold OIRO £410,000 - Freehold Destination pub/restaurant. Roadside location. Destination pub/restaurant with views & grounds Two bar operation & patio garden. Development Attractive central village location, extensive 5 en-suite letting rooms. circa 1 acre. potential (STPP). accommodation & large trade kitchen. London Ref: LS-520443 EPC-TBC London Ref: LA-620721 EPC-TBC London Ref: LS-520186 EPC-D London Ref: LA-620604 EPC-B
Croydon, Surrey Rochester, Kent Nr Canterbury, Kent St Margarets at Cliffe, Kent OIRO £395,000 - Freehold OIRO £375,000 - Freehold OIRO £350,000 - Freehold OIRO £275,000 - Freehold Detached pub near Croydon town centre. Village pub, beer garden & ample car park. Prominent main road position, 4/5 bed living Coastal village pub, first floor living Alternative use potential (STPP). Potential for alternative use (STPP). accommodation, car park & garden. accommodation & beer garden. London Ref: LA-620686 EPC-B London Ref: LA-620660 EPC-D London Ref: LA-620695 EPC-C London Ref: LS-520543 EPC-E
Pimlico, London Islington, London Hampton Wick, Surrey Hitchin, Hertfordshire OIRO £185,00 - Leasehold OIRO £200,000 - Leasehold OIEO £175,000 - Leasehold OIRO £150,000 - Leasehold Free of tie, sought after Pimlico address, trading on Renowned North London gastro pub, bar & Award-winning Surrey pub/restaurant, 70 cover Free of tie lease, prominent roadside frontage & ground floor & basement. conservatory restaurant with 120 covers. trade area & owner's apartment. multiple trading areas. London Ref: LA-620694 EPC-F London Ref: LS-419547 EPC-E London Ref: LA-620665 EPC-C London Ref: LS-520510 EPC-TBC
32 On Market Issue 16/01 fleurets.com London 020 7280 4700 [email protected] Pubs
SOLD STC
Islington, London Hazlemere, Buckinghamshire Rotherhithe, London Bromley, Kent OIRO £125,000 - Leasehold OIRO £105,000 - Leasehold OIRO £95,000 - Leasehold Offers Invited - Leasehold Prominent frontage, trading area to first floor & Prominent roadside location, 2 trading areas & 3 Refurbished pub, beer garden & outdoor kitchen Modern pub/restaurant in prominent position near trade kitchen. bedroom accommodation. with first floor accommodation. Bromley. Free of tie. London Ref: LA-620687 EPC-E London Ref: LA-620637 EPC-E London Ref: LS-520544 EPC-C London Ref: LA-620667 EPC-C
Muswell Hill, London Little Sandhurst, Berkshire OIRO £50,000 - Leasehold Nil Premium - New Letting Open plan trade area circa 80 covers, trade Two separate bars, function room, enclosed beer kitchen & 3 bedroom accommodation. garden & sizeable car park. London Ref: LS-520387 EPC-C London Ref: LA-620706 EPC-C
SOLD
Fitzrovia, London OIRO £300,000 - Leasehold Desirable location, 5 min walk from Warren Street tube. Trade kitchen, ground & first floor trading areas, roof terrace to rear with 5 bedroom staff accommodation. London Ref: LA-620651 EPC-D
SOLD STC
New Oxford Street, London Herne Bay, Kent Shoreditch, London Nil Premium - New Letting Nil Premium - New Letting Leasehold Prime leisure opportunity, basement & ground Attractive traditional village pub, free of tie lease Grade II listed building. Desirable location close to Spitalfields Market, 200m from Shoreditch High Street floor available. 5,189 sq. ft. available, & 3 bed accommodation. Rail. Trading area on two floors. London Ref: LA-620668 EPC-D London Ref: LA-620705 EPC-D London Ref: LS-520516 EPC-D
Windsor, Berkshire Crayford, Kent Nil Premium - New Letting Nil Premium - New Letting Free of tie lease opportunity with open plan bar FOT Community pub, adjacent to Crayford Train &1st floor function room. Station. Beer garden & living accommodation. London Ref: LA-620669 EPC-D London Ref: LA-620649 EPC-C
Fulham, London Maidenhead, Berkshire Bagnor, Berkshire OIRO £250,000 - Leasehold Nil Premium - New Letting Nil Premium - New Letting Dual aspect open plan bar with 7 bedroom domestic accommodation, based South West London, Free of tie lease, open plan bar, 2 bedroom Free of tie lease. Space for 50+ covers. Grounds of opposite Chelsea Football Club & walking distance to Fulham Broadway. accommodation, patio garden & car park. approximately 0.5 acre. London Ref: LS-520561 EPC-G London Ref: LS-520114 EPC-E London Ref: LS-318669 EPC-D
33 On Market Issue 16/01 fleurets.com Pubs North West 0161 683 5445 [email protected]
North West
Pubs on market include...
Agent Details
David Sutcliffe Chorley, Lancashire Aughton, Lancashire T 0161 683 5445 £1,900,000 - Freehold £1,500,000 - Freehold M 07860 849236 Fully refurbished bar/restaurant. 100 covers. T/O Destination pub/food house. Adj NP £284k E [email protected] approx £1m. Additional rental income. Site area 1.18 acre, large car park & beer garden. North West Ref: NW-518336 EPC-TBC North West Ref: NW-618481 EPC-C 46 Freehold pubs Tim Martin T 0161 683 5445 M 07787 552909 4 Long leasehold pubs E [email protected]
4 Leasehold pubs Ian Taylor T 0161 683 5445 M 07795 842492 6 New lettings E [email protected] Blackpool, Lancashire Beetham, Cumbria £700,000 - Freehold £695,000 - Freehold Sea front refurbished bar. South Shore location & 44 cover restaurant. 5 en-suite letting rooms. 110 covers. Established trade with proven profits. North West Ref: NW-518002 EPC-D North West Ref: NW-315341 EPC-C
Blackpool, Lancashire Bradwell, Derbyshire Sandbach, Cheshire Great Harwood, Lancashire £675,000 - Freehold £360,000 - Freehold £350,000 - Freehold £345,000 - Freehold Well located late night bar & restaurant on 2 Charming country inn. 5 en-suite letting rooms. 1 Investment. Town centre refurb. restaurant/wine Traditional local with additional function trade. floors. 800 & 350 capacity. bed private flat. Car park & beer patio. bar. Rental income £30k. Established t/o circa £217k & 2 bed flat. North West Ref: NW-518159 EPC-TBC North West Ref: NW-417226 EPC-D North West Ref: NW-618502 EPC-N/A North West Ref: NW-618463 EPC-C
Blackpool, Lancashire Oswaldtwistle, Lancashire Corwen, Conwy Prestatyn, Denbighshire £295,000 - Freehold £275,000 - Freehold £260,000 - Freehold £215,000 - Freehold Main circuit location. Bar with living Refurbished pub/food house. Function room. 0.27 Grade II riverside country inn. Approx 6 acres. Traditional public house with lounge bar, public accommodation above. Open plan trading areas. acre. Suited to alternative use (STPP). Camping & fishing income. bar, dining room & 3 bed flat. North West Ref: NW-518306 EPC-C North West Ref: NW-618493 EPC-TBC North West Ref: NW-518215 EPC-D North West Ref: NW-315722 EPC-D
Ruthin, Denbighshire Holyhead, Anglesey £199,000 - Freehold £195,000 - Freehold Popular wet led town centre pub. 4 trading areas Lounge, snug & games room. 8 bed private & beer patio. Oppourtunity to create B&B. accommodation with letting potential. North West Ref: NW-518361 EPC-D North West Ref: NW-215121 EPC-D
SOLD STC
Macclesfield, Cheshire Rochdale, Lancashire Southsea, Wrexham £220,000 - Freehold £195,000 - Freehold £195,000 - Freehold Well presented, wet led town centre pub. Open plan lounge bar & function room. Potential use as offices Substantial property. May suit alternate use 2 bar community local with 3 bed flat. Site area (STPP). (STPP). 9 rooms & 1 bed flat. 0.186 acres. North West Ref: NW-518360 EPC-E North West Ref: NW-417180 E P C - C North West Ref: NW-618512 EPC-E
34 On Market Issue 16/01 fleurets.com North West 0161 683 5445 [email protected] Pubs
Newton Heath, Greater Manchester Chorley, Lancashire £180,000 - Freehold £175,000 - Freehold Popular local with lounge/public bars. Late licence. Closed Chinese restaurant. May suit alternative Well presented 3 bed flat. use. Open trading area & 5 bed accommodation. North West Ref: NW-618596 EPC-D North West Ref: NW-618503 EPC-TBA
Morecambe, Lancashire Eccles, Greater Manchester Middlewich, Cheshire £172,500 - Freehold £170,000 - Freehold £175,000 - Freehold Town centre pub with lounge & games room. 5 Variety of trading rooms. 5 bed flat (4 currently Open plan, community wet led pub with beer patio & smoking shelter, may suit alternative use (STPP). 4 letting rooms. Two 3 bed flats & private parking. letting rooms). bed private flats & car park. North West Ref: NW-517752 EPC-D North West Ref: NW-518164 EPC-C North West Ref: NW-114084 EPC-E
Oswaldtwisle, Lancashire Hyde, Greater Manchester Holyhead, Anglesey Bolton, Lancashire Offers Invited - Freehold £150,000 - Freehold £125,000 - Freehold £112,500 - Freehold Community local pub, may suit alternative use. Site Detached traditional pub. Function room, beer Town centre pub with lounge & public bars. 3 bed Town centre ground floor bar. 3 rooms on first area 110 acre. 4 bed flat. garden, kitchen & 2 bed flat. flat & 6 unused letting rooms. floor. May suit office use (STPP). North West Ref: NW-518402 EPC-B North West Ref: NW-315833 EPC-C North West Ref: NW-215120 EPC-E NNorth West Ref: NW-517865 EPC-E
Wigan, Greater Manchester Chorley, Lancashire Bolton, Lancashire Southport, Merseyside £95,000 - Freehold £150,000 - Long Leasehold £150,000 - Long Leasehold £150,000 - Long Leasehold Wet led trade. Lounge bar. Games area. Beer patio Local & circuit trade. Smoking shelter, beer patio. Community local. LLH at £10 p.a, beer garden. Town centre closed pub/restaurant on 1st and 2nd & 3 bed accommodation. & private flat. May suit alternate use (STPP). floors. Suited to alternative use (STPP). North West Ref: NW-517751 EPC-D North West Ref: NW-517998 EPC-D North West Ref: NW-416300 EPC-E North West Ref: NW-518396 EPC-E
Ormskirk, Lancashire Colne, Lancashire £100,000 – Leasehold £80,000 - Leasehold Stylish bar in town centre. Well presented fixtures Charming destination country inn. T/O 2014 & fittings. T/O £360k p.a. Rent £20,000 p.a. £425,000. Rent £30,000 p.a. North West Ref: NW-618479 EPC-D North West Ref: NW-416343 EPC-F
Windermere, Cumbria Ashton-In-Makerfield, Greater Mcr Burscough, Lancashire Nil Premium - Letting Nil Premium - New Letting Nil Premium - £25,000 p.a. Picturesque location. Flexible terms. May let first & Guide rent £22,000. New free of tie lease also Canal side pub & eating house with prominent main road position. First floor function room. Extensive second floors separately. available. Flexible terms. accommodation. North West Ref: NW-416317 EPC-D North West Ref: NW-214848 EPC-E North West Ref: NW-518000 EPC-C
35 On Market Issue 16/01 fleurets.com Pubs North 0113 234 0304 [email protected]
North SOLD STC Pubs on market include...
Agent Details Simon Hall Hessle, East Yorkshire Wakefield, West Yorkshire T 0113 234 0304 £695,000 - Freehold £595,000 - Freehold M 07867 528102 Restaurant, function room, 8 letting beds & 2 bed Circuit position. Spacious ground floor area. First E [email protected] flat. PP for 45 bed hotel. floor ancillary accom. Seating to front. North Ref: N-520938 EPC-D North Ref: N-520930 EPC-E 12 Free of tie leases Andrew Spencer T 0113 234 0304 M 07884 495484 10 Pubs with letting rooms E [email protected]
10 Food led country pubs Nick Thomas T 0113 234 0304 M 07770 672556 19 Freeholds E [email protected] Pickering, North Yorkshire Nr Leyburn, North Yorkshire £565,000 - Freehold £425,000 - Freehold 50 cover gastro pub in delightful village with 3 bed Centuries old country inn. Bar, dining room, 5 accommodation. letting beds, garden & car park. North Ref: N-520354 EPC-E North Ref N-418828 EPC-D
SOLD STC
Pickhill, North Yorkshire Thorpe Thewles, Teesside Mirfield, West Yorkshire Sowerby Bridge, West Yorkshire £425,000 - Freehold £425,000 - Freehold Offers Invited - Freehold £375,000 - Freehold Renowned inn close to A1(M). 2 bars, restaurant Ground floor trading, 3 bed accommodation, beer Detached. Circa 1.14 acres. Possible development Well presented high street bar. Bar (40), snug (20) (45), 7 letting beds & car park. patio, parking & extensive garden. Strong accounts (STP). Car park, garden & 3 bed accommodation. & large outside terrace. North Ref:N-520049 EPC-D North Ref: N-520047 EPC-D North Ref: N-621032 EPC-C North Ref: N-520931 EPC-F
Barnard Castle, County Durham Rudston, East Yorkshire £250,000 - Freehold £250,000 - Freehold Village location. Ground floor trading, owners Yorkshire Wolds village. 2 bars, dining room (30), 6 accom, 2 bed letting cottage, parking & gardens. letting beds & 4 bed accommodation. North Ref: N-520227 EPC-A North Ref: N-621048 EPC-D
Wakefield, West Yorkshire Pontefract, West Yorkshire Goole, East Yorkshire £200,000 - Freehold £195,000 - Freehold £210,000 – Freehold Recent refurb. Circuit position. GF & FF trading Town circuit café/wine bar. Modern décor. Great Ground floor trading areas, function room, catering kitchen & first floor 4 bed accommodation. Yard to areas. SF staff areas. opportunity to develop trade. the rear with planning for 3 flats. Prominent main road location. North Ref: N-520676 EPC-F North Ref: N-520402 EPC-D North Ref: N-519952 EPC-D
Richmond, North Yorkshire Redcar, Teesside Shildon, County Durham Barton-upon-Humber, N Lincolnshire Offers Invited - Freehold £175,000 - Freehold £175,000 - Freehold OIRO £165,000 - Freehold Village inn, full of character & structurally Main road position. 3 bed accommodation, 2 beer Community local. Dining room (34), bar (30), Attractive town. Open plan bar areas & 3 bed flat. renovated, 2/3 bed accommodation. patios, car park & potential letting beds. catering kitchen & 4 bed flat. All wet trade. North Ref: N-217488 EPC-E North Ref: N-419026 EPC-E North Ref: N-520075 EPC-D North Ref: N-520399 EPC-D
36 On Market Issue 16/01 fleurets.com North 0113 234 0304 [email protected] Pubs
Keighley, West Yorkshire Shildon, County Durham Hartlepool, Teesside Wakefield, West Yorkshire £149,950 - Freehold £149,000 - Freehold £150,000 - Freehold £195,000 - Leasehold Traditional public house. Ground floor trading, 3 Well fitted village pub. 2 bed flat, open plan bar & Established village. Large open plan bar, dining Circuit position. Spacious ground floor area. First bed accommodation & parking. Possible alt use. catering kitchen. areas & 3 bed flat. floor ancillary accommodation. Seating to front. North Ref: N-520344 EPC-E North Ref: N-520097 EPC-F North Ref: N-217547 EPC-C North Ref: N-520711 EPC-E
Arthington, West Yorkshire Pateley Bridge, North Yorkshire Bingley, West Yorkshire Horsforth, West Yorkshire £70,000 - Leasehold £85,000 - Leasehold £69,950 - Leasehold £48,000 - Leasehold ‘A’ road position. Bar (80), restaurant (60), 3 letting Town centre. Lounge, bar, restaurant (32) & 4 Free of tie. £6,000 t/o per week net. Good décor. Affluent area. Free of tie terms. Outside area. beds & car park/beer garden. superb letting beds. T/O £508,693 net. Opportunity to develop trade. Great potential to develop trade. North Ref: N-520018 EPC-D North Ref N-015109 EPC-N/A North Ref: N-621050 EPC-C North Ref: N-520987 EPC-C
SOLD STC
Horsforth, West Yorkshire Thornton, West Yorkshire Keighley, West Yorkshire Huddersfield, West Yorkshire £45,000 - Leasehold £35,000 - Leasehold £20,000 - New Letting Offers Invited - Leasehold High street position. Free of tie terms. Good Award-winning country pub & restaurant. Bar, Detached property. 3 bed accommodation, ground Prominent circuit location, opposite University. GF standard of fit out. Great potential. restaurant, conservatory & 4 bed flat. floor trading, 2 bars, beer patio & parking. bar & basement nightclub. North Ref: N-520978 EPC-D North Ref N-418827 EPC-E North Ref: N-621078 EPC-G North Ref N-418761 EPC-F
South Cowton, North Yorkshire Pickering, North Yorkshire Leeds, West Yorkshire Swallow, Lincolnshire Offers Invited - New Letting Offers Invited - New Letting Offers Invited - Leasehold Nil Premium - New Letting Detached property on busy road. 4/5 bed accom, Delightful free of tie village gastro pub. 50 covers. Circuit position. Ground floor trading & mezzanine Free of tie destination food house. Bar, lounge, parking & beer patio. Great potential. Bar, lounge, restaurant & 3 bed accommodation. level. Recently refurbished. restaurant (92) & gardens. £45k pa. North Ref: N-621067 EPC-TBC North Ref: N-520355 EPC-E North Ref: N-318389 EPC-G North Ref: N-520365 EPC-C
Impression of possible accommodation Malton, North Yorkshire Leeds, West Yorkshire Leeds, West Yorkshire Cawood, North Yorkshire Nil Premium - New Letting Nil Premium - Leasehold Nil Premium - New Letting Nil Premium - Leasehold New free of tie A3/A4 unit on the Market Place 7,200 sq ft bar/café/restaurant. Free of tie Circuit bar. Ground floor trading & upper floors. Village location. Ground floor trading, first floor with 9 bed accom. Ground floor c.3,800 sq ft. proposals invited. Joint investment possible. Great potential for new offer. accommodation, potential lett beds & beer garden. North Ref: N-318272 EPC-D North Ref: N-318489 EPC-D North Ref: N-419051 EPC-E North Ref: N-621025 EPC-E
Long Preston, North Yorkshire Great Ouseburn, North Yorkshire Whitley Bay, Tyne & Wear Doncaster, South Yorkshire Nil Premium - Leasehold Nil Premium – New Letting Nil Premium - Leasehold Nil Premium - Leasehold Main road position. Wet/dry trade. 6 letting beds, Food-led destination pub. Bar, snug, restaurant, Prominent position. Ground floor & first floor Destination food led venue. 4 bed private car park & beer garden. car park (20) & beer terrace. trading, outside areas & further disused floor. accommodation. Freehold also available. North Ref: N-317859 EPC-C North Ref: N-419447 EPC-D North Ref: N-317883 EPC-F North Ref: N-913926 EPC-E
37 On Market Issue 16/01 fleurets.com Pubs Midlands 0121 236 5252 [email protected]
Midlands
Pubs on market include...
Agent Details Andy Tudor Aston, Birmingham Droitwich Spa, Worcestershire T 0121 236 5252 £650,000 - Freehold (Part LLH) £525,000 - Freehold M 07880 702166 Part long leasehold. Close to Aston Villa FC. Large Excellent opportunity with lounge, bar & E [email protected] function room, bar & lounge. restaurant. Superb garden. Midlands Ref: M-112163 EPC-E Midlands Ref: M-112263 EPC-C 4 Social clubs Simon Cable T 0121 236 5252 M 07833 590576 11 Closed pubs E [email protected]
32 Leaseholds including Lettings
23 Freeholds Bridgnorth, Shropshire Bewdley, Worcestershire £525,000 - Freehold £495,000 - Freehold Destination gastro pub. 7 boutique letting rooms, Destination gastro pub with lounge, bar & lounge/bar & restaurant. restaurant. Trade split 60% wet/40% dry. Midlands Ref: M-112266 EPC-D Midlands Ref: M-112080 EPC-E
SOLD
Little Hereford, Shropshire Bridgnorth, Shropshire Collingham, Nr Newark Atherstone, Warwickshire £495,000 - Freehold £340,000 - Freehold £325,000 - Freehold £290,000 - Freehold Charming freehouse fronting busy A road & Destination village pub. Lounge/restaurant, bar & Attractive village pub/restaurant, large catering Free of tie. flexible lease terms available. Busy A bordering River Teme. Character bar & restaurant. first floor function room. kitchen. 4 bed private accommodation. road frontage & trade kitchen. Midlands Ref: M-112110 EPC-C Midlands Ref: M-112097 EPC-D Midlands Ref: M-112119 EPC-D Midlands Ref: M-111783 EPC-C
SOLD STC SOLD STC
Thorpe Satchville, Leicestershire Telford, Shropshire Erdington, Birmingham Stratford-upon-Avon, Warwickshire £285,000 - Freehold £275,000 - Freehold £275,000 - Freehold £265,000 - Freehold Destination pub. Lounge (40), bar (30), beer Excellent order with 2 trading areas, 50+ covers, Densley populated residential area. 2 large trading Single trading area with trade kitchen, patio areas garden & car park. trade kitchen & 3 bed owner's accommodation. rooms. 3 bed private accommodation. & 2 bed private accommodation. Midlands Ref: M-112276 EPC-D Midlands Ref: M-112261 EPC-D Midlands Ref: M-112164 EPC-D Midlands Ref: M-112291 EPC-D
Telford, Shropshire Dudley, West Midlands Matlock Bath, Derbyshire Bilston, West Midlands £225,000 - Freehold £225,000 - Freehold £225,000 - Freehold £195,000 - Freehold Prominent high street location, open plan lounge/ Opposite college building. 1 room pub & good Ground floor bar, first floor restaurant (30+) & Substantial property on busy industrial residential bar & 5 bed owner's accommodation. sized beer garden. 2 separate 2 bed flats. Overlooks river. road. Bar & lounge. Midlands Ref: M-112169 EPC-D Midlands Ref: M-112262 EPC-D Midlands ref: M-112293 EPC-E Midlands Ref: M-112233 EPC-D
SOLD STC SOLD STC
Biddulph, Staffordshire Cradley Heath, West Midlands Blurton, Staffordshire Longton, Stoke-On-Trent £190,000 - Freehold £175,000 - Freehold £150,000 - Freehold £125,000 - Freehold Two good sized trading areas. 1 acre site. Might Locals community pub in prominent location. Substantial two room pub with car park. Site area Busy corner position in densely occupied area. suit residential development (STPP). May suit alternative uses (STPP). 0.26 acres. May suit alternative use (STPP). Lounge, bar & beer garden. Midlands Ref: M-112269 EPC-D Midlands Ref: M-111608 EPC-D Midlands Ref: M-112222 EPC-D Midlands Ref: M-112045 EPC-C
38 On Market Issue 16/01 fleurets.com Midlands 0121 236 5252 [email protected] Pubs
SOLD STC SOLD STC
Yardley, Birmingham Kingshurst, Birmingham Solihull, West Midlands Bilston, West Midlands £335,000 - Long Leasehold £300,000 - Long Leasehold £275,000 - Leasehold £175,000 - Long Leasehold Very well populated residential area with bar, 2 Established member's & sports club. Bar, lounge & Character locals bar. 40 cover restaurant & 9 en- Community local with single lounge/bar, snug area large function rms & self contained suite of offices. self contained function room. suite letting rooms. Close to NEC. & 3 bed owner's accommodation. Midlands Ref: M-112167 EPC-C Midlands Ref: M-112182 EPC-C Midlands Ref: M-112027 EPC-N/A Midlands Ref: M-112120 EPC-C
Clent, Worcestershire Belbroughton, Worcestershire Norton, Worcestershire Ardens Grafton, Warwickshire £125,000 - Leasehold £125,000 - Leasehold £99,950 - Leasehold £80,000 - Leasehold Exceptional village pub with 90+ covers. Net t/o Affluent village location with lounge/bar & Prominently positioned with open plan trading Destination village pub. Lounge/bar, restaurant, £640,000. Superb beer garden & car park. restaurant together with superb garden. area & 3 bed living accommodation. substantial beer garden & parking. Midlands Ref: M-112024 EPC-N/A Midlands Ref: M-112224 EPC-C Midlands Ref: M-112278 EPC-D Midlands Ref: M-112242 EPC-C
Bishops Castle, Shropshire Norton Lindsey, Warwickshire Hartlebury, Worcestershire Mansfield, Nottinghamshire £59,950 - Leasehold Nil Premium - Leasehold £55,000 - Leasehold Nil Premium - New Letting Attractive destination pub with lounge, snug, Well presented single trading room, kitchen & car Destination gastro village pub. Bar & restaurant. Purpose built conference/function suite (500). restaurant & function room. park (15), beer garden & two bed private quarters. T/O y/e 2014 £409,438 net of VAT. New free of tie lease. Ready for fit out. Midlands Ref: M-112123 EPC-D Midlands Ref: M-112294 EPC-D Midlands Ref: M-112243 EPC-D Midlands Ref: M-112259 EPC-TBC
SOLD STC
Walsall, West Midlands Derby, Derbyshire Eccleshall, Staffordshire Belper, Derbyshire Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Former restaurant & banqueting suite. Site area Excellent position in heart of busy leisure circuit. Prominent roadside location. Bar, lounge, Free of tie flexible lease terms available. Stepped circa 1.2 acres. Development options considered. Would suit bar/restaurant (STPP). restaurant, beer terrace & car park (40). rents or capital investments available. Midlands Ref: M-112118 EPC-D Midlands Ref: M-112030 EPC-TBC Midlands Ref: M-112040 EPC-D Midlands Ref: M-111055 EPC-E
SOLD STC
Madeley Heath, Cheshire Stafford, Staffordshire Ashley, Leicestershire Rugby, Warwickshire Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting 3 character ground floor trade areas. Additional Town centre freehouse. Character building. Could New free of tie lease. Lounge/bar, car park, 4 Desirable and accessible rural village with 6 en- self-contained cottage. reintroduce food. External area & car park. bed owner's accom & 6 en-suite letting rooms. suite letting rooms & ample car parking. Midlands Ref: M-112142 EPC-B Midlands Ref: M-111820 EPC-F Midlands Ref: M-112289 EPC-N/A Midlands Ref: M-112148 EPC-D
SOLD STC IF YOU’RE LOOKING TO SELL YOUR FREEHOLD OR ASSIGN YOUR LEASEHOLD
WHY NOT CONTACT EITHER: ANDY OR SIMON Rugby, Warwickshire Nuneaton, Warwickshire AT THE BIRMINGHAM OFFICE Nil Premium - New Letting Nil Premium - New Letting Approved £150,000 investment, Bar, lounge, Highly visible pub on busy road. 0.37 acre site. WHO WILL BE HAPPY TO ASSIST IN ANY WAY. games area, beer garden & parking. Large car park & outside areas. Midlands Ref: M-111976 EPC-C Midlands Ref: M-112253 EPC-D
39 On Market Issue 16/01 fleurets.com Pubs West & South Wales 0117 923 8090 [email protected]
West & South Wales
Pubs on market include...
Agent Details Chris Irving T 0117 923 8090 M 07818 412762 E [email protected]
17 Free of tie leases Kevin Conibear T 0117 923 8090 27 Pubs with gardens M 07587 638268 E [email protected]
12 Pubs with letting rooms
15 Freeholds Kingston Lisle, Oxfordshire £630,000 - Freehold Close to Ridgeway Path & Lambourn Downs. 2 bars, conservatory, 3 new en-suite letting rooms, 2 bed private accommodation, large car park & gardens/terrace. West & South Wales Ref: W-93491 EPC-F
SOLD STC
Cirencester, Gloucestershire Porthcawl, Mid Glamorgan Chagford, Devon Cirencester, Gloucestershire Offers Invited - Freehold POA - Freehold £485,000 - Freehold £450,000 - Freehold Prominent licensed pitch, multi level trading, Town centre bar, sports bar, nightclub, 27 en-suite Thatched village inn, 3 letting beds, owner's Invest/operating opportunity. Ground floor bar & private accommodation & PP for roof terrace. bedrooms & gym. accommodation & large garden. 0.3 acres. 4 bedsits on upper floors. Trade development pot. West & South Wales Ref: W-93503 EPC-TBC West & South Wales Ref: W-93302 EPC-C West & South Wales Ref: W-93508 EPC-N/A West & South Wales Ref: W-93447 EPC-E
Dorchester, Dorset Tackley, Oxfordshire Great Cheverell, Wiltshire Wheatley, Oxfordshire £425,000 - Freehold OIRO £400,000 - Freehold £399,500 - Freehold £350,000 - Freehold Town centre. Bar, function room/skittle alley, first Village pub & barn/function room. Bar, rest & 4 Bar, restaurant, 3 letting rooms, excellent private Open plan bar/restaurant, 3 bed private accom & floor function room, 2 flats & gardens. beds. Development potential (STPP) site 0.49 acre. accommodation, car park & gardens. garden. Central village location, close to Oxford. West & South Wales Ref: W-93421 EPC-TBC West & South Wales Ref: W-93413 EPC-D West & South Wales Ref: W-93434 EPC-N/A West & South Wales Ref: W-93459 EPC-C
Chitterne, Wiltshire Wroxton, Oxfordshire ONO £340,000 - Freehold £295,000 - Long Leasehold Village pub near Stonehenge. Bar, restaurant (c40), Classic Oxfordshire village pub. Bar, restaurant, 3 gardens, car park & 3 beds. beds, disused barn, gardens & car park. West & South Wales Ref: W-93396 EPC-E West & South Wales Ref: W-93208 EPC-D
Llangybi, Gwent Templecombe, Somerset Christchurch, Dorset £465,000 - Freehold £250,000 - Freehold POA - Leasehold 16th century historic inn with extensive trade areas, including: bar, restaurants, car park, gardens, terraces Traditional public house. Village location. Free of Popular high turnover pub/restaurant. Large bar & & letting accommodation. Fully restored in 2007. tie leasehold option. Development potential STPP. restaurant. Car park, beer garden & 4 bed accom. West & South Wales Ref: W-93456 EPC-N/A West & South Wales Ref: W-93314 EPC-D West & South Wales Ref: W-93136 EPC-C
40 On Market Issue 16/01 fleurets.com West & South Wales 0117 923 8090 [email protected] Pubs
Barnstaple, Devon Aberdare, Mid Glamorgan £85,000 - Leasehold £50,000 - Leasehold Town centre bar/restaurant, consistent high New free of tie lease. 100+ covers, 6 en-suite turnover, terrace & strong reputation. letting beds, large garden & parking. West & South Wales Ref: W-93358 EPC-C West & South Wales Ref: W-93489 EPC-TBC
SOLD STC
Iwerne Minster, Dorset Bath, Somerset Bradford on Avon, Wiltshire OIEO £500,000 - Freehold £45,000 - Leasehold £38,000 - Leasehold Affluent location, large bar & restaurant, 5 high quality en-suite letting rooms, 5 bed private High footfall city centre location. Fully equipped Free of tie. 2 bars, 2 bed private accommodation, accommodation, car park & garden. bar/restaurant with accom, flat & 2am licence. enclosed garden & residential area. West & South Wales Ref: W-93488 EPC-E West & South Wales Ref: W-93458 EPC-C West & South Wales Ref: W-93490 EPC-TBA
Weston-on-the Green, Oxfordshire Wells, Somerset Cotswolds, Gloucestershire Binfield Heath, Oxfordshire Offers invited - Leasehold Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Bar/rest (60+), gardens, car park & 3 bed private Edge of Wells city centre. 5 letting bedrooms, 2 FOT pub/restaurant (60), 3 beds, skittle alley, Free of tie, high quality rebuild/refurb. 100+ accom. Very accessible & recently refurbished. trade areas, large beer garden & car park. potential letting room, terraces & car park. covers, close to Henley & Reading. West & South Wales Ref: W-93414 EPC-E West & South Wales Ref: W-93386 EPC-C West & South Wales Ref: W-93513 EPC-G West & South Wales Ref: W-93264 EPC-N/A
SOLD STC
Frome, Somerset Marshfield, Gloucestershire Corsham, Wiltshire Kington Langley, Wiltshire Nil Premium - New Letting Offers Invited – Freehold Nil Premium - New Letting Nil Premium - New Letting Town centre free of tie lease. Extensive trade Refurb/dev opportunity (STPP). Site circa 0.3A. Bar/restaurant circa 32 covers, 2 bed private FOT popular accessible village, 3 trading rooms, areas. 6 bed owner's accom, car park & patio. Large car park, bar, restaurant & 10 rooms on FF. accommodation, beer garden & car park. car park, garden, terrace & 3 bed accommodation. West & South Wales Ref: W-93500 EPC-E West & South Wales Ref: W-93464 EPC-D West & South Wales Ref: W-93068 EPC-D West & South Wales Ref: W-93409 EPC- E
Westbury, Wiltshire Chipping Sodbury, Gloucestershire Farleigh Hungerford, Wiltshire Swansea, West Glamorgan Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Free of tie. 7 en-suite letting rooms, bar, restaurant FOT. 10 potential letting rooms, bar/restaurant & FOT destination foodhouse adjacent to Farleigh New free of tie lease. 2 trade areas, 2 car parks & & external seating. Market square location. courtyard. Refurb required. Incentives available. Castle, 4 bed priv, 2 letting rooms & good views. 3 bed owner’s accommodation. West & South Wales Ref: W-93444 EPC-D West & South Wales Ref: W-93359 EPC-E West & South Wales Ref: W-93343 EPC-E West & South Wales Ref: W-93382 EPC-D
Bedminster, Bristol North Bradley, Wiltshire Charlton All Saints, Wiltshire Framilode, Gloucestershire Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Free of tie community based pub. Refurbished bar, FOT community based public house. Single bar, 3 Free of tie bar/restaurant (circa 34 covers), 5 beds, Free of tie destination pub, 70 covers, adjacent to terrace & 2 bed private accommodation. bed private accom, car park & beer garden. car park & gardens. Main road location. canal, terrace, gardens & 2 letting rooms. West & South Wales Ref: W-93002 EPC-D West & South Wales Ref: W-93207 EPC-E West & South Wales Ref: W-93156 EPC-G West & South Wales Ref: W-93512 EPC-D
41 On Market Issue 16/01 fleurets.com Pubs South 0127 429500 [email protected]
South
Pubs on market include...
Agent Details Nick Earee T 01273 429500 M 07836 541790 E [email protected]
12 Free of tie leases Kate Dowd T 01273 429500 M 07798 716113 9 Pubs with gardens E [email protected]
15 Food led pubs
Hook, Hampshire 13 Freeholds £1,175,000 - Freehold Restaurant with 6 quality en-suite rooms in the heart of a thriving market town. Patio & seating to the front. Established lifestyle business & completely refurbished in 2012. South Ref: S-615333 EPC-N/A
SOLD STC
Nr Lewes, East Sussex Chichester, West Sussex £750,000 - Freehold £695,000 - Freehold Privately owned freehold freehouse country pub/ Prominent freehold site. Bar/lounge area (20) restaurant in a picturesque setting. Restaurant & private dining (50). South Ref: S-515241 EPC-E South Ref: S-515208 EPC-C
Romsey, Hampshire Nr Guildford, Surrey Oxted, Surrey £795,000 - Freehold £575,000 - Freehold £560,000 - Freehold Market town location. Restaurant/bar up to 100 covers, 8 high quality en-suite rooms & car parking for Edge of Blackheath Common. Affluent & desirable Five interconnecting trading areas, 3/4 bedroom guests. village property area. accommodation, gardens & car parks. South Ref: S-615302 EPC-N/A South Ref: S-515199 EPC-D South Ref: S-615327 EPC-D
SOLD SOLD SOLD STC
Brighton, East Sussex Ringmer, East Sussex Nr Petersfield, West Sussex St Leonards-on-Sea, East Sussex £495,000 - Freehold £465,000 - Freehold £435,000 - Freehold £415,000 - Freehold Currently let to local operator (TAW). Beer store, Privately owned freehouse. Large open plan bar/ Village location near Petersfield. Bars, restaurant Substantial public house with 6 letting bedrooms, rear yard, 3 en-suite rooms & shared kitchen. restaurant, 3 bedrooms, trade gardens & car park. & 5 bedrooms. car park & gardens. South Ref: S-515067 EPC-C South Ref: S-212727 EPC-C South Ref: S-515253 EPC-C South Ref: S-515175 EPC-D
SOLD SOLD STC
New Romney, Kent Romney Marsh, Kent Brighton, East Sussex Ringwood, Hampshire £330,000 - Freehold £275,000 - Freehold £180,000 - Leasehold £180,000 - Leasehold Refurbished prominent site, 5 trading areas, letting Potential for alternative use (STPP) Deceptively Prominent Brighton Marina restaurant. Large fully Grade II listed high turnover character pub. & private accommodation as well as car park. large property, close to town centre. glazed unit. 3,700 sqft. Trip Advisor Certificate of Excellence 2013/14. South Ref: S-414464 EPC-C South Ref: S-515125 EPC-C South Ref: S-514861 EPC-B South Ref: S-514482 EPC-N/A
42 On Market Issue 16/01 fleurets.com South 0127 429500 [email protected] Pubs
SOLD STC SOLD STC
East Sussex Chichester, West Sussex £115,000 - Leasehold £95,000 - Leasehold Historic village property. Extensive trading areas, Affluent village pub. Free of tie lease with 14 years gardens, 5 en-suite letting bedroom, large car park. remaining. South Ref: S-514864 EPC-N/A South Ref: S-515111 EPC-C
Lyndhurst, Hampshire Langley, Kent Nr Chichester, West Sussex £89,000 - New Letting £75,000 - Leasehold £150,000 - Leasehold New free of tie lease. Extensive dining. Two flats. Free of tie. Prominent site, country pub & Exceptional free of tie pub/restaurant, close to Goodwood & Chichester. 6 quality en-suite letting rooms, Function room, gardens & patios. restaurant. Extensive accom garden & car park. bar, extensive dining facilities, patios & car park. Rooms & events booked for 2016. South Ref: S-615318 EPC-TBC South Ref: S-515124 EPC-C South Ref: S-514616 EPC-A
SOLD STC SOLD STC
Brighton, East Sussex Petworth, West Sussex Pulborough, West Sussex Brighton, East Sussex £75,000 - Leasehold £65,000 - Leasehold £58,950 - Leasehold £58,000 - Leasehold Restaurant in heart of city centre. Free from all Historic market town. Bar & dining areas (70). Village pub at the heart of the community. Partial Ground floor lock up business. Café/restaurant/ trading ties. Dining in two zones. 4/5 en-suite letting rooms. tie. take away. South Ref: S-514651 EPC-C South Ref: S-515129 EPC-C South Ref: S-515236 EPC-E South Ref: S-515262 EPC-D
SOLD STC
Southampton, Hampshire Nr Billingshurst, West Sussex Alton, Hampshire Alresford, Hampshire POA - Freehold Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting 170 covers & external areas, 3 en-suite letting Free of tie. Substantial pub restaurant occupying a Town centre. Potential to convert the outbuildings Free of tie. Market town. 2 bars, restaurant (50). rooms & 2 staff flats. Separate owner’s bungalow. prime main road site. (STPP). 2 bars, 4 bedrooms, trade garden & patio. Prominent site, close to Alresford Golf Club. South Ref: S-514866 EPC-C South Ref: S-615369 EPC-D South Ref: S-413983 EPC-D South Ref: S-615337 EPC-C
SOLD STC
Romney Marsh, Kent Crawley, West Sussex Worthing, West Sussex Framfield, East Sussex Nil Premium - New Letting Nil Premium - Leasehold Nil Premium - New Letting Nil Premium - New Letting FOT. Substantial property in coastal location. 3 FOT. Predominantly residential area close to town Free of tie. Prominent character property in town Free of tie village property. Public bar, bars, dining bars, rest, 8 letting bedrooms, garden & car park. centre. 2 bar areas, trade garden & raised patio. centre location. 3 double bed accommodation. area, 4 bedrooms, patio, car park & gardens. South Ref: S-615328 EPC-N/A South Ref: S-615347 EPC-D South Ref: S-615339 EPC-D South Ref: S-414374 EPC-D
Nr Haywards Heath, West Sussex Godalming, Surrey Brighton, East Sussex Rowlands Castle, Hampshire Nil Premium - New Letting Nil Premium - New Letting Nil Premium - Leasehold Nil Premium - New Letting Free of tie. An attractive and historic village Free of tie. Affluent and desirable area near Free of tie. Close to city centre. Prominent corner Village green location, bar area, snug & dining. property. Patio area. Guildford. Parts dating back to 15th century. site. Suits café, takeaway & other catering uses. 4 en-suite letting rooms, car park, garden & patio. South Ref: S-615368 EPC-D South Ref: S-615370 EPC-TBC South Ref: S-615330 EPC-N/A South Ref: S-313652 EPC-D
43 On Market Issue 16/01 fleurets.com Pubs East Anglia 01223 402600 [email protected]
East Anglia
Pubs on market include...
Agent Details Bob Whittle T 01223 402600 M 07836 680490 E [email protected]
19 Freehold pubs Simon Jackaman T 01223 402600 M 07775 516674 14 Leasehold pubs E [email protected]
40 Pubs in East Anglia Gareth Hatton T 01223 402600 M 01787 880292 4 Freehold pubs E [email protected] Newmarket, Suffolk £580,000 - Freehold under £200,000 Destination dining pub & character property with thatched roof. Dining area for 100 covers, car park & gardens. Planning permission for 9 letting rooms. East Anglia Ref: E-615216 EPC-N/A
Norwich, Norfolk Pettistree, Suffolk Offers Invited - Freehold £475,000 - Freehold City centre boutique bar & nightclub, spread across ground floor, first & second floors as well as the Outstanding coaching inn on Suffolk coast, with 11 en-suite letting rooms, lounge bar & restaurant (80 basement. Exceptionally well equipped and fitted out. Potential investment purchase. covers). Substantial owner's/manager's living accommodation, beer garden & car park (30). East Anglia Ref: E-514902 EPC-G East Anglia Ref: E-514918 EPC-D
Tetford, Lincolnshire Flempton, Suffolk Chapel Hill, Lincolnshire Norwich, Norfolk £450,000 - Freehold £350,000 - Freehold £329,950 - Freehold £299,000 - Freehold Characterful property in an area of outstanding Public bar, lounge, function room, car park & beer Charming B&B, restaurant & bar. 8 B&B letting Long established craft beer public house with natural beauty. garden. rooms. trade beer garden & car park. East Anglia Ref: E-514794 EPC-D East Anglia Ref: E-514677 EPC-N/A East Anglia Ref: E-514952 EPC-D East Anglia Ref: E-514861 EPC - C
Ipswich, Suffolk Jaywick, Essex Newton By Castle Acre, Norfolk Silsoe, Bedfordshire £295,000 - Freehold £175,000 - Freehold Offers Invited - Freehold For Sale or To Let Refurbished October 2013. 2 bars, snug, Prominent detached property. Potential to Character roadside freehouse. 3 connecting bars/ 19th century inn in Bedfordshire. Bar, restaurant, 9 3 bedrooms, garden & car park. enhance income. dining areas & garden. bedrooms, car park & garden. East Anglia Ref: E-313671 EPC-C East Anglia Ref: E-514451 EPC-C East Anglia Ref: E-515019 EPC-D East Anglia Ref: E-514730 EPC-D
44 On Market Issue 16/01 fleurets.com East Anglia 01223 402600 [email protected] Pubs
East Bergholt, Essex Kettering, Northamptonshire OIRO £100,000 - Leasehold Nil Premium - Leasehold New FOT lease. Private landlord. Refurbished Town centre pub, public bar, pool dining pub, locals bar & landscaped gardens. games room & trade garden. East Anglia Ref: E-615098 EPC-N/A East Anglia Ref: E-514766 EPC-D
North Elmham, Norfolk £52,000 - Leasehold Free of tie leasehold with lounge, public bar & restaurant. Self-contained function room, garden, car park & 4 bed accommodation. East Anglia Ref: E-615078 EPC-D
SOLD STC
Harringworth, Northamptonshire Northampton, Northamptonshire Offton, Suffolk Nil Premium - Leasehold Nil Premium - Leasehold £25,000 - Leasehold 8 letting rooms situated in stunning Welland Close to town centre. Separate function room & New free of tie lease. Traditional village pub with lounge bar & restaurant. Private landlord. Trade garden Valley. Good local & visiting trade. extensive private accommodation. & large car park with fish & chip shop. East Anglia Ref: E-615135 EPC-N/A East Anglia Ref: E-514810 EPC-F East Anglia Ref: E-615075 EPC-D
SOLD STC
Northampton, Northamptonshire Lowestoft, Suffolk Nil Premium - Leasehold Nil Premium - Leasehold Town centre pub with decorated patio garden, Based in Suffolk's second largest town. Main bar, refurbished outside bar & private accommodation. restaurant & 10 en-suite rooms. East Anglia Ref: E-514765 EPC-C East Anglia Ref: E-5357 EPC-D
Shillington, Hertfordshire Nil Premium - Leasehold Food-led country pub with trade garden, snug bar & restaurant. Two double bedroom owner’s accommodation. All rental fees considered. East Anglia Ref E-514793 EPC-D
Sharnbrook, Bedfordshire Weedon, Northamptonshire Piddington, Northamptonshire Nil Premium - Leasehold £35,000 - Leasehold Nil Premium - To Let Recently refurbished throughout. 50 cover Beautiful character pub in popular community Character building in affluent Northamptonshire village. New 20 year free of tie lease offered. Bar, games restaurant with patio & garden. venue. room, snug bar, trade kitchen & 2 bedroom accommodation. East Anglia Ref: E-615230 EPC-D East Anglia Ref: E-515031 EPC-N/A East Anglia Ref: E-514787 EPC-C
45 On Market Issue 16/01 fleurets.com Leisure A new cinema experience for every man
James Davies Director
I have loved going to the cinema since I was a child and I am old and grey enough to remember watching The Empire Strikes Back and E.T in my local cinema, probably in the company of several litres of Coke and half a tonne of popcorn. Whilst I rarely go to the Everyman Cinema cinema these days I still look forward to it Everyman Cinema is “ a great example is Everyman Cinema. It is a with similar enthusiasm and still purchase small but rapidly expanding company who the same fizzy drink and popcorn! This all “ a small but rapidly have introduced a cold and hot food menu changed a few weeks ago when I had my expanding company together with alcoholic drinks. These can be first experience of an Everyman Cinema... served to you while you watch your chosen film on your choice of either a comfy sofa In 2016 we consumers have such an than ever that the effort and cost of visiting or armchair. enormous choice of how and where we a cinema should be rewarded with an even watch a film; whether it be in our living better experience. This 21st century cinema experience creates rooms on T.V.s, laptops, iPads and now even a new challenge to the established national smart phones are large enough. With so A number of smaller independant operators operators so it will be be interesting to see many choices it is perhaps more important have entered the market in recent years and how they respond...
Everyman Cinema
46 On Market Issue 16/01 fleurets.com Leisure
Agent Details
London Graeme Bunn Managing Director T 020 7280 4740 M 07776 208085 E [email protected] Halifax, West Yorkshire £850,000 - Freehold Rosie Hallam Main circuit position. Ground floor bar, tea room & Senior Surveyor nightclub. Upper floors lap dancing club. T 020 7280 4700 North Ref: N-520688 EPC-D M 007786 193771 E [email protected]
North West Lesley Watmough Divisional Director T 0161 683 5445 M 07887 504694 Birmingham, West Midlands Halifax, West Yorkshire E [email protected] £650,000 - Freehold £1,100,000 - Freehold Close to Aston Villa FC, with bar and lounge areas, Circuit position. Gound floor bar, first floor & second floor clubs, smoking area & further undeveloped a large function room & on-site living accom. space. Possible investment purchase. North Midlands Ref: M-112163 EPC-E North Ref: N-318180 EPC-D Andrew Spencer Associate T 0113 234 0304 M 07884 495484 E [email protected]
Midlands Andy Tudor Darlington, County Durham Divisional Director £450,000 - Long Leasehold T 0121 236 5252 Detached 3 storey bar/nightclub. Potential to M 07880 702166 refurbish or redevelop (STP). E [email protected] North Ref: N-317885 EPC-D
West & South Wales Chris Irving Divisional Director T 0117 923 8090 M 07818 412762 E [email protected]
Wakefield, West Yorkshire Sutton, Surrey South Nil Premium - Leasehold POA - Long leasehold Substantial town centre unit. 7,390 sq ft GIA. Bar, A substantial & established indoor & outdoor sports facility based in Greater London. 9 indoor & 13 Nick Earee club, VIP room & external patio. outdoor tennis courts, a gymnastic facility, nursery, fitness studios & spin room set within 2.7 hectares. Divisional Director North Ref: N-520502 EPC-G London Ref: LE-52379 EPC-C T 01273 429500 M 07836 541790 E [email protected]
East Anglia Simon Jackaman Divisional Director T 01223 402600 M 07775 516674 Mansfield, Nottinghamshire E [email protected] Nil Premium - Leasehold Purpose built conference/function suite, licensed for up to 500. Commercial catering kitchen. Midlands Ref: M-112259 EPC-B
Henley-on-Thames, Oxfordshire £50,000 OIRO - Licence to Occupy Licence to occupy 3,750 sq ft river fronting site for the 5 days of the Royal Regatta up to incl the 2033 regatta. 50 ft river frontage & mooring rights. Opp Stewards Enclosure. For non-commericial use only.. London Ref: LE-32127 EPC-N/A
47 On Market Issue 16/01 fleurets.com London North West East Anglia North 4 Roger Street Prospect House First Floor Unit A Magog Court Suite 8b Joseph’s Well London 324 Moston Lane East Hinton Way, Shelford Westgate WC1N 2JX Manchester Cambridge Leeds Greater Manchester Cambridgeshire Yorkshire 020 7280 4700 M40 3HZ CB22 3AD LS3 1AB [email protected] 0161 683 5445 01223 402600 0113 234 0304
[email protected] [email protected] [email protected]
West & South Wales Midlands South Reflections House 2nd Floor, Charles House Heversham House 26 Oakfield Road 148-149 Great Charles Street 20-22 Boundary Road Clifton Queensway Hove Bristol Birmingham East Sussex BS8 2AT B3 3HT BN3 4EF
0117 923 8090 0121 236 5252 01273 429500
[email protected] [email protected] [email protected]
Leisure Property Specialists
For details of properties for sale or to let nationwide visit fleurets.com
48 On Market Issue 16/01 fleurets.com