Renowned Newport Town Centre Pub For Sale

Business description

With entrances off both South Street and Town Lane, there is open plan bar seating for approximately 55 customers, plus a further six stools to the bar itself. The pub is traditionally arranged with carpeted flooring, a working fireplace with brick and timber surround, one further fireplace, two wall mounted televisions, a juke box, darts run and sound system. The public areas run to approximately 56m? (602 ft?). Adjacent to the bar is a wash-up area and kitchen. The public areas are serviced by Ladies and Gents toilet facilites.
OUTSIDE
Cellarage of some 3.7m x 3m is accessed by the dray man, through an open courtyard area, also allowing for some external seating with a covered area as a "smoking solution".
ACCOMMODATION
Perhaps best illustrated by the attached floor plan but may be described as two bedrooms, lounge, kitchen and bath/shower room.
THE BUSINESS
Traded by our clients for the last 8 years, the Prince of Wales comes to the market due to family commitments. Enjoying an enthusiastic following with Darts and Cribbage teams, Quiz and Poker Nights and music from time to time, we are advised that beer sales alone amount to approximately 230 brewers barrels per annum. At present bar snacks are offered at lunch time only.



THE BUSINESS (Continued)

A spacious flat above the pub is currently sub-let at £400 per calendar month.
Accounts provided demonstrate a buoyant turnover with profits clearly available to the right operators.
PREMISES LICENCE
IW008938 allows for the provision of alcohol and music Monday to Saturday 1030 to 0001, Sunday 1200 to 2330 hours.
OPENING HOURS
1030 to 2300 hours 7 days.
THE LEASE
A residue of a 20 year term from 1st May 2001 provided by Inspired Pubs Plc (now Punch Taverns). We are advised that the rent from 5th May 2011 will be £21,000 per annum exclusive, with reviews scheduled at 3 yearly intervals, although increased annually by the Retail Price Index (RPI). There is a trade tie on all beers, cider, soft drinks and minerals, although wines, spirits and alcopops are free of tie. We understand that there is a dilapidations fund of approximately £2,000 held by the Landlords. Machine income is split 90% to the lessee and 10% to the Landlords.
UNIFORM BUSINESS RATE
Rateable Value - £14,500
(2011/2012) – 43.3p without small business relief. Small business relief may be available on the property but interested parties should make their own enquiries of the Isle of Wight Council with regard to eligibility and rates that apply. It should also be noted that the rate liability may be affected by the Government's transitional arrangements. Interested parties should make their own enquiries to confirm any rate liability.
COUNCIL TAX
The property is currently rated within Band A for Council Tax.
TERMS
For sale with offers invited in the region of £62,500 for the benefit of the trade fixtures, fittings and goodwill of the business, simultaneous with an assignment of the existing lease, plus stock, glassware and loose catering effects at valuation on completion.

Property information

Property:

Leasehold

Location:

Occupying a highly prominent return frontage to both South Street, the main arterial road into Newport's town centre and Town Lane, the Prince of Wales is a highly visible Tudor styled building. This location allows the proprietors to take advantage of the high footfall from shoppers and locals alike, using what is undoubtedly the Island's comparison retail centre and main commercial hub. The town's immediate population is in excess of 25,000, drawing shoppers from across the Island and of course substantially boosted by visitors during the now extended Summer season.