The Walpole Arms the Common, Itteringham, Norfolk NR11 7AR Tenure - Freehold Guide Price - £675,000 File Ref: E-917044 2

File Ref: E-917044 1

The Walpole Arms The Common, Itteringham, Norfolk NR11 7AR Tenure - Freehold Guide Price - £675,000 File Ref: E-917044 2

Summary

• Exceptional bar and restaurant (72 covers)

• Located in popular village in north Norfolk

• Landscape gardens / terrace (80 covers), car park

• Fully refurbished to a high standard in 2012

• Sales Y/E 31st May 2018 £528,351 excluding VAT

• Scope to add letting accommodation File Ref: E-917044 3

Viewing Strictly by appointment only through Fleurets’ East office on 01223 402 600. No direct approach to the owners or staff should be made. All enquiries strictly through Fleurets’ East office.

Location Set within the heart of north Norfolk’s picturesque countryside in the beautiful Bure Valley, The Walpole Arms lies a couple miles west of the A140 that links Cromer (11 miles north) to Norwich (17 miles south). The village of Itteringham is within easy reach of the towns of Holt (9 miles) and Aylsham (4 miles) and is well located to attract tourists and visitors to the area, taking in the breathtaking Norfolk coastline, historic Bure Valley railway and the nearby National Trust’s Blickling Hall.

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Description The Walpole Arms consists of a substantial detached property of traditional Norfolk brick construction under a pitch tile roof, over two floors with the trading accommodation located on the ground floor, and private living space over the first floor. A single storey extension wraps around forming the garden room restaurant being of brick construction under a pitch tile roof. The property sits beautifully within landscaped and mature gardens approaching two acres (sts) that provide extensive outside seating and a large car park. Internally the property provides a wealth of character features such as exposed beams and Norfolk red brick and displays many original features expected of an 18th Century property. The property underwent an extensive refurbishment programme in 2012 to an exceptional high standard and we would strongly recommend a viewing.

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Business The property was acquired by our clients in early 2012, a local family who set about a complete refurbishment of the property, and have since operated under their control and established a well run food led business serving high quality British cuisine, using many local suppliers within the area of Itteringham. A wide, regularly changing, menu is offered taking full advantage of Norfolk’s pantry. The property has a long established use as a bar and restaurant, the attractive bar is complemented by the garden room restaurant and stunning gardens which are extensively used in the summer months. The business holds a variety of themed nights such as a popular weekly quiz night and wine tasting events. The business is recognised in many guides that draws trade from a wide catchment. Outline planning consent was granted in May 2018 to enlarge the trade kitchen and garden room restaurant and create 6 letting bedrooms. Given the location and nearby visitor attractions this would increase levels of revenue and establish The Walpole Arms truly as a 21st Century business. The business would ideally suit an owner / operator and opportunities such as this rarely come onto the open market. The Walpole Arms provides an exceptional opportunity to acquire a well maintained, attractive business with genuine scope to enhance the business further, and we would strongly advise viewing.

Trading Information Trading Profit and Loss accounts for the business provided by the client for the financial year ended 31st May 2018 indicates sales revenue of £528,351 ex VAT compared to sales revenue for the previous 12 months of £513,762. The business has a strong conversion to profit and all financial information can be made available to genuinely interested parties following a formal viewing of the property.

Accommodation Ground floor The main entrance door from the car park and gardens leads to the lounge bar which is in the main carpeted with stone floor around the bar. Seating by way of tables and chairs accommodates approximately 50 covers. Brick fireplace sits to one end with inset log burner, exposed Norfolk brick walls and beams with further door to front garden. Bar servery – an attractive oak top counter bar servery with brick and timber plinth beneath with canopy over, housing back bottle fridges and shelving with separate glass wash up area. Inner hallway with access from car park and gardens, there is an open pass to the trade kitchen, a large wine rack display, ladies and gentlemen’s WCs (with ladies WC having baby change facilities). Garden Room restaurant with solid wood flooring, loose table and chairs provide seating for 22 covers under vaulted ceiling with exposed beams. Set to one end of the garden room is a lounge area with soft comfortable seating, solid wood floor and log burner fire. Windows and doors to one side provide a good source of natural light with the doors opening onto a vine covered terrace. Owner’s accommodation Set over the first floor with internal access only, landing providing a double and single size Ancillary areas bedroom with the single bedroom currently used as an office, lounge, four piece family bathroom with bath, WC, wash basin and walk-in shower. Over the ground floor there is level beer cellar. Trade kitchen beautifully fitted and equipped with a range of stainless steel catering External areas equipment, with canopy extraction hood. Pot wash and wash up area. There is a two section trade garden area. The main garden and car park is located at the Inner lobby with cupboard housing central heating boiler and stairs leading to first floor. rear of the demise, large gravel driveway providing parking for up to 50 vehicles. The Within the grounds are a range of timber outbuildings housing walk-in chillers providing garden areas are landscaped with lawn and neatly tendered borders with garden style extensive dry goods and storage space, preparation room and staff changing facilities, bench seating providing up to 40 covers. A vine covered pagoda an patio provide up to along with a garden furniture store. an additional 20 covers. The other section of the gardens are located to the front of the demise, neatly laid to lawn and well tendered borders with bench style seating for an additional 20 covers. FileFile Ref: Ref: X E--XXXXXX917044 8 File Ref: X-XXXXXX

Tenure Services Freehold with vacant possession. Our clients would also consider offering the property by Mains water and electricity are connected to the property. Drainage is by septic tank and way of a new ‘free of tie’ lease with terms to be agreed. heating via radiators and cooking is provided by LPG gas.

Licence EPC A premise Licence prevails, the main licensable activities being: The property has a Energy Performance Rating of D -78 issued on the 28th May 2016. Sale by retail of alcohol for consumption on and off the premises:- Monday to Sunday 10:00am – 03:00am Finance & Insurance If you would like to take advantage of the knowledge and experience of a selection of Business Rates & Council Tax firms who specialise in providing finance and insurance for licensed properties contact your local Fleurets office. A phone call may help to provide you with terms and/or The property is in an area administered by North Norfolk District Council and we are cover, which best fits your requirements. advised that the 2017 Rateable Value is £33,250. The domestic accommodation is within Band B for council tax purposes. Valuations & Rent Reviews Planning Fleurets has the largest team of Chartered Surveyors to specialise nationally and exclusively in the Capital and Rental Valuation of Licensed property. For professional From enquiries made to the local authority North Norfolk District Council, we understand Valuations, Rent Reviews, Consultancy, Expert Advice, Rating and Planning advice that the property is not Listed but does fall within the Itteringham conservation area. please contact your local Fleurets office. From additional enquiries to the local authority, we are unaware that the property is registered as an Asset of Community Value (ACV). Outline planning consent was granted in May 2018 (PF\17\2096) for alterations and extensions to the property of single storey building to provide enlarged kitchen, restaurant, replacement toilets and an erection of a new single storey extension to provide six guest bedrooms with storage, staff area and office.

Site Area The property occupies a site that is broadly triangular in shape and extends to approximately 0.615 hectares (1.52 acres) and is surrounded by open countryside. File Ref: E-917044 9

For further information please log onto fleurets.com or give Simon a call.

Simon Jackaman Divisional Director

01223 402 600 07775 516 674 [email protected]

DISCLAIMER Fleurets Limited for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending For details of properties for sale or to let purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Fleurets Limited has any authority to make or give any representation or warranty whatever nationwide visit fleurets.com in relation to this property. Fleurets’ Privacy Policy is freely available on request by post or on our website here. E-917044