Sunshine brings positive news in the hospitality sector in the South West.
After a challenging winter period, there is more activity being reported from our leisure team as the good weather corresponds with a rise in new instructions and agreeing deals. Recent instructions include:
- Core, Exeter – a nightclub and bar on Mary Arches Street which offers three bars and a rare opportunity for a city centre freehold. OIEO £675,000
- The Leaping Salmon, Horrabridge – A smart freehold public house with a focus on local and organic produce with three letting bedrooms. Guide £425,000
- Kerenza Hotel, Bude – Recently closed 23 bedroom hotel in smart order with planning for a further 6 bedrooms. 2 bed apartment and 0.38 acre corner plot. Guide £950,000
- Pethericks Mill, Bude – Multi let investment with complementary occupiers which has created a very successful hub in recent years. 7% yield after purchaser costs. Guide £750,000
- Large freehold site in Somerset for either existing pub use or suited to camping, caravan or farm shop use STP. Guide £1,200,000
- South West Event Hire business – well established and available on a confidential basis as a going concern
- Kings Arms, Winkleigh – Highly regarded and smart Devon freehouse in popular village Strong trade history and 5 bed owner accommodation. Guide £525,000
- Land sale sites in Polgooth and Port Gaverne
In the past 3 weeks our service has agreed terms for 8 sites to include new lettings, lease assignments and freehold sales – we hope to promote these deals once completed during the Summer period. Recent sales include acquisition advice for a riverside Devon freehold pub investment and a new free of tie letting on the beach in North Cornwall.
We are running best and final bid processes for the following two freehold pub sites in Cornwall – culminating on 4th June:
- Ship Inn, Portloe – Within a highly sought after location with public bar and restaurant, large beer garden, two letting rooms and one bed apartment. Guide £550,000
- Dolphin Inn, Grampound – Large roadside venue with public bar, pool room and restaurant, beer garden, car park and 4 bed owner’s accommodation. Guide £415,000
Michael Easton, who runs our department comments ‘Whilst the market remains difficult it is clear to see an uptick in activity in recent weeks and good to see that deals are being agreed for a number of our clients. This corresponds with the good weather and many of our clients are reporting strong year on year growth in trading as a result. Whilst these are welcome green shoots for the sector, there is a still much to do in order to establish more certainty, but suffice to say that applicants are showing more interest and conditions are more likely to improve in the medium term with likely rates increases and better trading conditions.’
You can contact our Hospitality Commercial Agency team here.
