An Impressive 19th Century Traditional Freehold Freehouse For Sale

Business description

AN IMPRESSIVE 19TH CENTURY TRADITIONAL FREEHOLD FREEHOUSE SITUATED IN THE COMMERCIAL AND INDUSTRIAL LOCATION OF DIGBETH, WEST MIDLANDS




Impressive traditional community inn situated in the bustling location of Digbeth, Birmingham.
Charming Lounge Bar (30), Atmospheric Public Bar (30), Function Room (60).
Wealth of character, exposed beams and open fires.
Well equipped Commercial Catering Kitchen.
Impressive 3 bedroomed owner's accommodation.
Offered on NEW PRIVATE FREE-OF-TIE 21 YEAR LEASE or FREEHOLD OPTION.
Sales for Y/E June 2007 circa £216,000 (incl. VAT).
Reconstituted Net Profit circa £50,000.
Trade split approximately 70% wet and 30% food.
Immense opportunity for full time hands-on entrepreneurial owner operators.


AN EXCELLENT BUSINESS PROPOSITION HAVING A SUPERB TRADING FOUNDATION WITH MASSIVE POTENTIAL FOR COMMITTED ENTREPRENEURIAL OWNER OPERATORS


ASKING PRICE £59,500 NEW FREE OF TIE LEASE OR £365,000 FREEHOLD - BOTH TO INCLUDE FIXTURES AND FITTINGS, GOODWILL, EXCLUDING S.A.V.


LOCATION
This charming and traditional inn is situated in the popular location of Digbeth, West Midlands and can be easily reached from junction 6 of the M6 motorway. This busy community inn is well used and popular venue for local and commercial trade emanating from the surrounding catchment areas; being ideally situated to draw an abundance of trade and also having an excellent level of passing and repeat trade. Being situated close to Birmingham City and also close to Birmingham airport with easy access to the M1, M42, M69, M5 and M6 makes this bustling location an extremely popular commuter area for the major motorways and the major international airports of Birmingham, Manchester and East Midlands.

THE PROPERTY

This superb 19th century traditional community inn is an impressive 3-storey detached property of brick construction.n under a pitched, tiled roof.



Main entrance at the front leading into the Public Bar.

Public Bar (30) is a good sized traditional and atmospheric room having a warm and inviting ambience with a feature return bar servery with a polished counter and a matching back fitting having a range of trade optics and refrigerated bottle coolers (not tested) which is complimented by the loose polished tables, upholstered chairs and upholstered bar stools. There is also a feature brick built open fireplace, an AWP, a darts throw and a TV. Access to the Lounge Bar and Function Room.

Lounge Bar (30) is a good sized bright and airy relaxing room having a corner return bar servery with a polished counter and a matching back fitting having a range of trade optics and refrigerated bottle coolers (not tested) which is complimented by the fixed upholstered perimeter seating with loose polished tables and upholstered chairs. Adding to the charm of this bar is the feature brick built fireplace with and inset log burner, the exposed beamed ceiling and walls. Access to the Beer Garden and W.C's.



Function Room (60) situated on the first floor is a good sized room with a return bar servery having a polished counter and a matching back fitting with a range of trade optics and refrigerated bottle coolers (not tested) which is complimented by the fixed upholstered perimeter seating with loose polished tables and upholstered chairs. There is a raised stage area and access to its own W.C's. Catering facilities include a well equipped commercial Kitchen with stainless steel appliances and preparation surfaces. (appliances not tested).

Lower Ground Floor Cellar with dray drop, pumps, pythons x2 and cooler.

Ladies and Gents W.C's x 2 sets.

Office.

OWNER'S ACCOMMODATION

Situated on the first and second floors and briefly comprises: 3 bedrooms, lounge and bathroom.

EXTERNAL

Patron's car parking facilities for circa 2 cars and additional parking on nearby roads and street. There is an enclosed beer garden at the rear with timber benches/seating and a covered Designated Smoking Area. There are also 2 brick built storage units.

TRADING AND LICENSING

We are advised that the inn trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Mon - Thurs - 10.00am - 11.30pm

Fri and Sat - 10.00am - Midnight

Sunday - Midday - 10.30pm

The current trading hours are as follows:

Mon - Thurs - Midday - 11.00pm

Fri and Sat - Midday - Midnight

Sunday - Midday - 10.30pm

NB Important: Prospective purchasers should ensure that they gain the NCPLH Qualification in readiness for their intended operation of licensed premises. Guy Simmonds hold this 1 Day NCPLH Course every 2 weeks. Please telephone us to reserve your place or browse the training section of this site.

GENERAL REMARKS

Our vendor clients; in situ for the past 6 and a half years have been operating this successful and profitable business as a husband and wife team on a full time and part time basis respectively with the assistance of 5 part time members of staff. After many highly successful and very profitable years our vendor clients are either offering the leasehold interest for sale or will sell the freehold entirety; in order to retire from the trade. The business premises can be run extremely cost effectively on relatively low overheads resulting in high profitability.

Leasehold Option:

New 21 year FRI Lease to be created.

Free of all brewery and supplies ties.

Initial rent of £25,000 per annum. Thereafter rent reviews every 3 years - linked to RPI inflation.

Rent payable quarterly in advance.

Minimum 2 year period for re-assignment.

Each party responsible for their own legal costs relating to the transaction.

Proposed lessees should have catering/bar experience commensurate with a quality licensed establishment and/or excellent entrepreneurial business experience.

The asking premium will be £59,500 to include goodwill, fixtures and fittings and the benefit of the lease. Alternatively the Freehold price is £365,000 to include goodwill, fixtures and fittings. We are advised that the inn benefits from all mains services (services not tested). Business rates payable are to be advised.

THE BUSINESS

Sales for year ending June 2007 are declared at circa £216,000 (incl. VAT). Reconstituted net profit (i.e. after adding back finance costs, depreciation and other expenses) of circa £50,000 - prior to paying annual rent. Trade is derived from circa 70% wet and 30% food sales. In our opinion there is massive scope to increase the trade especially by expanding on the food side of the business and would expect new fully focussed owner operators to achieve a turnover in excess of £250,000 (incl. VAT).

Accounting information will be made available after a formal viewing.

Property information

Property:

Leasehold