Hotels
Restaurants
Pubs
Leisure Leisure Property Specialists Investments
On Market Issue 16/02 I know what you did last summer
Graeme Bunn Managing Director
Meteorologically at least, we are now a levels of growth achieved over recent years couple of weeks into Autumn with the long within the tenanted pubs sector, this should summer evenings behind us. It also appears be viewed as an impressive performance
that the nation’s concerns of a post Brexit despite the challenges facing both the
The summer of 2016 will no recession have been packed away with the company and the wider tenanted sector. sand encrusted surfboards as investors doubt be seen, in the future,“ “ and consumers alike have realised that the The summer also saw, at long last, after as a significant period in UK UK’s exit from the EU just might not cause months of Government procrastination, history. the economic collapse some politicians the introduction of the Pubs Code. Another suggested it would prior to 23rd June 2016. step forward for all involved in the UK pub sector, and particularly all those who care The UK service sector saw strong activity passionately about ensuring pubs flourish. in August as the Markit/CIPS Purchasing Managers’ Index (PMI) recorded its biggest The summer of 2016 will no doubt be seen, month on month rise in the survey’s history. in the future, as a significant period in UK UK retail sales also performed strongly, history, personally I am optimistic that it buoyed by the warmer weather and the won’t include reference to a recession. weaker pound. I suspect it will also not include any reference to England’s participation in a Also over the summer Punch Taverns certain football tournament, but let’s just reported their average profit per pub rose concentrate on the positives and remember by 4% between August 2015 and August the successes achieved in Rio. They should 2016, suggesting that they can start to look keep us warm in the months ahead. forward rather than back. Given the historic
Cover image: Stepping up to the oche at Flight Club
2 On Market Issue 16/02 fleurets.com In this issue Market commentary INVESTMENTS
M&A activity hots up in the regions 04 - 05 Investment commentary 16 Properties 17 Ed Sandall examines the corporate M&A activity across the pub, restaurant and hotel sectors. HOTELS
Manchester: the UK’s second city 06 - 07 Hotel commentary 18 - 19 David Sutcliffe looks at Manchester’s leisure Properties 20 - 23 sector and the rents in the city’s prime spots. RESTAURANTS Market commentary Maximise the value of existing units 08 - 09 04 - 05 M&A activity hots up in the regions Restaurant commentary 24 - 25 Elysia Wilson-Gunn explores the methods in which some of the industry’s leading pubs are Properties 26 - 29 expanding their operations. PUBS London’s burning 10 Pub commentary 30 - 31 Which areas of London have been setting records with their rents? Philip Smith explores. Properties 32 - 45
LEISURE Are the storm clouds gathering? 11
Ben Peers, Fleurets’ resident Business Rates Leisure commentary 46 specialist reports the latest changes. Properties 47
“Man and boy” 12 - 13 Market commentary 06 - 07 Manchester: the UK’s second city With Fleurets veteran, Barry Gillham, retiring at the end of the month, the former chairman explores Fleurets through the decades.
Decentralisation & diversification 14 - 15
Simon Hall takes a look at which operators are seeking sites in the UK’s regional cities, and what the benefits are.
Market commentary 08 - 09 Maximise the value of existing units
Important notice: Unless otherwise stated, all properties are being dealt with on a Sole Selling Rights basis. The prices Leisure Property Specialists and other particulars regarding properties are correct at the time of going to press, September 2016. As prices can Fleurets On Market be altered by the vendor at any time, interested potential buyers should check the latest position with Fleurets before Published by Fleurets Ltd viewing. The information contained in this publication is not 4 Roger Street, London WC1N 2JX to be reproduced in whole or in part without the expression permission in writing of Fleurets Ltd. Enquiries: Lizzie Hawes - PR Manager T: 020 7280 4700 © Copyright - Fleurets Ltd 2016 London. E: [email protected] ‘All rights reserved’. Market commentary W: fleurets.com/onmarket 10 - 11 “Man and boy”
fleurets.com On Market Issue 16/02 3 M&A hots up in the regions
Ed Sandall Divisional Director
The last issue of On Market was published in April 2016, and since then there has been a flurry of M&A activity in the public house, bar and restaurant sectors, without significant collateral damage caused by the Brexit vote. The interesting facet of recent months has been growth in regional deals.
In April Tesco confirmed the sale of the in London. It was put up for sale through rent of £3.5 million (£8,977/room) and Giraffe restaurant chain to Harry Ramsden’s Eastdil Secured and Rothschild in October reflected a net initial yield of just under 4%. owner, Boparan Restaurant Holdings Ltd. last year. Abu Dhabi sovereign wealth fund, The sale comprises 54 restaurants with a ADIA, is understood to have been close to national coverage, of which 12 are franchise agreeing a deal earlier this year, but no final There has been a sites, and three within Tesco stores. This agreement was reached. The sale secures a flurry“ of M&A activity in the transaction was swiftly followed by Tesco successful exit for Lone Star, which acquired public house, bar and restaurant divesting themselves of the coffee shop Atlas as part of its purchase of the £5.2 brand Harris + Hoole to Caffè Nero for an billion Rock and Salt non-performing loan sectors, without significant“ undisclosed sum. These transactions see portfolios from IBRC in 2014. At that time collateral damage caused by the the supermarket juggernaut move away the company was branded Somerston from food and beverage provision and focus Hotels. Atlas is held separately to Lone Brexit vote. on retail. Star’s £2 billion Amaris Hospitality, which owns 89 hotels including 29 Jurys Inns In June, Graphite Capital acquired the fast- Towards the latter part of the month, the and is aimed at a higher-end market. The growing pub and restaurant business, New property company London & Regional, company is likely to be sold or floated in the World Trading Company, for a reported £50 owned by billionaire brothers Ian and next two years. million. Founded by the owners of Living Richard Livingstone, purchased Atlas Ventures Group, the late Tim Bacon and Hotels, which owns 47 limited service On the direct investment side, Whitbread Jeremy Roberts, in 2011, NWTC now hotels operated under the Holiday Inn sold a Premier Inn Hub in King’s Cross for operates 14 pub/restaurants nationally. Express brand. The portfolio comprises £84.5 million. The 389 bedroom property We understand that the estate is entirely 5,575 bedrooms, 15% of which are located was held on a 25 year lease at an annual leasehold and the consideration reflects
4 On Market Issue 16/02 fleurets.com circa £3.6 million per site, pricing reflecting Midnight Bell, Duke of York and Crowd of interesting transaction as the portfolio the strength of the brand, the energy of the Favours. offered the purchaser the opportunity to management team and the innovative staff secure an experienced management team, engagement model. NWTC is expanding iconic Channel Island sites, and a fully rapidly, with sites planned to open in The interesting factor integrated business. The key opportunity for
Sheffield, York and Reading in the coming “ in the post Brexit M&A Caledonia will undoubtedly be via bolt on months. acquisitions in the West Country. landscape is the re-emergence“ The NWTC deal was the last transaction of demand for regional Whilst the post Brexit transactions might prior to the Brexit vote and whilst we transactions. well have been committed to prior to the suspect there were more transactions where vote, it is encouraging that deals are still Brexit break clauses were operated and not progressing. publicly reported, the most public casualty Not to be outdone, Cornwall-based St was Revolution Bar Group pulling out of Austell Brewery Company acquired fellow a £16 million, four property acquisition in West Country brewer and pub company, Scotland. Bath Ales. The deal, which completed for an undisclosed sum, includes the Bath Ales The interesting factor in the post Brexit brewery, its portfolio of beer brands and M&A landscape is the re-emergence of its 11-strong pub estate in Bristol, Bath, demand for regional transactions. This Cirencester and Oxford. correlates with activity in our regional office network where enquiry levels and The largest post Brexit transaction to date transaction volumes are both up, resulting in was the sale of the Liberation Group to increased values for good quality assets. Caledonia Investments Ltd by LGV Capital The first transaction after 23 June was the for £118 million. Liberation Group has northern brewer and retailer Camerons, 94 pubs in the Channel Islands and the acquiring Leeds Brewery’s six pub estate. West Country, two breweries and three The Leeds Brewery Estate is entirely wholesale businesses. We understand that leasehold and comprises of the Eagle and the transaction reflected circa eight times Child, Lamb & Flag, The White Swan, The pre head office EBITDA. This was a very
fleurets.com On Market Issue 16/02 5 Manchester: the UK’s second city leading the way
David Sutcliffe improved transport links, the fully integrated Elsewhere in Manchester, rents continue Director public transport network, re-development to grow, with sites on Deansgate now of city centre sites for residential purposes commanding rents of around £40 per sq ft. and an influx of new businesses (including Bill’s acquired a unit in John Dalton House, Media City), has seen the city experience an just off Deansgate in March 2014 reflecting economic boom. £42 per sq ft, and setting a new benchmark for Deansgate rental levels. Deansgate, There were over 30 new openings in 2015, one of Manchester’s main streets, is home There has been a long held debate over with similar numbers expected for 2016. to the neo-Gothic John Rylands Library as which city considers itself the nation’s These numbers are likely to outstrip any well as the Hilton Hotel, the UK’s tallest second city. Do the expansion plans of the of the other regional cities and further building outside of London. Alongside the nation’s bar and restaurant operators give demonstrate the growth and strength in likes of House of Fraser and All Star Lanes us any clues? Could Manchester, renowned the Manchester leisure scene. Not only (which allows customers to drink and dine for its historical cloth industry, Coronation has there been an increase in numbers, whilst ten pin bowling), resident restaurants Street, a couple of football clubs and (of but also an improvement in the quality, include The Living Room, Hawksmoor, course) Oasis, find a new identity as the with operators such as The French and Evuna Spanish Tapas Restaurant, Bella Italia prime northern location for eating, drinking Manchester House pursuing Michelin star and Las Iguanas to name but a few. Whilst and dancing? status. just off Deansgate sit The Grill on the Alley, Revolución de Cuba as well as Australasia, Having witnessed increasing pressure on Within the city centre, the Corn Exchange the latter being part of the Living Ventures rents in London as well as the south eastern re-opened in July 2015, following a £30 group. regions, many operators are looking to other million refurbishment by the owners, Aviva regions for new site opportunities Equally, Investors Property Trust and Queensbury At the most southerly end of Deansgate lies northern based operators, such as Living Real Estate. Within this development there Deansgate Locks, where the railway arches Ventures and Individual Restaurants have are a large number of restaurants including play host to the likes of Vodka Revolution, a continued to innovate and develop new Wahaca, Cosy Club, Byron, Zizzi’s and Gino Manchester grown brand founded in 1996, units, particularly in Manchester city centre. D’Campo’s My Restaurant, the latter being which has since expanded from their first The result over the past decade is that their first venture into the UK. The rent site a short distance away on Oxford Road Manchester has recorded the fastest rate achieved reached a heady £50 per sq ft to become a national household name. Even of restaurant and bar openings anywhere in reflecting the desirability of this prime space though this location may be considered the UK. Major inward investment, including within an iconic Grade II listed property. secondary, these sites are still commanding
Oast House (credit James Brown)
6 On Market Issue 16/02 fleurets.com Deansgate Locks (credit Marketing Manchester) Carluccio’s, Spinningfields rents of £25-£27 per sq ft. in Spinningfields as well as One St Peters theatre performances. Square. Similarly, Spinningfields, dubbed These headline rents are some of the Manchester’s luxury dining quarter, is The strength of the occupier market has highest, if not the highest, in the country attracting restaurateurs paying £35-£40 not surprisingly had a positive effect on outside London and the South East, and are per sq ft, and operators include the likes investment values as yields have fallen. indicative of Manchester’s booming market. of Carluccio’s, Artisan, Ibérica, The Lawn 76/80 Deansgate, let to La Tasca and the Manchester is possibly reaching a saturation Club, Manchester House as well as the New World Trading Company (t/as Botanist), point and it has been noted there have unmistakable Oast House. was sold by La Roque Trust Company to recently been a number of casualties in CBRE Global Investors in July 2015 for just the restaurant sector. As with any growing Every thriving city has a new and ‘upcoming’ over £7 million, reflecting a net initial yield market only the fittest and best located are area and for Manchester it is the Northern of 5.47%. likely to survive. It must be remembered Quarter, which is now seeing rents between what is successful in London does not £10 and £15 per sq ft. Here the tastes of Recently, Manchester-based restaurateur always necessarily translate to the regions the experimental and quirky are all catered Karina Jadhav, co-founder of and to coin a phrase from the late Tony for and operators include the likes of Turtle Neighbourhood restaurant and bar in Wilson: “This is Manchester. We do things Bay, Luck Lust Liquor and Burn, Home Spinningfields, has launched a city centre differently here”. Sweet Home and Almost Famous. concept restaurant, Menagerie, investing £1.5 million. The bar/restaurant will occupy Whilst there are undoubtedly many Operators are keen to get their brands a 7,500 square foot ground-floor site other factors to consider, based on the into central Manchester locations and to within One New Bailey, an eight-storey activity and diversity of the leisure market, become part of the buzz. Recent new sites development on the banks of the River Manchester possesses strong claims to be include Smokehouse & Cellar, having taken Irwell. The venue offers an “immersive” considered the nation’s second city. Perhaps a site next to Manchester City Hall, whilst dining experience with tables positioned the most appropriate title would be the Drake & Morgan are set to take two sites to witness anything from fashion shows to UK’s second dining city.
Hawksmoor, Deansgate fleurets.com On Market Issue 16/02 7 How to: maximise the value of existing units
Elysia Wilson-Gunn Associate
With the current cost of assets, growing rents, rates bills and other operating costs, maximising value by increasing turnover is now more critical than ever. Various strategies are being employed across the trade although dependent on the unit, size, The Bell, Stow location and the demographic catered for. the use of space to allow for additional spend per head on drinks and food after One of the largest overheads within a private rooms; these can then be reserved vacating the room. A successful example business is the cost of alcohol; what if for dining or drinks parties, and governed by of this is The Somers Town Coffee House, you could increase profit on alcohol whilst a minimum spend or set fee when booking. London, operated by Yummy Pubs. The creating a niche product for your unit? It This provides forward income of cash flows four themed rooms are used by day for has now become more feasible, with the and delivers a captive, long-stay audience, meetings, providing a welcome alternative aid of space saving automated equipment, appealing to customers in need for a special to oppressive corporate spaces, but still to successfully house a microbrewery service set apart from a standard booking, have all the amenities that are required, on site. This can raise profit margins as whilst also encouraging increased spend per such as internet, presentation screens as marketing and transportation costs are head. well as tea and coffee making facilities. removed, whilst quality products with The unit benefits from its close proximity unique flavours remain. This also capitalises Many operations are to Euston and King’s Cross, making it on the craft ale movement and a feeling of choosing to add value logistically a viable option for national uniqueness that is the zeitgeist of a growing “ companies. They have also maximised their customer base. Many people today when by identifying with the space by converting the substantial cellar entering a public house like to feel they are customer and giving them into a bar area to allow for not only an over party to an individual offering, preferably flow area but a cocktail bar. coupled with a ‘localism’ product. Gresham a feeling of ownership Collective of The Pride of Paddington and something exclusive “ Products that are produced on-site, but sold and Cork & Bottle Leicester Square, have that can’t be had at as takeaway goods, are on the increase. created a microbrewery in their new unit The supplementary revenue is generated at the Load of Hay at Haverstock Hill, every public house. without having to seat customers or provide London. Customers can venture into the table service. It could also be considered basement to look through a window at the Lovely Pubs created a private room at first an ‘impulse buy’ if found serendipitously; microbrewery, witnessing their pint of The floor level in Baraset Barn, Stratford-upon- if you are walking past you may pick up Load of Hay beer being made. Will Clayton Avon. Located in the eaves of the renovated a sandwich for lunch or your morning of Gresham Inns states: “With margin barn, the area overlooks the restaurant coffee. A good example of this is Camden’s squeezes hitting all areas of the business, through a large glass window. Daughter in Kentish Town owned by Jasper financially it is vital to counter balance this Cuppaidge, of Camden Town Brewery, wherever you can to help maintain and With more employees working remotely, which opened in November 2015. This protect your bottom line profit. Brewing thus without need for an office, there is an property has a hatch by the bar servery your own beer is just one way of doing opportunity for some units to provide an referring to itself as a ‘snack bar’ where a this. Moreover, it is a real talking point for offering to meet this social trend. Meeting selection from the changing menu is offered the business. Customers and staff alike spaces will still be needed, hence there is on a takeaway basis, with a 10% reduction love having ownership and input into the an opportunity for private dining rooms to in price. product they are drinking, especially when it also be utilised during the day as serviced comes to naming the latest brew!” meeting rooms. Again, operators benefit When there is no space within a building to from a booking fee and also a retained allow for expansion of trade areas, can the For many years units have tried to optimise audience with the possibility of a further roof tops become usable space? This allows
8 On Market Issue 16/02 fleurets.com an added attraction to be created, especially if there is no beer garden available in the warmer months. This is what The Culpeper Public House on Commercial Street in London has developed, and it has become very popular; on a first come first served basis customers flock to drink here as they take in the vista overlooking the City. The enclosed greenhouse (which has the added functionality of growing the herbs and vegetables used in the restaurant) is now also available in the winter for private functions. This feature again capitalises on the localism and sustainability trend that is a visible marketing tool and encourages drinking customers to book the restaurant on the first floor, increasing spend per head. Due to the size of the four storey building at Baraset Barn, Stratford-upon-Avon The Culpeper, letting bedrooms have been hotel and the rooftop kitchen garden where increased spend per head through diversity added to create a revenue stream that was we grow all our salads and herbs in addition and capitalises on the knowledge that not present when ‘Mad in London’ took up to it being a rooftop bar and grill. We are customers from the rooms will be likely to occupation. keen to show our customers that they are eat and drink on location as well. welcome to explore the upper floors and Nico Treguer, Managing Director of the the creation of a lightwell at the core of the Letting rooms above pubs have become company commented: “The vision for our building, connecting all the floors together. more prolific in the last 15 years, with more pubs always starts with a complete use of Most customers now use more than one operators choosing sites which benefit from an iconic, but somewhat forgotten, building. floor when they visit us, either having a having space for rooms. Pub companies We refurbished the entire Princess Alice drink downstairs in the pub or on the roof such as Young’s have created rooms in from top to bottom to give birth to The before having dinner on the first floor or existing units such as the Rose and Crown Culpeper in 2014, which has now four simply spending a whole evening on the in Wimbledon Village in 2003, as well floors open to the public: a ground floor rooftop before going down one flight of as the Dog and Fox, also in Wimbledon pub, a first floor restaurant, a second floor stairs for a great night’s sleep.” This captures Village in 2014; due to the success and high occupancy rates. Their newest site, the recently acquired Bell in the Cotswolds, has five letting rooms. The average revenue per available bedroom is up over 4% on last year with 56.82% in 2015 compared to 52.02% in 2014. They have added an extra 76 bedrooms to the estate between 2014 and 2015 from investing in existing sites, creating more rooms and the addition of the two newly acquired sites.
Whether an occupier is fully utilising space, making the most of the location, keeping up with social trends or creating/growing produce on site, many operations are choosing to add value by identifying with the customer and giving them a feeling of ownership and something exclusive that can’t be had at every public house. Any sensible operator will make sure this increases turnover and in turn profit, keeping the leisure trade thriving.
The Culpeper, Commercial Street fleurets.com On Market Issue 16/02 9 London’s burning
Philip Smith Senior Associate
September 1666, The Great Fire of London in Central London, and its boundaries are record rents are being set with new open broke out in Pudding Lane, bringing ever widening. market lettings. The inevitable backdraft for devastation to the City over four days and existing occupiers will be at the next rent changing the landscape of London forever. The London leisure property market has review. In the following Central London hot 350 years later, whilst the destruction been red hot for a number of years. With spots, operators face getting more than caused by the Great Fire has long since limitations for space in the prime pitches their fingers burned: been replaced, another fire has been raging and fierce competition between occupiers,
Borough Market - Southwark Over the last 10 years, with the development of the Shard and London Bridge Station, Borough Market has become one of the busiest marketplaces in the world. Following the substantial increases in footfall, rents for restaurants in Winchester Street have increased from £30 ITGF in 2005, to £85 ITGF in 2015. A new letting is rumoured to complete shortly and expectations are that the rent, like the Shard, will be sky high.
Shoreditch - East London Shoreditch has evolved from a City backwater into the trendiest part of town. Over recent years, rents per sq ft in the Shoreditch Triangle doubled, settling at circa £50 ITGF. However, Dirty Bird’s acquisition of 42- 44 Kingsland Road is ruffling the feathers of operators facing their next rent review. This letting completed in July 2014 at a stepped rent rising to £235,000 p.a. which reportedly equates to £95 ITGF.
Berkeley Square - Mayfair Mayfair is associated with exclusivity and extravagance, and prices in the restaurants must more than help balance the rent. Nevertheless, in July 2014, when Sexy Fish acquired 4-6 Berkeley Square at £1.1m p.a., equating to a record £188.50 ITGF, it made even the most exuberant of restaurateurs’ eyes water. Nobu are now feeling the heat, having had to accept a 59% increase at their subsequent rent review.
Trafalgar Square - Westminster One of London’s most iconic landmarks and a landmark Arbitration with Fleurets representing the landlord. Fuller’s acquisition in March 2014 of the former Albannach (now the Admiralty) at £300,000 p.a., £75 ITGF set landlords chasing a new tone. An Arbitration involving the Lord Moon of the Mall on Whitehall has since been concluded, whereby a 50% increase in rent has been awarded, equating to £70 ITGF.
Leicester Square - West End It is perhaps no suprise London’s centrepiece is top of the hot list, so when the former Yates’ was brought to market in 2015, demand was substantial. The successful party was TGI Fridays, agreeing a rent of £1,800,000 p.a., equating to £240 ITGF, 20% above the existing tone. At the next review, other operators may well be priced out of the market when their rent becomes too hot to handle.
Whilst the Great Fire was contained within expansion driven by private equity backing, landlord or tenant in times of significant the City, rental growth in London’s leisure as long as consumer preferences remain rent inflation it pays to take professional property market has spread like wildfire; unchanged, competition to secure new advice from an industry expert. The burning east and west, and north and south of premises will fuel rental growth and rent question is; how long until this Great Fire the river. With continued gentrification reviews will continue to be hotly contested. starts to die down? of secondary locations, and aggressive Whichever side of the debate you sit on,
10 On Market Issue 16/02 fleurets.com Business Rates: are the storm clouds gathering?
Ben Peers Surveyor
We read a lot in the press concerning the Government’s commitment to creating a fair tax system, but is the treasury missing the point when we look into the issue of reforming the business rates system?
With the 2017 draft rating list fast This is possibly great news if you run a The Government would seem to be approaching, operators will shortly be small business i.e. a village pub, as you unaware of the real implications of these looking into the implications of their new may be one of the lucky few exempt from measures, particularly for businesses with Rateable Value and how they might appeal. paying rates altogether. However, there sites in prime Central London or indeed will be limited enthusiasm particularly from prime regional centres already feeling the In simple terms, Business Rates are a tax on multiple operators with combined Rateable pressure from high rents. Commercial rents business occupancy, with periodic valuation Values of hundreds of thousands of pounds. leading up to the 1st April 2015 should (typically every five years) to reflect changes theoretically mirror the 2017 Rateable in commercial property values. Last month, a consultation on the statutory Values. These increases will be more severe process began and the Government in those areas where there has been fierce The key dates for your diaries are below: are proposing an even more draconian competition by corporate operators willing minefield consisting of a “three stage” to pay eye watering rents to secure the best Valuation Date 1/04/2015 process as follows: sites.
Draft List Publication 30/09/2016 1. Check - Whereby facts concerning a Multiple operators with property must be agreed between the Date new charges apply 1/04/2017 large portfolios could“ Valuation Office and the ratepayer. “ potentially be the worst 2. Challenge - The period during which Business Rates and the current 2010 Rating affected the majority of appeals will be resolved, List have been particularly sore issues according to the Government. However, we are hopeful of some respite amongst operators. There was firstly the for those occupiers exposed to large unpopular postponement of the revaluation, 3. Appeal - Whereupon any involved increases, this is known as “transitional which should have been implemented in parties will focus on outstanding material rate relief” which limits the impact on 2015. Then there was the 31st March 2015 issues. changes in rates bills between the Business appeal deadline restricting the ratepayers Rates revaluations. A consultation on the ability to claim backdated Business Rates The most concerning point in these scheme is due to take place shortly, this refunds to April 2010. The outcome of proposals is the Valuation Office being will determine the maximum increases and this has led to the embarrassing situation potentially granted a “margin of error”. decreases in the rates payable which will whereby the Valuation Office are now These proposals state that, when be phased in over the duration of the 2017 swamped with a backlog of 300,000 considering an appeal, the Valuation Rating List. unsettled appeals. Tribunal for England should only order a change in the Rateable Value where The spring budget gave a few sound bites the valuation is “outside the bounds of which may have provided a glimmer of hope reasonable professional judgement.” The for some, namely the increase in the small impact this will have on the number of Business Rates threshold being doubled successful appeals is still unknown and from £6,000 to £12,000 from 1st April will all depend on how much leeway the 2017. Valuation Office are granted.
fleurets.com On Market Issue 16/02 11 “Man and boy”
Barry Gillham As with all recessions they provide decided to put the pub on the open market Director opportunity and this recession resulted in resulting in a bid of £19,000 p.a. based Grand Metropolitan, headed by Maxwell upon the operator’s expectation of net Joseph, a hotel and property man, acquiring profit. The cartel had been destroyed and Berni Inns (the predecessor of Beefeater), the world has never been the same since. as well as Watneys and Trumans (two of the top ten breweries at the time). As the From the mid 1970s the brewers started recession lifted, Fleurets was asked to value selling pubs in fairly large numbers, both This will be my last On Market, as I call the assets of Grand-Met on the basis of inner city and in the country. I recall selling closing time on my career with Fleurets their “open market value” representing the the freehold of the Bricklayer’s Arms after 52 years as a one-company man, start of the modern system of valuation and in Shoreditch for £29,000. Back then, joining straight from school in 1964 at the discarding the barrelage method. Shoreditch was more Kray twins than tender age of 16 (before I was legally old dotcom. With the hipster invasion by the enough to enjoy my client’s products). The mould was broken, but I remember the millennium, the freehold transacted off an vast majority of small freehold tenanted asking price of £1,350,000 in 2007. As my last act, I have been asked to write pubs outside London being valued at my own professional obituary. Given between £18,000 and £30,000. There was The 1990s saw the most dramatic shift there are very few people in the industry a very limited market for the more profitable of my time with Fleurets. By this time we as seasoned (or as old) as me, I thought sites and they were generally valued at had grown to 7 offices around the country, I would provide an insight into how the only around 4 to 5 industry, and Fleurets, have developed in times the income each decade I have been in practice. of the brewer/ owner. Few could In the swinging 60s, Fleurets had a single afford the very office in Bloomsbury Square, two partners high interest rates and six staff. The prevailing governmental to be able to buy issue impacting the sector was Labour’s them, the banking exceptionally high death duties allowing environment was the outgoing senior partner to boast that less receptive to he had valued or sold 21 breweries in 21 the sector in those years. The valuation methodology of the days and valuation day was by reference to barrelage, with the reports only ran to ‘dry rent’ being of subsidiary interest and five pages! generally between £1 and £4 per week in return for a 100% tie and higher wholesale At the same time prices compared to the (very small) free similar things trade, what in today’s terms might be called were evolving in a ‘franchise partnership’. the rental market. A pub called the After an initial bedding in period, my interest Princess Louise for the pub industry grew. I became an in Holborn was associate in 1969 and opportunity struck 4 let by the Crown years later when one of the partners retired Commissioners to and I became a full partner in 1973 aged Watneys. At lease just 25. In 1972 the recessionary clouds end, Watneys made formed, with hyper inflation and crippling a bid based upon interest rates (12-15%), the outlook was the old barrelage gloomy. The brewers reacted by evicting system of £8,000 tenants from their best pubs, to expand p.a. A second their managed house estates. In response brewer made (and to these evictions the Watney Mann then withdrew) an Tenants Association was formed, which offer of £12,000 was the forerunner of all current tenants’ p.a. The Crown organisations. Commissioners
12 On Market Issue 16/02 fleurets.com Princess Louise, Holborn 6 directors and 70+ staff. Following the of sites has caused rental inflation and surveyors and colleagues both past and Monopolies Report in 1989 Pubcos started operators seeking different ways of present. to offer Free of Tie leases, others were acquiring sites. A perfect example of both offering partial ties or incentives to buy is one of my last assignments at Fleurets. You have made the last 52 years beer. The Pubcos were beginning to take I acted for McMullens (the freeholder) of memorable, interesting, challenging and over from the brewers and they had large the Lord Moon of the Mall. The investment most importantly fun. I wish you all the best! numbers of pubs that needed money spent had been acquired due to on them. The answer was the conversion of the scarcity of prime assets. tenancies to full repairing leases. We managed to secure an “ increase in rent to £241,750 As with all recessions they reflecting c. 50% growth provide opportunity. on the previous rental. This “ level of growth is now fairly typical. The late 1990s and early 2000s saw expansion of the Pubcos with a healthy I am pleased to report that sprinkling of private equity resulting in large like the salamander the scale expansion on the high street with a industry has regenerated heavily branded offering. This period also after the ‘credit crunch’ with saw the perfect storm smoking ban (July the innovative operators, 2007), beer duty escalator (2008), increased who put the customer at the discounting from the supermarkets, the heart of their offer, driving emergence of branded restaurants and the industry. Whilst the finally the ‘Credit Crunch’ (August 2008). implementation of MRO and The indebtedness of the Pubcos coupled the rating revaluation might with the contraction in consumer spending result in some stormy waters, resulted in the large scale disposal of assets, there is a genuine feeling of a lot for alternative use. Many, in truth, had optimism and I suspect that never been viable full-time businesses but technology will be the story the need for food skills and not just selling of the next 10 years in the pints was the final nail in their coffin. sector.
For me the story over the last five years As I swap hats from advisor (post credit crunch) has been the significant to customer, I would like acquisition appetite in the London/South to give my heartfelt thanks East pub and restaurant market. Scarcity to all my clients, fellow The Bricklayer’s Arms, Shoreditch fleurets.com On Market Issue 16/02 13 Decentralisation & diversification
Simon Hall Director & Head of Agency
In search of growth, operators are becoming more creative by diversifying their offer and broadening their target areas, but prime locations and quality remain the key.
Following trends seen in London, the high 53 Degrees North, Leeds (credit James Brown) rental levels and steep competition in many northern cities is encouraging operators be forgiven for thinking that many are where there are lower overheads and less to develop new concepts and seek out the repeating the mistakes made in the original competition. They are also creating more best locations in smaller towns. boom of the high street circuit in the early specialised concepts that will have less to mid 1990s. Then many new operators chance of directly comparable competition In central Leeds headline rents have would break budget in the first year or two opening near by. exceeded £30 per sq ft and new operators only to find new competition opening and seem to open every few months, putting stealing the trade to leave a loss making Equally the ‘pitch’ shifting is less likely or more and more pressure on previously unit by year three. There is a growing feeling problematic in small towns. Given the old established bars and restaurants to maintain this is happening again, led by the rapid adage that ‘turnover is vanity and profits their target levels of return. expansion of the fast casual market leading sanity’, we explore the type of market to the failure of secondary concepts and leading transactions which are taking place. Following the development of the secondary locations in the big city centres. very successful Trinity retail and leisure This can be seen by the recent resurgence development, Leeds has seen a flood of You would be forgiven for of activity in Huddersfield, that has, new openings including; Banyan, Gusto, until recently, been ignored by the major
Alchemist, Pieminister, Head of Steam, “ thinking that many are players. In the last year however, we have Revolución de Cuba, Lost & Found, Ricci’s repeating the mistakes made“ seen Turtle Bay take a lease in the former Tapas & Cicchetti and 53 Degrees North. Cotton Factory at approximately £10 per The yet to be completed Victoria Gate in the original boom of the sq ft overall, offering their unique blend of development will add more A3/A4 units to high street circuit Caribbean food and drink. The Jones Bar the market in late 2016/2017 (including Group have developed their Roxy Lanes Searcys and Tattu) adding more competition In an attempt to avoid the rapid fluctuations concept, in the former Picture House, and potentially moving the circuit again. of a highly competitive city centre, paying approximately £10 psf overall, operators are seeking more sustainable involving a table tennis and bar concept. Given this relentless activity you would growth by developing in smaller towns,
Gusto, Leeds
14 On Market Issue 16/02 fleurets.com This deal in particular not only shows the increasing trend of decentralisation but the increasing demand for diversification. More and more units are evolving niche brands. Jones Bar group leads with table tennis entertainment as well as a cool and trendy bar. Banyan heavily promotes cocktails, Potting Shed and Headrow House love the roof terrace. Gin Bars, Cider Bars, American craft ale, cask ale with vegetarian Indian tapas… the variation and specialisation is endless.
Back in Huddersfield, the former Sin/
Che/Livingstone’s nightclub, empty for Lost & Found, Leeds four years, has also just been let, at a rent In 2017, Hull will be celebrated as the UK’s Loungers’ successful acquisition plan and equating to only £5 psf overall, and will be 2017 City of Culture, and with it bringing indicates that perhaps prime cities are not developed as a high quality bar and club multi million pounds of investment and the only way to make prime profits. If you operation. redevelopment, transforming the historical want it in figures, as reported by Propel Info port of Hull into a vibrant and prime city. in 2015, Loungers announced a 50.2% rise Other operators like the Burning Night Savvy operators are seeking sites in Hull to in EBITDA, to £10.8 million in the year to Group have found the opportunity to capitalise on this. For example an empty unit 26th April 2015, having opened 18 sites acquire reasonably priced freeholds with in Hull’s rejuvenated Fruit Market is set to during this period and having invested limited competition, sufficiently attractive receive casual dining concept Butler Whites. £12.7 million. Backed by Piper Private to develop their Potting Shed brand in Founded by four Hull chefs, Butler Whites Equity, the company’s turnover increased towns like Beverley and Bingley. Their will offer hearty bistro-style dishes. 42.3% to £48 million with company EBITDA Beverley site was previously a Hodgsons (before exceptional and pre-opening pub. Downing, a London-based investment Possibly the best example of operations costs) increasing to £6.6 million from £4.4 management firm invested £3 million in seeking prime sites in second tier towns million. Like-for-like sales for the period January 2016 via its Pub EIS scheme. An is Loungers, ‘informal, neighbourhood grew by 3.9% with like-for-like site EBITDA £800,000 refurbishment included: adding food led cafe/bars’. Founded in 2002 by increasing by 11.7%. an enclosed roof terrace, a new dining bar Jake Bishop, Dave Reid and Alex Reilley, area as well as five brightly coloured sheds the company’s first acquisition was an A word of caution however; being the first on the patio. Nick Merrick, Operations empty opticians located on North Street in to a developing circuit is not enough on Directors has been quoted to say that the in Bristol, which opened on 29th August its own. History has shown, secondary units concept is looking to expand further across 2002. Fourteen years on, Loungers now and poorly crafted concepts can quickly Yorkshire within the next 12 months. possess 72 sites across the UK; some in reach their best before date. But get it recognisable prime cities, whilst others will right, and the rewards can be considerable This trend is set to continue with increased have you reaching for Google Maps. Some and often longer lived than in many activity being seen in locations like of the secondary locations include: Urmston, neighbouring city centres. Sunderland and Wakefield, suggesting a Keynsham, Woodley, Lichfield and Heswall. resurgence of the high streets in these This aggressive expansion, paired with the often overlooked towns might be on the knowledge of three sites set to open shorty horizon. (in Oldham, Telford and Mumbles) displays
Loungers, Portivo Lounge, Gloucester Loungers, Drago Lounge, Newport Loungers, Nautico Lounge, Weymouth fleurets.com On Market Issue 16/02 15 Investments In times of uncertainty, head to the pub
Ed Sandall TH Real Estate acquired the assets in I accept there might be examples of post Divisional Director December 2014 as part of a larger portfolio Brexit transactions moving the other way, for £54 million (£6.75 million average). however, it seems there are still keen buyers The portfolio included Shakespeare’s prepared to transact for the right assets. Head on Great Marlborough Street (W1), I set out below what I consider to be some Friend at Hand in Bloomsbury (WC1), The of the fundamentals behind a purchase of a Roebuck in Chiswick (W4), The Rutland in public house investment: Hammersmith (W6), The Ship in Mortlake As if people need any encouragement to (SW14), Museum Tavern on Great Russell • The Property: Investors are seeking well head to the pub on a Friday, waking up to Street (WC1), The Goat on Kensington High located assets, in attractive buildings with the Brexit announcement on Friday 24th Street (W8), and The Two Chairmen near St good proportions and underutilised upper June must have resulted in a P&L spike. For James’ Park (SW1). The total rent roll was floors (i.e. staff accommodation or storage). some a toast to a successful vote, others £2,636,787p.a. (average rent £329,598 p.a.) to drown their sorrows; I am sure a good and the purchase price reflected circa 4.6% • Rental Gearing: Investors and their number of investors and fund managers net initial yield. To draw simple comparisons, funders are focused on the level of rental were first to the bar. In the days and the transaction suggests yield compression gearing (being the relationship between weeks after the vote there was significant of 110 basis points or approximately 31% rental and EBITDAR). doom and gloom, increased uncertainty, growth in just less than two years. stagnation in liquidity, the closure of some • Vacant Possession Value: The savvy funds, property shares taking a battering The aforementioned transaction was not investor/funder understands that the and deals falling over. the only swallow this summer. Lasalle valuation methodology for vacant purchased a portfolio of six public houses possession is not income and yield as with Whilst the market remains uncertain, from Aprirose for a reported £17.8 million mainstream properties, it is the profits the interest rate cut makes long income (£2.96 million/site) reflecting a net initial approach, with the most likely purchaser property a compelling target, particularly if yield of 4.5%. The portfolio comprised; Fox being an operator. This is again an area to you are holding cash. It seems that some & Hounds in Putney (Stonegate), Albion in seek advice from a specialist to understand investors liked what they saw at their pub Islington (Punch Taverns Plc), Malt House, the trading profile and the depth of market visit and are now drinking in the asset Birmingham (Spirit Group), Green Dragon in for a particular asset. class. I am going to explore the post Brexit Croydon (Stonegate) , Royal Oak in Farnham transactions and the fundamentals that (Spirit Group) and Old Bell in Harpenden • Lease Terms: Investors typically seek underpin the sector. (Spirit Group). long leases, to robust covenants, with guaranteed rental growth. This allows The first notable post Brexit transaction The portfolio was a blend of assets from the investor a relatively uncomplicated (July 2016) was the sale of the Goat, High two portfolios purchased by Aprirose in the investment holding. Street Kensington, by TH Real Estate to an last couple of years. The first was a portfolio overseas purchaser (passing rent £306,441 of 18 Stonegate sale and leasebacks for a The key question is: Will the demand for p.a.) along with the Two Chairmen, St James reported £25.3 million, reflecting 6.67% net pub/leisure assets continue? I consider that (passing rent £196,905 p.a.) for £13.5 initial yield in September 2014. The second the current inertia from some of the funds million (£6.75million average), reflecting a portfolio of 11 public houses (2 Punch and banks will lift at the back end of this circa 3.5% net initial yield. Both assets were Taverns and 9 Spirit Group) for £22.5 million year or early next, and this will add a wall let to the Spirit Group for another 28 years, in December 2014, reflecting a net initial of money to the market that will compete a wholly owned subsidiary of Greene King yield of circa 6.25%. with the high-net worth investors, SIPPs Plc. The leases provide for annual growth and foreign capital that are all seeking a safe from March 2017 at 1.25% p.a. and then at My analysis suggests the reflected yield haven and a bank beating return. Not to 2.5% p.a. from 2022. compression of between 100-150 basis mention the intangible, that it is fun to own points. your own pub.
16 On Market Issue 16/02 fleurets.com Investments
Agent Details
London SOLD SOLD ACQUIRED Graeme Bunn Managing Director T 020 7280 4740 M 07776208085 E [email protected]
James Davies Queens Park, London Stroud Green, London Nationwide In times of uncertainty, head to the pub Director T 020 7280 4711 £2,750,000 - Freehold £2,175,000 - Freehold National portfolio Good sized two bar operation close to Queens Freehold property let to JD Wetherspoon Plc, with Acting on behalf of JD Wetherspoon Plc. we M 07990573176 Park underground station. 5 x 1 bedroom flats with separate access. acquired 7 regional investments. E [email protected] London Ref: LS-520188 EPC-G
Ed Sandall Divisional Director T 020 7280 4700 VALUATION VALUATION M 07786193772 E [email protected]
North West Lesley Watmough Divisional Director T 0161 683 5445 Southport, Merseyside Borough Market, London Wolverhampton, West Mid. M 07887504694 £650,000 - Freehold Capital Valuation Capital Valuation E [email protected] Prominent, substantial high street building. First & Freehold property let to a small multiple with five Substantial city centre freehold let to Stonegate second floors currently to let. 2 bedroom flats above. Pub Company Ltd. North West Ref: NW-415977 EPC-E Ian Taylor Associate T 0161 683 5445
M 07795842492 SOLD E [email protected] VALUATION VALUATION
North Simon Hall Director & Head of Agency T 0113 234 0304 M 07867528102 Reading, Berkshire Angel, London Harrow Weald, NW. London E [email protected] £575,000 - Freehold Capital Valuation Capital Valuation Reading freehold investment in prominent position Freehold property let on a short lease, with Freehold hotel, with 45 bedrooms, let to Skerritt Midlands between town centre & mainline station. planning consent for redevelopment for hotel use. of Nottingham Ltd. London Ref: LS-520352 EPC-E Andy Tudor Divisional Director T 0121 236 5252 M 07880702166 SOLD VALUATION VALUATION E [email protected]
West & South Wales Chris Irving Divisional Director T 0117 923 8090 M 07818412762 Mortlake, Surrey South Kensington, London Ealing, W. London E [email protected] Offers Invited - Freehold Capital Valuation Capital Valuation SW London Freehold Pub Investment with a well Freehold property let to the Spirit Group with staff Freehold public house let to the ETM Group Ltd, presented open plan bar/restaurant. accommodation at second floor level. valued for loan security. South London Ref: LS-520189 EPC-N/A Nick Earee Divisional Director T 01273 429 500 SOLD M 07836541790 VALUATION VALUATION E [email protected]
East Anglia Simon Jackaman Divisional Director T 01223 402 600 M 07775516674 Chelmsford, Essex Gidea Park, Essex Nationwide E [email protected] Off Market Capital Valuation Acquisition Advice Acting on behalf of an investor, we acquired the Freehold property let to the Spirit Group. Valuation advice to AEW Europe on a portfolio of ‘off market’ investment from a Danish K/S. 17 public house investments.
fleurets.com On Market Issue 16/02 17 Hotels Coastal resorts Nick Earee Divisional Director hotel or bed & breakfast is supported by the personal/emotional lifestyle decisions of the buyer, wanting to acquire a property SOLD that both generates an income as well as providing a home. Demand from such buyers has been relatively consistent in key seaside locations. The British tourist resort is a key part of our heritage which, over recent years, has This profile broadly mirrors the pattern experienced rejuvenation, supported by of purchaser demand that we have increasing visitor numbers, the growing experienced across our regional offices benefit of the ‘Grey Pound’ and, more Congress Hotel, Eastbourne dealing with hotel sales in these markets. recently, a growing trend of ‘staycations’.
Hotel pricing in the smaller hotel and According to Visit England, in 2015 there bed & breakfast sectors of the market SOLD were approximately 11.2 million domestic vary substantially geographically, premier overnight trips in England that involved coastal locations such as Brighton & Hove visiting a beach, approximately 11% of the attracting prices equating to £100,000/ total domestic overnight trips, producing room, compared with those in more spending of approaching £3 billion. The vast secondary locations at a significant discount majority of trips involving visiting a beach to these levels, £25,000/room in instances. were taken on holiday (76%) or visits to The wide disparity in pricing is, as would friends and relatives (22%). According to be expected in a sector of the market that Westcliffe Hotel, Essex ONS, the number of trips including a visit to is strongly reliant upon lifestyle purchases, a beach during the course of the five years a reflection of the equally wide disparity in to 2015 reflected an annual average growth residential property prices in such locations. of around 3%. SOLD The challenge for both buyers and sellers According to a report published in May of small hotels and guest houses, which 2016 by the National Coastal Tourism are frequently operated in a manner Academy, reflecting data produced by to suit lifestyle choices rather than by GDTS in 2014, the South West is the most commercially driven optimised business, visited region, accounting for around 40% is that property pricing is often difficult to of domestic trips, followed, albeit by some support by business accounting information margin, by the South East at 17% and the alone, which in turn proves challenging Hotel Victoria, Great Yarmouth North West at 13%. when securing loan finance to support purchase. Therefore, whilst property pricing As with the provincial hotel market in this sector of the market is aligned to generally, hotel key performance indicators SOLD prevailing residential property prices, values for many of our seaside resorts have seen remain contingent on individual business and upward shift that, in light of the above, performance. looks set to continue, at least in the short term.
In many instances, the commercial decision or business case for buying a small coastal Queens Hotel, Llandudno
18 On Market Issue 16/02 fleurets.com Hotels
Heathrow -v- Gatwick Paul Hardwick Director & Head of Hotels
On 1st July 2015, the Airports Commission recommended Heathrow for a new third runway ahead of Gatwick’s proposed Gatwick Airport second runway scheme, however, following the UK’s vote to leave the EU, and the set to be addressed as whilst there are materially higher occupancy and room subsequent resignation of David Cameron, no new hotels imminent around Gatwick, rates, resulting in achieved RevPAR over the final decision whether to expand 2,571 new rooms are due to open around 26% ahead of Gatwick. However, if the Heathrow or Gatwick has been delayed. Heathrow by the end of 2018, including pipeline of new rooms at Heathrow comes a Premier Inn, Holiday Inn, Holiday Inn to fruition without a corresponding increase In 2015, Heathrow passenger numbers Express, Moxy Hotel, Crowne Plaza and in passenger numbers, it is likely that hotel approached 75 million, compared with a Novotel. Arora Developments has only performance will come under pressure. Gatwick at around 40.3 million. As would recently secured outline planning consent be expected, this disparity in passenger on behalf of Heathrow Airport Ltd for a new As would be expected, hoteliers in both numbers is reflected in local hotel room 13-storey, 298 bed hotel that would be locations are closely monitoring progress as supply, there being 10,090 and 6,878 linked directly to Heathrow T2. the decision on which to expand will have respectively. (Source: AM:PM) a very significant impact upon both the 2015 room supply and passenger numbers trading prospects and value of their hotels Gatwick has experienced the greatest reflect a ratio of passengers to hotel rooms in the future. increase in room supply since 2011 at circa some 27% higher at Heathrow (7,429:1) 13%, including the 245 bedroom Bloc Hotel than Gatwick (5,855:1). This simple and the 192 bedroom Hampton by Hilton, test suggests that potential demand for both in 2014. Heathrow supply has grown accommodation at Heathrow is significantly by only circa 5%, the most recent opening ahead of that at Gatwick. This is reflected being the 140 bedroom ibis Styles earlier by the Key Performance Statistics reported this year. This balance does, however, look by STR, with Heathrow hotels reporting
fleurets.com On Market Issue 16/02 19 Hotels
London & South Agent Details Paul Hardwick SOLD STC Director & Head Of Hotels T 020 7280 4749 M 07748988568
E [email protected] Andy Frisby King’s Cross, London Divisional Director £4,200,000 - Freehold Well located & well presented 14 bed hotel T 020 7280 4700 overlooking picturesque garden square. M 07471953231 London Ref: LH-62879 EPC-N/A
E [email protected] Nick Earee
Divisional Director (South) SOLD STC T 01273 429 500 M 07836541790
E [email protected] Charlie Armour Graduate Surveyor T 020 7280 4700 Soho, London Well Established Hotel, Kent M 07787347182 Offers Invited - Leasehold £3,250,000 - Long Leasehold Boutique hotel opportunity with 17 modern bedrooms/suites & 46 cover restaurant. The property has a 80 bed seafront hotel with restaurant, bar, E [email protected] prominent corner position 50m from Leicester Square. Circa 27 years unexpired on current term. conference rooms & staff accommodation. London Ref: LH-52814 EPC-D London Ref: S-615348 EPC-C
SOLD STC
Bayswater, London Eastbourne, East Sussex £750,000 – Leasehold £5,500,000 - Freehold 14 bed hotel opportunity with 15 years remaining Substantial 108 bed seafront hotel, restaurant on the lease. Prime Zone 1 location. (160), multiple public areas & garden. London Ref: LH-62898 EPC-C South Ref: S-615488 EPC-C
Lewes, East Sussex Alderney, Channel Islands Bournemouth, Dorset £2,000,000 - Freehold £1,400,000 - Freehold £985,000 - Leasehold 19 letting bedrooms, extensive food & beverage 14 ensuite letting bedrooms, café/restaurant & Built in 1877, the property is steeped in history. The property comprises 14 elegantly presented letting trade areas & separate function room. additional bar. rooms, fine dining restaurant (30), car parking & gardens. Centrally located. South Ref: S-414403 EPC-TBC South Ref: S-514576 EPC-TBC South Ref: S-615435 EPC-TBC
Lyndhurst, Hampshire Brighton, East Sussex Eastbourne, East Sussex Ventnor, Isle of Wight £1,350,000 - Freehold £1,250,000 - Freehold £1,200,000 - Freehold £1,000,000 - Freehold 19 ensuite letting rooms with separate bar, The property has 13 ensuite letting rooms & 29 letting bedrooms, 60 cover restaurant, 2 bars & 28 ensuite letting bedrooms, restaurant, bar & restaurant, car parking & gardens. owner’s studio flat. Near seafront. garden. Close to seafront & centre. terrace with seating for 60. South Ref: S-514707 EPC-B South Ref: S-514976 EPC-TBC South Ref: S-514738 EPC-TBC South Ref: S-514923 EPC-C
20 On Market Issue 16/02 fleurets.com Hotels
Nr Alfriston, East Sussex Crawley, West Sussex Hailsham, East Sussex £975,000 - Freehold £795,000 - Freehold £695,000 - Freehold 8 ensuite letting bedrooms, 2 Rosette restaurant, Well presented 6 bedroom luxury B&B. Turnkey 8 ensuite letting rooms, restaurant, bar, owner’s accommodation & car park. operation with huge potential. two bed owner’s accommodation. South Ref: S-515158 EPC-D South Ref: S-514583 EPC-C South Ref: S-615444 EPC-C
Shanklin, Isle of Wight Eastbourne, East Sussex Shanklin, Isle of Wight £645,000 - Freehold £480,000 - Freehold £155,000 - Leasehold 32 ensuite letting bedrooms, restaurant (62), bar, Grade II listed building with many original features, 30 ensuite letting bedrooms, restaurant, bar, car park. Retirement sale. in prime position. 8 e/s letting bedrooms. indoor pool & leisure facilities. South Ref: S-414297 EPC-D South Ref: S-615576 EPC-E South Ref: S-514613 EPC-C East Anglia Agent Details SOLD STC Bob Whittle Director T 01223 402 600 M 07836680490
E [email protected] Great Yarmouth, Norfolk £685,000 - Freehold On behalf of mortgagee in possession. 40 bedrooms, 2 bars & restaurant. East Anglia Ref: E-514649 EPC-TBC
Chatteris, Cambridgeshire Stowmarket, Suffolk £525,000 - Freehold £995,000 - Freehold Established Cambridgeshire hotel, family AA 3 star commercial hotel with 26 beds, lounge bar, 70+ cover restaurant, function room, self-contained run for the past 36 years. management flat, large car park & lawned gardens. East Anglia Ref: E-413909 EPC-TBC East Anglia Ref: E-514402 EPC-D
SOLD
Norfolk Tattershall, Lincolnshire Needham Market, Suffolk £450,000 - Freehold £329,950 - Freehold £25,000 - Leasehold 2 star hotel with 22 ensuite bedrooms, lounge bar, Charming B&B, restaurant & bar, with 8 11 ensuite lett beds, 2 bars, restaurant, dining/ 2 resident’s lounges & dining room. ensuite letting rooms. function rooms, car park & garden. East Anglia Ref: E-514472 EPC-C East Anglia Ref: E-514952 EPC-D East Anglia Ref: E-615375 EPC-N/A
fleurets.com On Market Issue 16/02 21 Hotels
North West Agent Details Lesley Watmough Divisional Director T 0161 683 5445 M 07887504694
E [email protected] Llangollen, Denbighshire £1,100,000 - Freehold 32 ensuite bed hotel with restaurant (55), bar, 2 bed accommodation & car park. Proven accounts. North West Ref: NW-618523 EPC-D
Harlech, Gwynedd Warrington, Cheshire £750,000 - Freehold £1,000,000 - Freehold 5 star, 35 cover restaurant with 7 luxury ensuite rooms. 3 bed private accommodation & proven turnover 25 bed hotel with restaurant circa 110 covers & 3 £222k. Adjacent to Harlech Castle & with private garden as well as parking. Viewing recommended. function suites. Established trade. North West Ref: NW-619075 EPC-C North West Ref: NW-315718 EPC-C
Porthmadog, Gwynedd Llandudno, Conwy Llandudno, Conwy Morecambe, Lancashire £795,000 - Freehold £695,000 - Virtual Freehold £670,000 - Virtual Freehold £625,000 - Freehold Profitable B&B business with 13 ensuite rooms, Fully refurbished 20 bed ensuite B&B. 3 bed Grade II listed Silver 3 star hotel with 24 ensuite Approximately 0.827 acre site. Substantial 1 bed cottage & private accom. Approx £120k. private accom & gardens. Established T/O. lett beds & 1 bed accommodation. Proven profits. building, currently closed ex-hotel. North West Ref: NW-517921 EPC-E North West Ref: NW-518317 EPC-C North West Ref: NW-518229 EPC-TBC North West Ref: NW-518087 EPC-D
Llanberis, Gwynedd Llandudno, Conwy Llandudno, Conwy Annan, Scotland £595,000 - Freehold £595,000 - Virtual Freehold £585,000 - Long Leasehold £550,000 - Freehold Country hotel & restaurant with 10 letting 14 e/s boutique hotel, lifestyle B&B business. 16 ensuite bed hotel with restaurant (40), car park Town centre commercial hotel with 24 ensuite rooms, 2 bed private accom & 2 receptions. Fully refurb. Private accom & accounts available. & 3 bed accommodation. Run as B&B lifestyle bus. rooms, bar, rest, function room & proven accounts. North West Ref: NW-517368 EPC-C North West Ref: NW-618807 EPC-TBC North West Ref: NW-518334 EPC-C North West Ref: NW-618890 EPC-C
Macclesfield, Cheshire Carlisle, Cumbria Llandudno, Conwy Southport, Merseyside £550,000 - Freehold £495,000 - Freehold £355,000 - Virtual Freehold £289,000 - Freehold 14 bed town centre commercial hotel. T/O City centre location. 10 ensuite B&B. 3 bed accom 6 ensuite B&B lifestyle business. Breakfast room, Lifestyle B&B with 6 ensuite beds, 1 bed private c. £106k, high profits. Private accom & car park. & restaurant potential. Proven accounts c. £110k. 2 bed private accommodation. Accounts available. accom. Desirable location that may suit alt use. North West Ref: NW-618690 EPC-E North West Ref: NW-618482 EPC-C North West Ref: NW-618610 EPC-D North West Ref: NW-518121 EPC-D
22 On Market Issue 16/02 fleurets.com Hotels
West & South Wales Agent Details Chris Irving Divisional Director T 0117 923 8090 M 07818412762
E [email protected] Kevin Conibear St Ives, Cornwall Senior Associate £949,500 - Freehold Town centre, 11 ensuite lett beds, garden & car T 0117 923 8090 park. Presented to superb standard. M 07587638268 West & South Wales Ref: W-93407 EPC-TBC
Brookthorpe, Gloucestershire Bridport, Dorset £750,000 - Freehold POA - Freehold Georgian detached property in very accessible location, with 11 letting rooms, private accommodation, 10 bed Georgian hotel with bar, restaurant & car gardens & parking. Established business with further potential. park. Gateway to Jurassic Coast. West & South Wales Ref: W-93480 EPC-F West & South Wales Ref: W-93478 EPC-C Midlands & North Agent Details Andy Tudor Div. Director (Midlands) T 0121 236 5252 M 07880702166
E [email protected] Simon Cable South Yorkshire Negotiator (Midlands) £1,750,000 - Freehold Established circa 40 bed hotel, with bar, function T 0121 236 5252 & meeting rooms. Sales £1.2 million net VAT. M 07833590576 North Ref: N-621230 EPC-B
E [email protected] Nick Thomas Negotiator (North) T 0113 234 0304 M 07770672556
Haworth, West Yorkshire Ashbourne, Derbyshire £744,000 - Freehold £725,000 - Freehold Detatched Victorian luxury guest house with 8 ensuite bedrooms, lounge, dining rooms & self-contained 2 Prominent 3 storey hotel with 12 ensuite bedroom private accommodation. Attractive secluded position close to Haworth village centre. bedrooms. Potential to develop trade. North Ref: N-621384 EPC-C Midlands Ref: M-112258 EPC-D
Scarborough, North Yorkshire Immingham, North Lincolnshire Broadway, Worcestershire £425,000 - Freehold £349,000 - Freehold Nil Premium - Leasehold Detached well presented B&B with 11 ensuite lett 11 e/s beds, bar/lounge (60), restaurant (60), Popular Cotswold tourist location. New beds, dining room & bar. conference room (28) & 4 bed private accom. FOT lease. Ready for immediate fit out. North Ref: N-520596 EPC-D North Ref: N-015064 EPC-F Midlands Ref: M-112339 EPC-TBC
fleurets.com On Market Issue 16/02 23 Restaurants Delivering the roo-volution
Rosie Hallam Senior Surveyor
For someone born in the 1980s, and consequently now in their late 20s, you would think I’d have an app for everything and be posting my every waking move on social media. I am however rather behind the curve and tend to end up joining the trend several months after the hype and Deliveroo popularity has died down. It is perhaps not surprising to learn that I don’t own an But Uber was not the first here, nor does As explained by Will Shu in an interview iPhone, or own anything Apple branded it match its main competitor for coverage, with Wired.co.uk, Deliveroo’s concept is for that matter, nor do I play Pokémon Go! although they are now expanding outside about improving the range and quality of Not that I’m knocking it; restaurants are of zone 1 as well as into regional cities. Fear home delivered takeaway food, taking it literally tapping into this and using it to their not, Deliveroo has it covered. above and beyond what has typically been advantage, generating a short term boost in a fairly low quality, fast food offering, often turnover as a result of becoming a PokeStop 2016 must mark a turning point in the fairly unhealthy and confined predominantly (Google it – probably the most bizarre eating out sector; the age of eating in has to Indian, Chinese, Thai and similar cuisines. phenomenon I’ve come across!). arrived, but in a far different form to its This time it is about engaging with existing predecessors, and it is Deliveroo, set up restaurants which don’t provide a takeaway So, when I first heard of Uber, I was slow to by Will Shu and Greg Orlowski in February service and providing the facilities and embrace and a tad sceptical. Having now 2013 that have pioneered this. technology to do so. In turn, this enables joined the Uber revolution I am the ultimate the restaurant to focus on enhancing the convert. What could be better than being It is about engaging business and maintaining food quality, but able to tell a car where you are, it comes without affecting their physical restaurants to you and not the other way around, and “with existing restaurants and without adding costs to the business. costs a fraction of the traditional black cab which don’t provide a In return Deliveroo charge a delivery fee, fare? Even better, I no longer have to bother payable by the customer, and a commission about having cash! takeaway service and payable by the restaurant, based on a providing the services and “ percentage of the order value. With Uber proving popular with customers, logistics to do so including the albeit not so popular with black cab drivers, As of August 2016 Deliveroo was they have now sought to expand their drivers and technology. established in 12 countries and 54 cities, offering beyond just transporting people to nearly 40 in the UK and Ireland. In London places – transporting food to people. As if 3 ½ years on since inception and it is only alone over 2,500 restaurants have now Uber couldn’t make life any simpler for us. recently that it has been really hitting the signed up to the concept. According to the Short of downloading the app and telling headlines. Investors have bought into the Telegraph website, revenues are set to hit them what you want to eat and where to concept, funding has been fast flowing £130 million this year, reflecting annual deliver it to, there is nothing else to do. It and more and more companies are seeking growth of 1,000%! Little surprise that the automatically links to your standard Uber to get in on the action. Even Amazon are venture capitalists such as Bridgepoint account and off you go. looking at it. are ploughing money into the concept,
24 On Market Issue 16/02 fleurets.com Restaurants
providing the leverage for it to expand even further.
So how does it work for the restaurant operators and is it a worthwhile venture? I put this question to Food & Fuel, operators of 11 gastropubs and café bars across London who have recently embarked on this new relationship.
When an operator signs up to work in partnership with Deliveroo, they are supplied with a tablet computer which interfaces with the Deliveroo app and Deliveroo (credit Paul Calver) technology and also syncs with the couriers who have the app on their smart So, it would appear that it’s all positive Deliveroo and UberEats is surprising. You or iPhones. Deliveroo foot the cost of the news from the financial side of the can get anything from a Gaucho steak or a tablet, not the restaurant, so start-up costs operation but it can’t all come without Dirty Burger to Yo Sushi or Pho to Amorino are minimal. any bumps along the way, can it? Timing, ice cream or Crosstown Doughnuts. There product quality and packaging is a key is something for everyone, to satisfy any The restaurant operator retains control consideration to ensure a reputation craving. And it’s not just food. You can order over the use of the service and there are is upheld. One Sunday night I trialled drinks as well, BrewDog, for one, have no minimum requirements imposed on Deliveroo (UberEats don’t cover where I live signed up. them, so when the restaurant is busy and currently) and put Wagamama to the test they can’t or don’t want to provide the - all in the name of market research. Order One must start to wonder though, are we service, the tablet is turned off and the placed, estimated delivery time of 18.16 – it all about to become terribly antisocial? You restaurant disappears from the list on the arrived early, piping hot, in a Wagamama could eat, drink, work, shop and socialise app. No longer can the customer chose this bag and with chopsticks, napkin and cutlery, all from the comfort of your sofa. Could restaurant. and presented exactly as if I had ordered it this have a serious negative impact on our
from a table in their restaurant. mental health and could we see the demand
Food & Fuel only have positive things to say for physical restaurant space dry up and rents start to fall? about the relationship so far, and it would 2016 must mark a “ appear that the staff at the restaurants, turning point in the eating those having to physically facilitate it are “ Personally, I doubt it. For most people, on board as well. Peter Myers, Financial out sector eating out is an enjoyment and a social Director, says that there has been no activity, a forum for meeting friends, family, negative impact on their restaurants. It has So what on the face of it appears to be colleagues, hosting dates… Eating take out boosted trade, particularly on the quieter merely a takeaway service is revolutionising at home is a convenience, a lazy treat but trading days, Sunday nights for starters, the sector. Never before has it been not necessarily sustainable. What we may which are the most popular nights for possible to have such a range of food see however, is a rise in the number of orders. When asked how he thought it available and delivered to your door, at the central production kitchens if the concept translated in terms of brand image, again he touch of a button, and indeed the range proves so successful that the individual believes it is a positive. of operators now signed up to the likes of restaurants can’t support its new customer base.
I do think that this is a concept that is here to stay and may evolve again. It is convenience at its peak and has revolutionised the take out market bringing it to a level I never expected - a picnic in the park looks set to take on a whole new meaning. Thanks to Deliveroo, they could soon be bringing the restaurant not only to your home but to wherever you are, be that a field, a park or even on the beach.
Pho-To-Go fleurets.com On Market Issue 16/02 25 HARLOW OFFERS INVITED LEASEHOLD Restaurants available on behalf of The Restaurant Group Plc in the following locations New £10 Million leisure scheme.
6 screen Cineworld cinema.
Tenants include Cineworld, Tinsletown, The Real China
Only 3 remaining units to let.
To arrange a viewing please contact Fleurets’ London office or visitfleurets.com For further details, please contact Graham Campbell at our London office on020 7280 4700 Leisure Property Specialists
Restaurants available on behalf of The Restaurant Group Plc in the following locations
Bath Barrow-in-Furness Coventry Gateshead Ilford Finchley Road, London Greenwich Redhill York Blackburn Cardiff Chelmsford Glasgow Hamilton Barking Milton Keynes Swansea Wembley Newcastle upon Tyne Nottingham Aberdeen Derby The Strand, London Shepperton
For further details, please contact Graham Campbell at our London office on020 7280 4700 Restaurants
London Agent Details Graham Campbell Head of Restaurants T 020 7280 4700 M 07795415435
E [email protected] Harry Cody-Owen Earls Court, London South Kensington, London Kensington, London Graduate Surveyor Rental Offers Inv. - Leasehold £500,000 - Leasehold Offers Invited - Leasehold New lease available for 5,800 sq ft restaurant. Prominently located, 2,800 sq ft NIA restaurant 45 cover restaurant, 150m from the high T 020 7280 4700 130m from Underground station. with 125 covers and 1 am licence. street. Arranged over 900 sq ft. M 07900576643 London Ref: R-65458 EPC-E London Ref: R-65504 EPC-E London Ref: R-55378 EPC-E
Dorking, Surrey Greenwich, London Putney, London Premium Offers Inv. - Leasehold Rental Offers Inv. - Leasehold Offers Invited - Freehold Town centre, 120 cover recently refurbished 1,700 sq ft riverside restaurant in shell condition. 90 cover restaurant, part freehold, part restaurant. 2,540 sq ft. Overlooking views towards Canary Wharf. leasehold. Close to Putney High Street. London Ref: R-65466 EPC-F London Ref: R-55383 EPC-D London Ref: R-55316 EPC-TBC South Agent Details Kate Dowd Senior Negotiator T 01273 429 500 M 07798716113
E [email protected] Milford on Sea, Hampshire Brighton, East Sussex Southampton, Hampshire £25,000 - Leasehold £129,950 - Leasehold Offers Invited - Leasehold Restaurant/café in popular tourist location. New Popular Spanish restaurant just off Brighton Restaurant, bar, theatre & venue with 3am licence. FOT lease available & potential accommodation. seafront. Late licence to 3am. Catering kitchen & draught beer cellar. South Ref: S-615575 EPC-TBC South Ref: S-615413 EPC-F South Ref: S-615453 EPC-TBC
SOLD STC
Nr Chichester, West Sussex Brighton, East Sussex Shoreham-by-Sea, West Sussex £85,000 - Leasehold £250,000 - Leasehold Nil Premium - Long Leasehold Award-winning restaurant with dining for Established restaurant & bar with office & flexible Seafront café/restaurant development approximately 40 covers. Catering kitchen & patio. accommodation. External customer seating. opportunity. Unique location by the beach. South Ref: S-615644 EPC-TBC South Ref: S-414453 EPC-TBC South Ref: S-414121 EPC-TBC North West Agent Details Tim Martin Senior Associate T 0161 683 5445 M 07787552909
E [email protected] Faugh, Cumbria Broughton-in-Furness, Cumbria Wigan, Greater Manchester £695,000 - Freehold £355,000 - Freehold £15,000 - Leasehold Country inn & restaurant. 11 ensuite lett beds, 3 Restaurant/bar with 60 covers, 5 lett beds, 3 bed Town centre, currently closed, first floor restaurant bed accommodation. Lifestyle business. flat, car park & garden. Approx 1.5 acres. with approximately 60 covers. FOT lease. North Wet Ref: NW-416826 EPC-C North West Ref: NW-618685 EPC-B North West Ref: NW-618799 EPC-C
28 On Market Issue 16/02 fleurets.com Restaurants
Midlands Agent Details Andy Tudor Divisional Director T 0121 236 5252 M 07880702166
E [email protected] Hindlip, Worcestershire Walsall, West Midlands Derby, Derbyshire Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Prominent location. Lounge/bar, restaurant, beer Brand new lease with flexible terms available. Prominent city centre location. 90 cover garden & car park. Walsall town centre location. ground floor restaurant. Suit A1/A2 uses. Midlands Ref: M-112335 EPC-E Midlands Ref: M-112319 EPC-TBC Midlands Ref: M-112345 EPC-TBC East Anglia Agent Details Simon Jackaman Divisional Director T 01223 402 600 M 07775516674
E [email protected] Hertford, Hertfordshire St Ives, Cambridgeshire Ipswich, Suffolk £475,000 - Freehold £350,000 - Freehold Nil Premium - Leasehold Beautifully restored throughout. restaurant, Established 70 cover restaurant spread over 2 Spectacular waterfront site. Suitable for restaurant reception room & lounge. floors, in prime location. use. East Anglia Ref: E-615282 EPC-TBC East Anglia Ref: E-615124 EPC-TBC East Anglia Ref: E-514299 EPC-D North Agent Details Andrew Spencer Associate T 0113 234 0304 M 07884495484
E [email protected] Leeds, West Yorkshire Malton, North Yorkshire York, North Yorkshire Offers Invited – New Letting Nil Premium - Leasehold Offers Invited - Leasehold Flagship restaurant/bar units. Free of tie. Restaurant/bar/café opportunity. Historical 90 cover restaurant in prominent retail park 1800 to 13000 sq ft. In city centre. building. Circa 3,230 sq ft GIA over 2 floors. location with parking for 20. North Ref: N-418742 EPC-TBC North Ref: N-418795 EPC-TBC North Ref: N-520599 EPC-C West & South Wales Agent Details Chris Irving Divisional Director T 0117 923 8090 M 07818412762
E [email protected] Kevin Conibear Nr Highworth, Wiltshire Bristol Bristol Senior Associate £600,000 - Freehold POA - Leasehold £80,000 - Leasehold Restaurant with 48 covers, separate 4 bed private 3000 sq ft on 2 levels & external seating in central 50 covers (1184 sq ft), terrace (40). T 0117 923 8090 accommodation, disused cottage & large car park. high footfall location. Fitted to high spec. High footfall. M 07587638268 West & South Wales Ref: W-93567 EPC-F West & South Wales Ref: W-93572 EPC-C West & South Wales Ref: W-93546 EPC-E
Bristol Cheltenham, Gloucestershire Abingdon-on-Thames, Oxfordshire £60,000 - Leasehold Nil Premium - Leasehold Nil Premium - New Lettings Striking property, 48 internal covers & 85 external. Excellent licensed pitch. Trading on 3 levels & 2 restaurants units (273-597sqm). Next to Thames Close to flats & offices. one bed flat. & new residential development. West & South Wales Ref: W-93266 EPC-D West & South Wales Ref: W-93516 EPC-G West & South Wales Ref: W-93357 EPC-TBC
fleurets.com On Market Issue 16/02 29 Pubs If pubs were in the Olympics…
James Davies Director
Welcome to our pub section. After you have read this brief introduction, overleaf you will find pages of opportunities available across the country to suit most styles and budgets.
Pubs are brilliant - 2016 has brought many new challenges but I make no apology for being positive and enthusiastic about the pub sector. Despite all of the obvious pressures there have been some fantastic Commercial Tavern, Shoreditch new openings across the country which This trend can also be evidenced by looking The London leisure property market is prove the industry is as fit and healthy as at a few operators’ recent acquisitions; normally a good indicator for what is likely our Olympians. to happen across the country so I am • Brewhouse & Kitchen - Bedford, Chester, delighted to confirm our London Agency I have been lucky enough to visit a number Wilmslow, Southbourne and Litchfield. team have dealt with the sale of more of our great cities in recent months freehold public house sales in 2016 than including Belfast, Edinburgh, Glasgow, • City Pub Company - Warwick, ever before. These have included high Manchester and Newcastle and have been Cheltenham, Cambridge and Birmingham. profile sales such as: blown away by the innovative concepts being created. It feels like 2016 was the • Hawthorn - Blackpool, Rotherham, • Commercial Tavern, Spitalfields - year the regional pub sector bounced back Mansfield and King’s Lynn. in excess of £4,600,000 into rude health after a difficult period. One of the catalysts for the resurgence has been • Coach & Horses, Clerkenwell - displaced operators that have found the £2,800,000 entry costs to London and the south-east too high. • George & Dragon, Fitzrovia - in excess of £2,000,000 A great example of this national demand was the decision by J D Wetherspoons to • Falcon, Queen’s Park - sell an additional 33 of its outlets across in excess of £2,750,000 the UK and despite well over 50% of these disposals being outside of London and • Arab Boy, Putney - £1,250,000 south east we understand demand for trade assets has been strong. Whilst the acquisition of these transactions is not totally surprising, what has been interesting is the number of enquiries and viewings, which translated to very busy bid deadlines.
Coach & Horses, Clerkenwell
30 On Market Issue 16/02 fleurets.com Pubs
The last Fleurets Survey of Pub Prices showed the national average of pub sales being split exactly 50/50 between continued public house and alternative use. I am therefore delighted to confirm our 2016 average for London and the Home Counties is currently 77% of all
freehold pub sales being for continued
pub use, most with significant investment planned. We cannot ignore the “ “challenges which lie ahead with MRO and Brexit
We cannot ignore the challenges which lie ahead with MRO and Brexit being the George & Dragon, Fitzrovia topics in sharp focus. It is impossible to the market. I reiterate our positive view on the sector. say yet how much of an impact the MRO Brexit presents a very different challenge, We have many fantastic clients that have legislation will have but such an important however, provided that the funding great track records in the sector, innovative shift in the structure of landlord and tenant dynamic remains competitive and the concepts, head office infrastructure, negotiations which may result in a long consumer keeps consuming, the main supportive funders and bags of energy; term change in how leases are drafted impact is likely to be operationally rather they just want sites. I don’t think there in terms of length and tie obligations. As than an adjustment in property demand/ has ever been a better time to sell a pub such we may see some short term caution value. Feedback from various individual with liquidity at every sector of the market whilst the market adapts to the changes. and larger companies suggest it is the and we would be delighted to speak with retention and recruitment of staff going anybody that might be interested; please As we watch the pubcos respond to MRO, forward which could cause concern. With give us a call. it appears the unintended consequence a significant percentage of workers from might be that they will flex their L&T Act mainland Europe employed in the leisure I hope the following selection of pubs muscles and take back some of the best sector, we will have to wait and see how the for sale and to let is of interest. Please sites at the end of the lease. You only government intends to deal with a potential remember, the current choice becomes have to look at the industry stars lining exodus. It is likely there will be dispensation historic as soon as we go to print so for the up to provide their services to the pubcos to allow existing workers to remain but latest instruction, please contact your local to realise there might be less sites being there may be a longer term reduction in office who will be happy to update you. available for assignment or divested for migration to the UK. disposal, therefore limiting opportunities in
Falcon, Queen’s Park Arab Boy, Putney fleurets.com On Market Issue 16/02 31 Pubs London 020 7280 4700 [email protected]
London
Pubs on market include...
9 Freeholds
12 Pubs under £200,000
11 Pubs with gardens
9 Free of tie Agent Details James Davies Elysia Wilson-Gunn Director Associate T 020 7280 4711 T 020 7280 4700 M 07990573176 M 07810541579 E [email protected] E elysia.wilson-gunn@ fleurets.com
Andy Frisby Simon Bland Divisional Director Associate T 020 7280 4700 T 020 7280 4700 M 07471953231 M 07471953022 Westerham, Kent E [email protected] E [email protected] £495,000 - Freehold Prominently situated character pub in affluent town with bar, dining room, outside trade areas & trade kitchen. 2 bedroom living accommodation on first floor. London Ref: LA-620912 EPC-C
SOLD STC SOLD STC
Weybridge, Surrey Windsor, Berkshire Reading, Berkshire Aylesbury, Buckinghamshire £1,750,000 - Freehold £675,000 - Freehold Offers Invited - Freehold £600,000 - Freehold 30+ year established business. Open plan Destination bar/restaurant, trade kitchen & car Reading town centre, close to mainline Large trade area circa 115 covers, approximately bar, function room & trade kitchen. park. Grounds approximately 0.43 acre. station. Trade kitchen & 5 bed accommodation. 44 car parking spaces & trade kitchen. London Ref: LS-520490 EPC-TBC London Ref: LA-620815 EPC-C London Ref: LA-620841 EPC-E London Ref: LA-620875 EPC-TBC
Stanford Dingley, Berkshire Nr West Malling, Kent Maidenhead, Berkshire Bromley, Greater London £595,000 - Freehold £450,000 - Freehold £325,000 - Freehold £250,000 - Leasehold Grade II character village pub with large beer Attractive village pub/restaurant, trade 1 mile from town centre. Open plan bar, 2 Substantial well established high street sports garden & substantial trade kitchen. kitchen, car park & living accommodation. bedroom accommodation, patio garden & car park. bar with apartment. C. 5000 sq ft on ground floor. London Ref: LA-620653 EPC-TBC London Ref: LA-620837 EPC-D London Ref: LA-620947 EPC-E London Ref: LA-620840 EPC-E
SOLD STC
Kensington, London Kingston Upon Thames, Surrey Central London Wrotham, Kent Offers Invited - Leasehold Offers Invited - Leasehold POA - Leasehold £135,000 - Leasehold Located in Notting Hill. Traditional wet led Circa 6,500 sq ft (GIA) on ground floor. 1am Prime leisure opportunity, basement & Profitable country inn & restaurant with 3 bed trade with 2 bedroom manager’s flat. licence. Modern trade kitchen. ground floor available 5,189 sq. ft. living accommodation, beer garden & car park. London Ref: LA-620704 EPC-E London Ref: LA-620876 EPC-D London Ref: LA-620668 EPC-D London Ref: LA-620896 EPC-C
32 On Market Issue 16/02 fleurets.com Pubs London 020 7280 4700 [email protected]
Crouch End, London Nunhead, London £130,000 - Leasehold £125,000 - Leasehold Prominent High Street Location. Separate entrance Traditional pub retaining original character with to 2 flats accommodation. accommodation. High street position. London Ref: LA-620915 EPC-C London Ref: LA-620877 EPC-C
Greenwich, London Penn, Buckinghamshire Muswell Hill, London £390,000 - Leasehold £75,000 - Leasehold £50,000 - Leasehold Well known traditional pub close to the river, with open plan bar, beer garden & 5 letting bedrooms. Attractive property with 4 bedroom Open plan trade area circa 80 covers, trade Adjacent to Enderby Wharf residential development. accommodation, garden & forecourt seating. kitchen, 3 bedroom accom & games room. London Ref: LA-620827 EPC-C London Ref: LA-620872 EPC-D London Ref: LS-520387 EPC-C
Windsor, Berkshire Hanwell, London Tottenham, London Brentford, Middlesex Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Free of tie lease opportunity with open plan bar, New free of tie lease with open plan bar, trade New free of tie lease on ground floor unit. Open New free of tie lease in west London suburb. 4 first floor function room & parking. kitchen, trade garden & 4 bed accommodation. plan bar area in prominent location. bedroom accom & trade garden. London Ref: LA-620669 EPC-D London Ref: LA-620869 EPC-D London Ref: LA-620892 EPC-D London Ref: LA-620914 EPC-E
Hampstead, London St Albans, Hertfordshire £350,000 - Leasehold £150,000 - Leasehold Prominent location. Large trading area, 2 domestic bedrooms & 5 ensuite bedrooms used as hotel rooms. Substantial outdoor trade area with 120 covers & trade kitchen. Ability for private function area. Short walk 200 metres from Hampstead Underground station. from St Albans town centre. London Ref: LA-620763 EPC-E London Ref: LA-620624 EPC-D
fleurets.com On Market Issue 16/02 33 Pubs North West 0161 683 5445 [email protected]
North West
Pubs on market include...
Agent Details David Sutcliffe Director T 0161 683 5445 M 07860849236 53 Freeholds E [email protected]
4 Long leasehold Tim Martin Senior Associate T 0161 683 5445 M 07787552909 25 Freehold & long E [email protected] leasehold under £200,000
Ian Taylor 15 Free of tie lettings Associate T 0161 683 5445 M 07795842492 Ormskirk, Lancashire E [email protected] £1,250,000 - Freehold Attractive country pub & destination foodhouse. Turnover 31st Jan 2016 £870,500. Bowling green, beer garden & large car park (40). Site area approx 1.18 acres. North West Ref: NW-618481 EPC-C
Formby, Merseyside Lymm, Cheshire Southport, Merseyside Colby, Isle of Man £1,000,000 - Freehold £725,000 - Freehold £650,000 - Freehold £595,000 - Freehold Destination foodhouse, circa 170 dining Attractive north Cheshire traditional Well presented. Basement & ground floor circa Attractive destination eating house with 2 bars, covers, children’s playbarn, patio & garden. freehouse. Large site approximately 0.425 acres. 8,481sq ft; first floor & second floor circa 8,734.ft restaurant (100) & car park (23). North West Ref: NW-618870 EPC-D North West Ref: NW-618868 EPC-TBC North West Ref: NW-415977 EPC-E North West Ref: NW-517456 EPC-TBC
Appleby-In-Westmorland, Cumbria Corwen, Conwy Lancaster, Lancashire Rhyl, Conwy £425,000 - Freehold £370,000 - Freehold £360,000 - Freehold £350,000 - Freehold Local inn, fully refurbished, 60 covers, 5 e/s beds, Village hotel, bar & restaurant with development Country pub/restaurant with approximately 60 Potential development opportunity (STPP). 2 bed private accommodation, proven accounts. potential. Site area 0.792 acre. covers, car park, gardens & 3 bed accommodation. Approximate site area 0.407 ac. Large 3 bed flat. North West Ref: NW-518335 EPC-D North West Ref: NW-518364 EPC-D North West Ref: NW-618795 EPC-D North West Ref: NW-618620 EPC-D
Oswaldtwistle, Lancashire Kirkby Stephen, Cumbria Failsworth, Greater Manchester Alston, Cumbria £325,000 - Freehold £310,000 - Freehold £290,000 - Freehold £280,000 - Freehold 2 bar local with established turnover circa £240k. Market town refurbished inn with bar/dining area, Detached community local with open plan trading Attractive traditional village inn with 5 bed 3 bed flat, gardens & car park. 7 lett beds & 1 bed private accommodation. area & 3 bed private accommodation. accommodation. Regular trade. North West Ref: NW-618509 EPC-TBC North West Ref: NW-618677 EPC-E North West Ref: NW-618728 EPC-D North West Ref: NW-618830 EPC-E
34 On Market Issue 16/02 fleurets.com Pubs North West 0161 683 5445 [email protected]
Buxton, Derbyshire Liverpool, Merseyside £275,000 - Freehold £265,000 - Freehold Attractive country inn with 2 bars, dining area, Open plan trading area, 5 bed private accom. May 3 bed flat & ensuite letting apartment. suit alternative use. Proven accounts. North West Ref: NW-618609 EPC-D North West Ref: NW-618729 EPC-D
Ashton In Makerfield, Lancashire Prestatyn, Denbighshire Warrington, Cheshire £225,000 - Freehold £215,000 - Freehold £250,000 - Freehold May suit alternate use (0.236 acre), substantial Traditional pub with dining & 3 bed flat. Traditional public house with open plan trading area, kitchen, car park, beer patio & 3 bed private property, 6 bed accom & proven accounts. May suit alternate use (STPP). accommodation. Site area approximately 0.232 acres. North West Ref: NW-618727 EPC-C North West Ref: NW-315722 EPC-D North West Ref: NW-618862 EPC-D
Macclesfield, Cheshire Liverpool, Merseyside Manchester, Greater Manchester Bwlchgwyn, Wrexham £185,000 - Freehold £180,000 - Long Leasehold £170,000 - Freehold £160,000 - Freehold Wet led town centre pub with lounge bar & Freehouse on A road. Development &/or Popular local with lounge, public bars, beer Traditional Welsh village pub with lounge, function room. Potential use as office (STPP). investment opp. May suit alternate use (STPP). patio & well presented 3 bed flat. public bars, 3 bed flat & car park. North West Ref: NW-518360 EPC-E North West Ref: NW-618796 EPC-TBC North West Ref: NW-618596 EPC-D North West Ref: NW-618785 EPC-D
Bamber Bridge, Lancashire Bowness-on-Windermere, Cumbria £120,000 - Leasehold £90,000 - Leasehold Destination eating-house & inn. Full refurb Picturesque location. Flexible terms available. May in October. Large car park & beer garden. let first & second floors separately. North West Ref: NW-618731 EPC-TBC North West Ref: NW-416317 EPC-D
Crewe, Cheshire High Peak, Derbyshire Warrington, Cheshire Offers Invited - Leasehold Offers Invited - Leasehold Nil Premium - Leasehold New FOT lease. Village local with circa 32 covers, New FOT lease. Village local with catering Nightclub & bar in Warrington town centre circuit location with open plan ground floor bar & first floor car park 40 spaces & 3 bed flat. kitchen, manager’s flat, beer garden & car park. nightclub. Late night bar. North West Ref: NW-618686 EPC-F North West Ref: NW-618687 EPC-E North West Ref: NW-618793 EPC-TBC
fleurets.com On Market Issue 16/02 35 Pubs North 0113 234 0304 [email protected]
North
Pubs on market include...
Agent Details Simon Hall Director & Head of Agency T 0113 234 0304 M 07867528102 28 Freeholds E [email protected]
18 Confidential instructions Andrew Spencer Associate T 0113 234 0304 M 07884495484 28 Leasehold pubs E [email protected]
15 Food-led operations Nick Thomas Negotiator T 0113 234 0304 M 07770672556 Ripponden, West Yorkshire E [email protected] £895,000 - Freehold Prominent position. Excellent accommodation, ground floor bar & restaurant (40), first floor restaurant (40) & 3 bed accommodation. North Ref: N-621229 EPC-TBC
Halifax, West Yorkshire Confidential, South Yorkshire Wakefield, West Yorkshire Normanton, West Yorkshire £1,100,000 - Freehold £625,000 - Freehold £595,000 - Freehold £590,000 - Freehold Circuit position. GF bar, FF/SF clubs, Attractive village inn close to M1. Refurbished bar Circuit position. Spacious ground floor area & first Prominent site. Good quality décor. £8k pw smoking area & further undeveloped space. & dining areas. floor ancillary accommodation. Seating to front. net turnover. 2 bed accommodation & car park. North Ref: N-318180 EPC-D North Ref: N-621083 EPC-C North Ref: N-520930 EPC-E North Ref: N-621162 EPC-D
Thirsk, North Yorkshire Bradford, West Yorkshire Thorpe Thewles, Teesside Halifax, West Yorkshire £399,995 - Freehold £395,000 - Freehold £395,000 - Freehold £375,000 - Freehold Renowned inn close to A1(M). 2 bars, Main road & suburban. Lounge bar (100). Ground floor trading, 3 bed accom, beer patio, Well presented high street bar. Bar (40), restaurant (45), 7 lett beds & car park. Site 1/3 acre. Turnover circa £6k pw net. parking & extensive garden. Strong accounts. snug (20) & large outside terrace. North Ref: N-520049 EPC-D North Ref: N-621160 EPC-D North Ref: N-520047 EPC-D North Ref: N-520931 EPC-F
Sheffield, South Yorkshire Driffield, East Yorkshire Barnard Castle, County Durham Selby, North Yorkshire £275,000 - Freehold £250,000 - Freehold £235,000 - Freehold £225,000 - Freehold Prominent position. GF trading, upper Yorkshire Wolds village. 2 bars, dining Village location. Ground floor trading, owner’s Delightful village inn. 3 trade areas, large floors, beer garden & land to rear. room (30), 6 lett beds & 4 bed accommodation. accom, 2 bed lett cottage, parking & gardens. beer garden, parking & 2 bed accommodation. North Ref: N-621092 EPC-TBC North Ref: N-621048 EPC-D North Ref: N-520227 EPC-A North Ref: N-621267 EPC-D
36 On Market Issue 16/02 fleurets.com Pubs North 0113 234 0304 [email protected]
Goole, East Yorkshire Pontefract, West Yorkshire Shildon, County Durham Elland, West Yorkshire £210,000 - Freehold £195,000 - Freehold £175,000 - Freehold £150,000 - Freehold Ground floor trading & first floor 4 bed accom. Town circuit café/wine bar. Modern décor. Community local. Dining room (34), bar Busy commercial/residential area. 2 bars, Yard to rear with planning for 3 flats. Great opportunity to develop trade. (30), catering kitchen & 4 bed flat. 3 bed accom & car park. North Ref: N-519952 EPC-TBC North Ref: N-520402 EPC-D North Ref: N-520075 EPC-D North Ref: N-621385 EPC-E
Shildon, County Durham Barton upon Humber, N Lincs Leeds, West Yorkshire Pateley Bridge, North Yorkshire £149,000 - Freehold £145,000 - Freehold £90,000 - Leasehold £85,000 - Leasehold Well fitted village pub. 2 bed flat, open plan Attractive town. Open plan bar areas & 3 Prominent position. Turnover £593,137 net. good Town centre. Lounge, bar, restaurant (32) bar & catering kitchen. bed flat. All wet trade. profits. 100% wet trade. 3 bed accom. & 4 superb lett beds. Turnover £508,693 net. North Ref: N-520097 EPC-F North Ref: N-520399 EPC-D North Ref: N-621208 EPC-C North Ref: N-015109 EPC-TBC
Otley, West Yorkshire Thorpe Thewles, Teesside Morpeth, Northumberland York, North Yorkshire £70,000 - Leasehold £65,000 - New Letting £59,950 - Leasehold £55,000 - Leasehold A road position. Bar (80), restaurant (60), Ground floor trading, 3 bed accom, beer patio, Ground floor trading, 3 bed accom, 7 ensuite lett Village pub in Golden Triangle location. 2 3 lett beds & car park/beer garden parking & extensive garden. Strong accounts. beds & beer garden. Net turnover £373,910. bars, function room & 4 bed accommodation. North Ref: N-520018 EPC-D North Ref: N-621250 EPC-D North Ref: N-621206 EPC-D North Ref: N-621076 EPC-D
South Cowton, North Yorkshire Keighley, West Yorkshire Malton, North Yorkshire Leeds, West Yorkshire Offers Invited - New Letting £20,000 - New Letting Nil Premium - New Letting Nil Premium - Leasehold Detached property on busy road. 4/5 bed accom, Detached property. 3 bed accommodation, ground New A3/A4 unit on the Market Place. 7,200 sq ft bar/café/rest. Free of tie proposals parking & beer patio. Great potential. floor trading, 2 bars, beer patio & parking. circa 3,800 sq ft ground floor & 9 bed accom. FOT invited. Joint investment possible. North Ref: N-621067 EPC-TBC North Ref: N-621078 EPC-G North Ref: N-318272 EPC-D North Ref: N-318489 EPC-D
Great Ouseburn, N Yorkshire Cawood, North Yorkshire Doncaster, South Yorkshire Haxey, North Lincolnshire Nil Premium - New Letting Nil Premium - New Letting Nil Premium - New Letting Nil Premuim - New Letting Food-led destination pub. Bar, snug, Village location. GF trading, FF accom. Detached. Excellent outside spaces. 3 bed Prominent position. 4 bed accom, beer restaurant, car park (20) & beer terrace. Potential lett beds & beer garden. accommodation & traditional trading spaces. garden & car park. Great potential. Free of tie. North Ref: N-419447 EPC-D North Ref: N-621025 EPC-E North Ref: N-621064 EPC-TBC North Ref: N-621204 EPC-TBC
fleurets.com On Market Issue 16/02 37 Pubs Midlands 0121 236 5252 [email protected]
Midlands
Pubs on market include...
Agent Details Andy Tudor Divisional Director T 0121 236 5252 M 07880702166 22 Freehold pubs E [email protected]
14 Leasehold pubs Simon Cable Associate T 0121 236 5252 M 07833590576 7 Pubs with letting rooms E [email protected]
2 Social clubs
Rugby Warwickshire £1,350,000 – Freehold Leasehold also available. Prime location on lively leisure circuit. 9 flats included all currently leased on AST’s with rental income of £52,380 pa. Midlands Ref: M-112252 EPC-C
Leamington Spa, Warwickshire Bruntingthorpe, Leicestershire Droitwich Spa, Worcestershire Nottingham, Nottinghamshire £650,000 - Freehold £535,000 - Freehold £525,000 - Freehold £500,000 - Freehold Well located town centre retail/residential Destination gastro pub, open plan Excellent opportunity with superb garden. Large building fronting busy junction. investment let to Meatcure. lounge/rest & 2/3 bed owner’s accommodation. Lounge/bar & restaurant. 15 ensuite lett rooms & beer garden. Midlands Ref: M-112334 EPC-D Midlands Ref: M-112302 EPC-D Midlands Ref: M-112263 EPC-C Midlands Ref: M-112333 EPC-D
Bewdley, Worcestershire Nr Ludlow, Shropshire Buxton, Derbyshire Rugby, Warwickshire £495,000 - Freehold £495,000 - Freehold £495,000 - Freehold £425,000 - Freehold Destination gastro pub. Lounge, bar & Charming riverside freehouse with character Attractive stone built property in popular Desirable village location. Open plan restaurant. Trade split 60% dry 40% wet. bar, 80 cover restaurant & car park for 35. tourist spa town with function room. lounge/bar, restaurant & 4 ensuite lett beds. Midlands Ref: M-112080 EPC-E Midlands Ref: M-112110 EPC-C Midlands Ref: M-112332 EPC-D Midlands Ref: M-112287 EPC-E
Telford, Shropshire Spondon, Derbyshire Stoke On Trent, Staffordshire Alvaston, Derbyshire £395,000 - Freehold £325,000 - Freehold £325,000 - Freehold £300,000 - Freehold Well presented throughout. Fabulous beer Total site area 0.68 acres. Two distinct Former managed house. Large trading Good sized bar, external drinking areas & garden & patio. Residential area. trading areas, beer garden & car park. area (75), patio, smoking area & car park. car park (50). Site area 0.57. Midlands Ref: M-112331 EPC-D Midlands Ref: M-112326 EPC-C Midlands Ref: M-112325 EPC-D Midlands Ref: M-112327 EPC-C
38 On Market Issue 16/02 fleurets.com Pubs Midlands 0121 236 5252 [email protected]
Cleobury Mortimer, Worcs Coventry, West Midlands Telford, Shropshire Warley, West Midlands £300,000 – Freehold £275,000 - Freehold £225,000 - Freehold £175,000 - Freehold Highly attractive property in popular market town. Community local’s public house with 4 letting Prominent high street location. Local’s pub Local’s community pub with single lounge/bar & 2 trading rooms & 6 lett rooms. rooms. 100% wet led. Turnover £245,700. with beer terrace to the rear. outside parking area. Variety of uses. Midlands Ref: M-112346 EPC-C Midlands Ref: M-112337 EPC-E Midlands Ref: M-112169 EPC-D Midlands Ref: M-111608 EPC-D
Bilston, West Midlands Stoke-On-Trent, Staffordshire Clent, Worcestershire Norton, Worcestershire £175,000 - Long Leasehold £125,000 - Freehold £125,000 - Leasehold £89,950 - Leasehold Detached community local with large Close to Longton town centre. 2 separate Exceptional village pub. Net T/O 2015 Net turnover 2015 £815,553. Spacious trading single trading area & 3 bed living accommodation. trading rooms, beer garden & 2 bed accom. £664,751. 90+ covers & superb beer garden. areas & large car park. Close to M5. Midlands Ref: M-112120 EPC-C Midlands Ref: M-112045 EPC-C Midlands Ref: M-112024 EPC-TBC Midlands Ref: M-112278 EPC-D
Penkridge, Staffordshire Great Wyrley, Staffordshire Leicester, Leicestershire Dudley, West Midlands £90,000 - Leasehold £80,000 - Leasehold £65,000 - Leasehold £60,000 - Leasehold Excellent order throughout, net sales £10,000 pw Prominent roadside location with car park Popular established bar in busy area. Net turnover £6k per week. Recently (2016), popular market town. & beer garden. Excellent fit out. Close to university and football ground. refurbished. Freehold also available. Midlands Ref: M-112351 EPC-TBC Midlands Ref: M-112322 EPC-D Midlands Ref: M-112349 EPC-E Midlands Ref: M-112217 EPC-C
Kidderminster, Worcestershire Tamworth, Staffordshire Malvern, Worcestershire Stafford, Staffordshire £49,950 - Leasehold £40,000 - Leasehold £25,000 - Leasehold Nil Premium - New Letting Destination gastro village pub with bar & Community pub. 100% wet led. Turnover circa £4k Popular tourist destination, open plan Free of tie. Town centre freehouse with external restaurant. Michelin Red Guide. per week. Close to local attractions. lounge/bar & excellent trade garden. area.Potential landlord investment. Midlands Ref: M-112243 EPC-D Midlands Ref: M-112324 EPC-D Midlands Ref: M-112338 EPC-D Midlands Ref: M-111820 EPC-F
Eccleshall, Staffordshire Rugby, Warwickshire Hellidon, Northamptonshire Dudley, West Midlands Nil Premium - New Letting Nil Premium - New Letting Nil Premium - Leasehold Nil Premium - Leasehold Prominent roadside location. Bar, lounge, Destination food house potential. 6 ensuite Charming stone built property, series of Lounge/bar (80+), trade kitchen, rest (50) & 4 letting rooms. letting rooms & ample car parking. character trading rooms. 6 e/s lett beds. conservatory & first floor function room. Midlands Ref: M-112040 EPC-D Midlands Ref: M-112148 EPC-D Midlands Ref: M-112295 EPC-D Midlands Ref: M-112340 EPC-TBC
fleurets.com On Market Issue 16/02 39 Pubs West & South Wales 0117 923 8090 [email protected]
West & South Wales
Pubs on market include...
Agent Details Chris Irving Divisional Director T 0117 923 8090 M 07818412762 10 Freeholds E [email protected]
13 New free of tie leases Kevin Conibear Senior Associate T 0117 923 8090 M 07587638268 17 Pubs with gardens E [email protected]
9 Country pubs
Chagford, Devon £485,000 - Freehold Thatched Dartmoor village inn, presented to high standard. 3 letting rooms, owner’s accommodation & large garden. Site (0.3 acres). 3 year tenancy option available. West & South Wales Ref: W-93508 EPC-N/A
SOLD STC
Riverside Setting, Oxfordshire Cirencester, Gloucestershire Wantage, Oxfordshire Abingdon, Oxfordshire POA - Freehold Offers Invited - Freehold £598,000 - Freehold £450,000 - Freehold Bar, restaurant, function room, excellent Strong licensed pitch. Multi level trading & 2 bars, conservatory, 3 ensuite lett beds, 2 bed Destination location. Bar/restaurant circa 100 & 3 garden & 5 beds. Letting potential. planning permission for roof terrace. private accommodation, car park & garden. bed accommodation. Development potential STPP. West & South Wales Ref: W-93554 EPC-TBC West & South Wales Ref: W-93503 EPC-TBC West & South Wales Ref: W-93491 EPC-F West & South Wales Ref: W-93562 EPC-D
Dorchester, Dorset Kingston Blount, Oxfordshire £425,000 - Freehold £395,000 - Freehold Town centre. Bar, function room/skittles, Close to Chinnor/M4. Bar/restaurant, 3 bed first floor function room, 2 flats & garden. accommodation, terraces & car park. West & South Wales Ref: W-93421 EPC-TBC West & South Wales Ref: W-93535 EPC-D
Beckley, Oxfordshire Wheatley, Oxfordshire Paignton, Devon £440,000 - Freehold £350,000 - Freehold £175,000 - Freehold Classic character public house in desirable Oxfordshire village. Restaurant & bar with circa 52 covers, split Open plan bar/restaurant, 3 bed accommodation Open plan trading area, private accommodation & level terracing with excellent views & 3 bed private accommodation. & garden. Central village location, near Oxford. beer garden. 0.06 ha (0.15 acres). West & South Wales Ref: W-93534 EPC-E West & South Wales Ref: W-93459 EPC-C West & South Wales Ref: W-93501 EPC-D
40 On Market Issue 16/02 fleurets.com Pubs West & South Wales 0117 923 8090 [email protected]
Fernham, Nr Faringdon Bradford-On-Avon, Wiltshire £75,000 - Leasehold £38,000 - Leasehold FOT, character pub/restaurant (60), cinema, 3 Free of tie. 2 bars, 2 bed private accommodation & bed accommodation & cottage, garden & car park. enclosed garden. Residential area. West & South Wales Ref: W-93587 EPC-D West & South Wales Ref: W-93490 EPC-TBC
SOLD STC
Falmouth, Cornwall Aberdare, Mid Glamorgan North Bradley, Wiltshire £125,000 - Leasehold £25,000 - Leasehold Nil Premium - New Letting Town centre public house with panoramic water views, extensive trading accommodation (100 covers) & New free of tie lease. 100+ covers, 6 ensuite Community based public house. Single owner’s accommodation with terrace. Consistently strong turnover. letting beds, large garden & parking. bar, 3 bed accom car park & beer garden. West & South Wales Ref: W-93549 EPC-C West & South Wales Ref: W-93489 EPC-C West & South Wales Ref: W-93207 EPC-E
Wells, Somerset Kington Langley, Wiltshire Henley-on-Thames, Oxfordshire Gloucester, Gloucestershire Nil Premium - New Letting Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Edge of Wells city centre. 5 lett beds, 2 trade Free of tie. Popular village. 3 trading areas, car Free of tie. High quality rebuild/refurbishment. Town centre bar/restaurant. Circa 2,600 sq ft. areas, large beer garden & car park. park, garden, terrace & 3 bed accommodation. 100+ covers. Close to Henley & Reading. Upper floors available if required. West & South Wales Ref: W-93386 EPC-C West & South Wales Ref: W-93409 EPC-E West & South Wales Ref: W-93264 EPC-E West & South Wales Ref: W-93511 EPC-TBC
Frampton Cotterell, Glos Mangotsfield, Bristol Warmley, Bristol Fishponds, Bristol Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold New free of tie lease. Village pub with bar, New free of tie lease, prominent position. New free of tie lease. Extensive trade areas, New free of tie lease. Prominent position. restaurant, 3 bed accom, gardens & car park. 2 bars, gardens & owner’s accommodation. garden, 4 bed owner’s accommodation & parking. Bar, skittles, function room & private accom. West & South Wales Ref: W-93497 EPC-C West & South Wales Ref: W-93531 EPC-C West & South Wales Ref: W-93550 EPC-E West & South Wales Ref: W-93559 EPC-TBC
Lawrence Weston, Bristol Stroud, Gloucestershire Kingswood, Bristol Clifton, Bristol Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold New free of tie lease. 2 bars, skittle alley, New free of tie lease. 3 beds & open plan bar/ New free of tie lease. Prominent position. New FOT Lease. Popular BS8 location. car park (20) & owner’s accommodation. restaurant circa 50. Residential/commercial area. 2 bars, gardens & owner’s accommodation. Bar, trade kitchen & 2/3 bed owner’s accom. West & South Wales Ref: W-93560 EPC-D West & South Wales Ref: W-93570 EPC-TBC West & South Wales Ref: W-93573 EPC-F West & South Wales Ref: W-93592 EPC-TBC
fleurets.com On Market Issue 16/02 41 Pubs South 01273 429 500 [email protected]
South
Pubs on market include...
Agent Details Nick Earee Divisional Director T 01273 429 500 M 07836541790 11 Free of tie leases E [email protected]
16 Food led pubs Kate Dowd Senior Negotiator T 01273 429 500 M 07798716113 8 Pubs with letting rooms E [email protected]
16 Freeholds
Wivelsfield Green, East Sussex £650,000 - Freehold Deceptively large, established village pub/restaurant with private dining, beer garden, car park & extended domestic accommodation in desirable village location. South Ref: S-615623 EPC-E
SOLD STC
East Chiltington, East Sussex Southampton, Hampshire £715,000 - Freehold POA - Freehold Freehold country pub/restaurant in picturesque Food led pub/restaurant (170), 3 ensuite lett beds, setting. Just 12 miles from Brighton. 2 flats, patio & car park. South Ref: S-515241 EPC-E South Ref: S-514866 EPC-C
Pulborough, West Sussex Fletching, East Sussex Godalming, Surrey £149,000 - Leasehold £500,000 - Freehold £525,000 - Freehold A grade II pub in the affluent village of Fittleworth with bar, restaurant dining areas, 17 ensuite rooms, Lounge bar with restaurant, private dining room, 3 Historic substantial inn close to town centre with function/meeting room, enclosed lawned garden & patios. bed accommodation, car park & gardens. 3 bar/dining areas & patio. South Ref: S-615436 EPC-TBC South Ref: S-615608 EPC-C South Ref: S-615519 EPC-TBC
Lancing, West Sussex Worthing, West Sussex Brighton, East Sussex Nr Petersfield, West Sussex £500,000 - Freehold £500,000 - Freehold £425,000 - Freehold £425,000 - Freehold Bar/lounge areas with parking & gardens. Possible Open plan trading areas. Domestic accom. Close to the city centre, grade II listed. Main bar, lounge bar, restaurant, alternative use (STPP). Potential for residential conversion (STPP). Potential for alternative use (STPP). commercial kitchen & 5 bed owners accom. South Ref: S-615439 EPC-TBC South Ref: S-615459 EPC-TBC South Ref: S-615566 EPC-TBC South Ref: S-515253 EPC-C
42 On Market Issue 16/02 fleurets.com Pubs South 01273 429 500 [email protected]
St Leonards on Sea, East Sussex Balcombe, West Sussex £415,000 - Freehold £385,000 - Freehold 6 lett beds with bar & dining, car park & gardens. Public house in historic village with refurbished Potential alternative use (STPP). trading areas (50) & domestic accommodation. South Ref: S-515175 EPC-D South Ref: S-615520 EPC-D
SOLD STC
Tonbridge, Kent Chichester, West Sussex Scaynes Hill, West Sussex £375,000 - Freehold £150,000 Leasehold Free of Tie Lease - Leasehold Attractive village pub in affluent area with bar, Exceptional free of tie pub/restaurant with Imposing property with extensive bar, restaurant and function areas. Substantial site on A272. Domestic restaurant, patio, private garden & accom. 6 quality ensuite lett beds, patios & car park. accommodation, car park, large front & rear gardens. South Ref: S-615454 EPC-D South Ref: S-514616 EPC-A South Ref: S-615617 EPC-TBC
Windlesham, Surrey Gosport, Hampshire Brighton, East Sussex Alton, Hampshire £130,000 - Leasehold Nil Premium - New Letting £125,000 - Leasehold £85,000 - Leasehold Traditional pub/restaurant in affluent village with New free of tie lease. 2 bar areas & decked patio Free of tie city cocktail bar bar & dining areas, 2 Bar & dining with function room, customer patio & private dining & mature gardens. Freehold may also be available. bed accommodation & decked patio. garden, car park & 4 bed accommodation. South Ref: S-615610 EPC-TBC South Ref: S-615484 EPC-TBC South Ref: S-615700 EPC-TBC South Ref: S-615452 EPC-D
SOLD STC
West Clandon, Surrey Langley, Kent Pulborough, West Sussex Hayling Island, Hampshire £65,000 - Leasehold £60,000 - Leasehold £55,000 - Leasehold £50,000 - Leasehold Grade II listed pub with bar, two dining areas (60), Free of tie grade II listed country pub & restaurant. Village location with bar, dining area 5 ensuite Seafront location with bar & dining areas, 2 bed car park & mature gardens. Domestic accommodation, garden & car park. letting rooms & manager’s flat. accommodation, car park & garage. South Ref: S-615603 EPC-TBC Ref : AB-123456 EPC-E South Ref: S-515236 EPC-E South Ref: S-615373 EPC-E
Eastbourne, East Sussex Rowlands Castle, Hampshire Brighton, East Sussex Winchester, Hampshire £50,000 - Leasehold Nil Premium - New Letting Nil Premium - New Letting Nil Premium - Leasehold Traditional community pub with 2 open FOT bar with snug & dining. Carpark, garden, New free of tie lease. Close to the city centre. Free of tie grade II listed pub with bar/dining plan areas, 3 bed accommodation, patio & garden. patio, 4 letting rooms & 3 bed accommodation. Grade II listed. Prominent corner site. areas, 4 lett beds, gardens & car park. South Ref: S-615628 EPC-TBC South Ref: S-313652 EPC-D South Ref: S-615330 EPC-TBC South Ref: S-615455 EPC-TBC
fleurets.com On Market Issue 16/02 43 Pubs East Anglia 01223 402 600 [email protected]
East Anglia
Pubs on market include...
Agent Details Bob Whittle Director T 01223 402 600 M 07836680490 10 Freehold pubs E [email protected]
12 Leasehold pubs Simon Jackaman Divisional Director T 01223 402 600 M 07775516674 8 Free of tie leases E [email protected]
7 Pubs with letting rooms Gareth Hatton Negotiator T 01223 402 600 M 07471953230 Towcester, Northamptonshire E [email protected] £595,000 - Freehold Outstanding destination dining venue which has been completely refurbished throughout. Lounge bar, restaurants, private room, 5 luxury ensuite beds & private accommodation. East Anglia Ref: E-615180 EPC-N/A
Clifton Reynes, Buckinghamshire Stowmarket, Suffolk Nr Horncastle, Lincolnshire Apethorpe, Northamptonshire £420,000 - Freehold £435,000 - Freehold £425,000 - Freehold £399,950 - Freehold Refurbished village pub with extensive gardens & Prominent town centre freehouse with well Characterful property in an area of Substantial freehold pub/restaurant in stunning potential for letting rooms STPP. presented trade areas & trade garden. outstanding natural beauty. village location. East Anglia Ref : E-615442 EPC-D East Anglia Ref: E-615456 EPC-N/A East Anglia Ref: E-514794 EPC-D East Anglia Ref: E-615284 EPC-TBC
Ipswich, Suffolk Market Rasen, Lincolnshire £350,000 - Long Leasehold £290,000 - Freehold Sought after town centre location. Flagship real ale pub with 2 bars, restaurant & 4 Substantial property with 140+ covers. letting rooms. East Anglia Ref: E-615455 EPC-N/A East Anglia Ref: E-514399 EPC-E
SOLD
Towcester, Northamptonshire Cambridgeshire Village Lowestoft, Suffolk £449,500 - Freehold £225,000 - Freehold £185,000 - Freehold Close to Silverstone, M1 & M40. Bar, restaurant, games room/snug, 4 letting bedrooms, function Village property possessing 2 bars, a restaurant & Vibrant freehouse set within residential area with room, courtyard, trade garden & private accommodation. 3 letting rooms. an open bar area & accommodation. East Anglia Ref: E-615249 EPC-TBC East Anglia Ref. E-615106 EPC-C East Anglia Ref: E-514422 EPC-D
44 On Market Issue 16/02 fleurets.com Pubs East Anglia 01223 402 600 [email protected]
Nr Clacton On Sea, Essex Colchester, Essex £167,500 - Freehold £99,500 - Leasehold Prominent detached property with potential to Exceptional town centre pub/restaurant/bar with enhance income. dining, function room & trade garden. East Anglia Ref: E-514451 EPC-C East Anglia Ref: E-615328 EPC-N/A
Ipswich, Suffolk Lowestoft, Suffolk Wisbech, Cambridgeshire £369,000 - Freehold £55,000 - Leasehold £47,000 - Leasehold 17th Century character pub close to Ipswich Waterfront with spacious open plan trading area, split level Free of tie popular gastro pub with car park, To let - Refurbished community pub trade terrace & 3 bedroom living accommodation. trade garden & owner’s accommodation. close to town centre with restaurant area. East Anglia Ref: E-615085 EPC-TBC East Anglia Ref: E-615406 EPC-N/A East Anglia Ref: E-615413 EPC-TBC
Ely, Cambridgeshire North Elmham, Norfolk Wingfield, Suffolk Piddington, Northamptonshire £45,000 - Leasehold £45,000 - Leasehold £25,000 - Leasehold Nil Premium - Leasehold Attractive village location pub with 2 letting rooms. Free of tie, bar with restaurant, lounge, New free of tie lease with 12 months rent free. 2 New 20 year free of tie lease offered. Bar with Close to Ely city centre. function room, garden & car park. bars & restaurant. games room, snug bar & trade kitchen. East Anglia Ref: E-615436 EPC-D East Anglia Ref: E-615078 EPC-D East Anglia Ref: E-615261 EPC-TBC East Anglia Ref: E-514787 EPC-TBC
Shillington, Hertfordshire Higham Ferrers, Northamptonshire Nil Premium - Leasehold £50,000 - Leasehold Food led country pub with trade garden, snug bar Newly refurbished & extended town centre pub & restaurant. with 2 function rooms. East Anglia Ref: E-514793 EPC-D East Anglia Ref: E-615065 EPC-TBC
Attleborough, Norfolk Soham, Cambridgeshire Horncastle, Lincolnshire Nil Premium - Leasehold Nil Premium - Leasehold Nil Premium - Leasehold Norfolk village feehouse overlooking Fully refurbished town pub with potential Extensive year round events venue. Large function room, lounge bar, stunning grounds with 2 lakes, green on busy main road. to introduce food trade. hook-ups for 8 caravans & 4 letting chalets. East Anglia Ref: E-615306 EPC-N/A East Anglia Ref: E-615431 EPC-TBC East Anglia Ref: E-615071 EPC-TBC
fleurets.com On Market Issue 16/02 45 Leisure Competitive socialising
Graeme Bunn Managing Director
Games within pubs is not a new or even relatively modern pastime. Indeed, sporting activity can be traced back many centuries, although no doubt the games have changed since the 16th Century. As snooker was not invented until 1875, Shakespeare and his Bounce, Old Street contemporaries would have enjoyed card Occupying a cavernous basement in an best street food vendors and a two storey games and possibly cock fighting. It is even office building, the table tennis venue with clubhouse with gin terrace. The venue was reputed that Balls Pond Road in Highbury, full bar and food menu offering has seen borne out of a hugely successful pop up in North London, was named after a pub run enormous success. Shoreditch, and I have no doubt the venue by Mr Ball that had a pond out the back will succeed. filled with ducks where drinkers could go, Not unsurprisingly, other sporting activities for a fee, and take their chance at shooting have followed suit, and Flight Club has done From a property perspective, this sub-sector the creatures. to darts what Bounce did to ping pong, with provides landlords with the opportunity their first venue at Finsbury Square, near to secure long term occupiers and rental Wind the clock forward and innovative Moorgate in the City. It opened in 2015 income on non ground floor space. Bounce, operators have developed businesses and, like Bounce, has enjoyed tremendous Flight Club and Swingers all primarily specifically focused on indoor sporting trading success. Perhaps, most surprisingly, occupy basement accommodation which activities. Hurricane Rooms took pool and it has seen a high level of female custom, has become increasingly redundant within snooker to the next level. It was, however, who historically, have not been traditionally office buildings beyond cycle storage for the development of Bounce, launched in associated with darts in pubs. Keen to office tenants. Rental levels will also be Holborn, London, in 2012 which perhaps expand, I understand that a second venue typically ahead of other potential uses for created the indoor sporting venue as a has already been secured, with no doubt an this accommodation, certainly comfortably sub-market for the pub and bar market. appetite for more. ahead of storage levels and also likely to be Most recently, above that of budget gym operators who the cleverly have typically led occupier demand for such named space. ‘Swingers’, has opened in St The successes of Rio Olympics might lead Mary’s Axe, to a bold operator developing an indoor also in the fencing operation, or even archery, albeit City, providing our friends at the Health and Safety Office a crazy golf might have some concerns. Personally, I facility including would be delighted to see the opening of a two nine Connect 4 venue, although I have heard a hole courses, rumour of croquet and cocktails. I anticipate five cocktail further growth in this sub-market for as long bars, three as humans enjoy competitive socialising of London’s which I suspect is inherent in all of us.
Swingers
46 On Market Issue 16/02 fleurets.com Leisure
Agent Details
London SOLD Graeme Bunn Managing Director T 020 7280 4740 M 07776208085 E [email protected]
North West Sutton, Surrey Lesley Watmough Offers Invited - Long Leasehold Divisional Director A substantial & established indoor and T 0161 683 5445 outdoor sports facility. M 07887504694 London Ref: LE-52379 EPC-TBC E [email protected]
North Andrew Spencer Associate T 0113 234 0304 M 07884495484 E [email protected]
Midlands Halifax, West Yorkshire Horncastle, Lincolnshire Andy Tudor £850,000 - Freehold Nil Premium - Leasehold Main circuit position. Ground floor bar, tea room & Extensive year round events venue. Large function room, lounge bar, stunning grounds with 2 lakes, Divisional Director nightclub. Upper floors lap dancing club. hook-ups for 8 caravans & 4 letting chalets. T 0121 236 5252 North Ref: N-520688 EPC-D East Anglia Ref: E-615071 EPC-TBC M 07880702166 E [email protected]
West & South Wales VALUATION Chris Irving Divisional Director T 0117 923 8090 M 07818412762 E [email protected]
South Birmingham, West Midlands Darlington, County Durham 18 Hole Golf Course £650,000 - FH & Part Long LH £450,000 - Long Leasehold Capital Valuation Nick Earee Large function room. Close to Aston Villa Detached 3 storey bar/nightclub. Potential Valuation of an 18 hole golf course, club house & Divisional Director FC. Advertising hoarding income. to refurb or redevelop (STP). function facility. T 01273 429500 Midlands Ref: M-112163 EPC-TBC North Ref: N-317885 EPC-D M 07836541790 E [email protected]
East Anglia VALUATION Simon Jackaman Divisional Director VALUATION T 01223 402600 M 07775516674 E [email protected]
Portfolio of 3 day spa facilities Capital Valuation Fully integreated day spa facilities with letting bedrooms & health and fitness facilities.
VALUATION
Health & Fitness Club Bespoke Wedding Venue Capital Valuation Capital Valuation Regional mid-market health & fitness club with Set in 100 acres providing capacity for weddings & parties for up to 400 people. wet facilities.
fleurets.com On Market Issue 16/02 47 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 16/02 fleurets.com