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CORNWALL – ESTABLISHED VILLAGE FREEHOUSE WITH LETTING ROOMS ON ATLANTIC HIGHWAY
Kilkhampton, Bude, Cornwall, EX23 9QN
Ref: 48281
Offers Over
£800,000
Leasehold
Key Features
Precis
Cornwall village freehouse along main road. Close to seaside town. Character lounge bar and main bar to seat 50 customers. Dining room for an additional 30. Spacious function room with skittle alley can provide seating for 70. Catering kitchen with an extensive range of equipment. 5 quality en suite letting bedrooms. 3 bedroom self-contained owners accommodation. Outside trade areas to seat over 70 and tarmac car park for around 30 vehicles. This is a well established business that achieves a net turnover in excess of £600,000. New lease opportunity.
Location
The New Inn is located along the Atlantic Highway (A39) in the village of Kilkhampton. The village is 5 miles north-east of the seaside town of Bude on the northern edge of Cornwall. Kilkhampton has many amenities such as a post office, primary school, community centre, three general stores, two pubs and a selection of shops. The area is popular with people visiting nearby Bude or Tamar fishing lakes, which border Devon. The village has a population of around 1,400 residents, with Bude having a further 9,200.
The New Inn is a two storey property with rendered elevations under a pitched slate roof. There is a single storey extension to the rear which is home to the function room. The property is briefly described as follows:
The New Inn is a two storey property with rendered elevations under a pitched slate roof. There is a single storey extension to the rear which is home to the function room. The property is briefly described as follows:
Property
TRADE AREAS
Entrance from Kilkhampton Road into the LOUNGE BAR that has hand built elm furniture to seat 30 customers. Presented with fitted carpet and character features such as exposed stone walls, ceiling timbers and a stone built open fireplace.
MAIN BAR: With similar furnishings to seat 20 and sharing many of the same characteristics as the lounge bar. This trading space is fitted with impressive flagstone flooring, wall panelling and an interconnecting polished top bar servery with back bar display (stone fronted in main bar and brick fronted in lounge bar).
DINING ROOM known as the ‘Woodburner Room’ which can seat 30 customers and continues the flagstone flooring and furnishings, together with feature woodburning stove.
FUNCTION ROOM with skittle alley and seating for 70.
CATERING KITCHEN with nonslip flooring, hygienic wall cladding and fitted with an extensive range of stainless steel equipment including a Rational oven and extraction system. PREPARATION AREA with WALK-IN COLD ROOM. Separate WASH-UP ROOM.
STAFF TOILETS and STOREROOM. LADIES’ and GENTLEMEN’S CUSTOMER TOILETS.
Ground floor REFRIGERATED BEER and BOTTLE STORE.
LETTING ACCOMMODATION
Located on the first floor extension with separate external access comprising:
- 3 DOUBLE BEDROOMS with EN SUITE SHOWER ROOM.
- FAMILY ROOM with EN SUITE SHOWER ROOM and private TERRACE.
- SINGLE BEDROOM with EN SUITE SHOWER ROOM.
OWNERS ACCOMMODATION
Located over two storeys with internal and separate external access. It comprises:
- TWO DOUBLE BEDROOMS.
- One SINGLE BEDROOM.
- Domestic KITCHEN.
- BATHROOM.
- LOUNGE.
- UTILITY.
EXTERNAL
Enclosed and lawned trade garden with patio area and bench seating for 60 customers. Front trade patio with additional seating for 14 customers. Smoking solution. Tarmac CAR PARK. SERVICE YARD.
Entrance from Kilkhampton Road into the LOUNGE BAR that has hand built elm furniture to seat 30 customers. Presented with fitted carpet and character features such as exposed stone walls, ceiling timbers and a stone built open fireplace.
MAIN BAR: With similar furnishings to seat 20 and sharing many of the same characteristics as the lounge bar. This trading space is fitted with impressive flagstone flooring, wall panelling and an interconnecting polished top bar servery with back bar display (stone fronted in main bar and brick fronted in lounge bar).
DINING ROOM known as the ‘Woodburner Room’ which can seat 30 customers and continues the flagstone flooring and furnishings, together with feature woodburning stove.
FUNCTION ROOM with skittle alley and seating for 70.
CATERING KITCHEN with nonslip flooring, hygienic wall cladding and fitted with an extensive range of stainless steel equipment including a Rational oven and extraction system. PREPARATION AREA with WALK-IN COLD ROOM. Separate WASH-UP ROOM.
STAFF TOILETS and STOREROOM. LADIES’ and GENTLEMEN’S CUSTOMER TOILETS.
Ground floor REFRIGERATED BEER and BOTTLE STORE.
LETTING ACCOMMODATION
Located on the first floor extension with separate external access comprising:
- 3 DOUBLE BEDROOMS with EN SUITE SHOWER ROOM.
- FAMILY ROOM with EN SUITE SHOWER ROOM and private TERRACE.
- SINGLE BEDROOM with EN SUITE SHOWER ROOM.
OWNERS ACCOMMODATION
Located over two storeys with internal and separate external access. It comprises:
- TWO DOUBLE BEDROOMS.
- One SINGLE BEDROOM.
- Domestic KITCHEN.
- BATHROOM.
- LOUNGE.
- UTILITY.
EXTERNAL
Enclosed and lawned trade garden with patio area and bench seating for 60 customers. Front trade patio with additional seating for 14 customers. Smoking solution. Tarmac CAR PARK. SERVICE YARD.
The Business
The New Inn has been in the same ownership since 1982. During this time, the business has become an established destination freehouse which enjoys good passing trade from those travelling on the A39, especially in the summer months when tourism is higher. It is popular with the local villagers and used by members of various sports teams, including those playing skittles, darts and pool. Group events such as shoots and fishing trips take place from The New Inn.
Profit and loss account for the year ended 30 June 2022 show an annual net turnover of £607,118 with a gross profit of 66%. The net profit for this year end was in excess of £175,000. It is anticipated that the year ending 2023 profit and loss accounts will show an increase in takings.
The trade split is estimated to be around 56% food, 40% wet and 4% letting. Further accounting information may be made available to serious applicants following a formal viewing.
Our clients would now like to move on from the business as they have been working at The New Inn for over forty years and wish to retire. There is scope to increase takings by improving the marketing of the newly fitted letting rooms which have, to-date, received minimal advertising. With a popular seaside resort nearby, this could be a great business opportunity.
No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.
Profit and loss account for the year ended 30 June 2022 show an annual net turnover of £607,118 with a gross profit of 66%. The net profit for this year end was in excess of £175,000. It is anticipated that the year ending 2023 profit and loss accounts will show an increase in takings.
The trade split is estimated to be around 56% food, 40% wet and 4% letting. Further accounting information may be made available to serious applicants following a formal viewing.
Our clients would now like to move on from the business as they have been working at The New Inn for over forty years and wish to retire. There is scope to increase takings by improving the marketing of the newly fitted letting rooms which have, to-date, received minimal advertising. With a popular seaside resort nearby, this could be a great business opportunity.
No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.
Tenure
FREEHOLD OFFERS IN EXCESS OF £800,000 to include goodwill and fixtures and fittings. Stock at valuation in addition.
Or alternatively:
LEASEHOLD - LEASEHOLD NIL PREMIUM. This is to be a furnished let with the Landlord retaining ownership of the fixtures and fittings. The Lessee to repair and replace like-for-like.
TERM - 6 years and 363 days.
LANDLORD & TENANT ACT 1954 - Outside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY - Fully assignable subject to Landlord’s consent.
DEPOSIT -A deposit of £30,000 is to be lodged with the Freeholder, plus personal guarantors if the lease is taken as a Limited Company. In addition, a three month rent deposit of £11,250 is payable on completion.
RENT - £45,000 per annum, paid monthly in advance.
RENT REVIEW - Subject to rent reviews every four years at open market rent.
REPAIR LIABILITY - Part repairing and insuring lease agreement. This is not a full repairing and insuring lease with the Freeholder retaining responsibility for the structure of the building. The Lessee will be responsible for internal maintenance, repair and decoration as well as the decorative condition of the exterior of the property.
TIE - Free of all trade ties.
INSURANCE - The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.
VAT - VAT will not be payable on rental payments.
Or alternatively:
LEASEHOLD - LEASEHOLD NIL PREMIUM. This is to be a furnished let with the Landlord retaining ownership of the fixtures and fittings. The Lessee to repair and replace like-for-like.
TERM - 6 years and 363 days.
LANDLORD & TENANT ACT 1954 - Outside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY - Fully assignable subject to Landlord’s consent.
DEPOSIT -A deposit of £30,000 is to be lodged with the Freeholder, plus personal guarantors if the lease is taken as a Limited Company. In addition, a three month rent deposit of £11,250 is payable on completion.
RENT - £45,000 per annum, paid monthly in advance.
RENT REVIEW - Subject to rent reviews every four years at open market rent.
REPAIR LIABILITY - Part repairing and insuring lease agreement. This is not a full repairing and insuring lease with the Freeholder retaining responsibility for the structure of the building. The Lessee will be responsible for internal maintenance, repair and decoration as well as the decorative condition of the exterior of the property.
TIE - Free of all trade ties.
INSURANCE - The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.
VAT - VAT will not be payable on rental payments.
Licence
A full Premises Licence is held:
Monday to Saturday: 11:00—01:00
Sunday: 11:00—00:00
Monday to Saturday: 11:00—01:00
Sunday: 11:00—00:00
Services
Mains water, electricity and drainage.
Bulk LPG for heating and cooking.
Local authority: Cornwall Council
Rateable value: £19,500 as at 01 April 2023
Bulk LPG for heating and cooking.
Local authority: Cornwall Council
Rateable value: £19,500 as at 01 April 2023