Prince Albert Whitstable
Sea Street, Whitstable, CT5 1ANAgreement Type: Foundation Tenancy
View details for Prince Albert Whitstable
Cross Keys Canterbury
24, Oaten Hill, Canterbury, CT1 3HZ
Pub Code: 2303052101
Key Features
- Refurbishment Planned
- Great Demographics
- Modern, Multifaceted Site
- Great Location
- Large Beer Garden
- Large Private Accommodation
Est Min Ingoing Costs: £72,509
Annual Rent: £44,500
More Information
Fantastic Refurbishment Planned
The Cross Keys will benefit from a full internal redecoration. Star Pubs and Bars will be installing a new raised trading area to create more usable trading space throughout, adding bespoke fixed seating, reviving the bar counter with new back fittings and adding new lighting throughout whilst renovating the existing timber flooring.
Externally, Star Pubs and Bars will be redecorating and adding new signage and lights to the front of the building to drive curb appeal to passing trade.
The rear beer garden will see a huge improvement with the addition of new planters, pergolas, decking and festoon lighting.
The Cross Keys will be the go to premium local in the area, an inviting and comfortable place for drinks with friends and a fun night out.
Busy Location – Great Demographics
The Cross Keys is located just outside of the old city walls in Canterbury. Canterbury is well known for its vibrant culture with a bustling tourism trade and a student population. There is a diverse demographic around the pub, with over 6,800 adults within a 10 minute walk – expanding to 21,000 in a 20 minute walk.
Fantastic Potential
With a high footfall within the area combined with the investment in the trade kitchen, refurbishment to internals and externals and an excellent modern garden space this will ensure the Cross Keys will be an incredible opportunity for an ambitious operator who can drive trade. The refurbishment will allow flexible zoning and a comfortable atmosphere along with 67 internal covers and 100 external covers that will set the pub out from its competition.
Target Customers:
When refurbished, the Cross Keys will appeal to:
- Students
- Office Workers
- Couples and groups of friends
- Sports fans through a strong cricket match day trade
Offer:
This tasteful refurbishment will inject modern character into The Cross Keys, giving it the ability to trade at all points of the day and generate multiple income streams.
With premium features, a brand new bar servery, flatscreen TVs, and a private rear bar area, The Cross Keys will now be able to host any occasion in stunning surroundings.
This is a pub with great potential, all we’re missing is the right person to drive it forward. So, could that be you?
If you’ve benefited from running or owning a pub business, we’d love to hear what experience you can bring.
The right operator for the Cross Keys will have extensive experience in a successful hospitality businesses. They will have a clear vision for their food & drinks menu and marketing strategy and can create a memorable experience for their customers
If this sounds like the incredible pub opportunity you’ve been waiting for, apply today and tell us what you can bring to this pub’s next chapter…
Trading Area & Facilities
Please see the refurbishment details brochure for a full breakdown of all works carried out in the planned refurbishment.
Applicants should be aware that all refurbishments are subject to final board approval which will be determined as part of the leasing process.
Where a significant investment is made in a pub by Star Pubs & Bars, an "Investment Exemption" will be required. The exemption means that the option of a Market Rent Option lease won't be available at rent review for a period of up to seven years for this site, as per The Pub Code (2016).
Applicants should be aware that all refurbishments are subject to final board approval which will be determined as part of the leasing process.
Where a significant investment is made in a pub by Star Pubs & Bars, an "Investment Exemption" will be required. The exemption means that the option of a Market Rent Option lease won't be available at rent review for a period of up to seven years for this site, as per The Pub Code (2016).
Private Accommodation
There is private accommodation at the site and there is scope for this to be further developed by the new operator. As part of the planned development included for this site a dedicated tenant’s/manager’s accommodation will be created upstairs and decorated to a good standard, this will consist of 2-3 bedrooms, living room, kitchen and bathroom.
Where required there will be appropriate works carried out in line with the Star Pubs & Bars Ready to Trade Promise.
| Annual Rent | £ 44,500 |
| Estimated Annual Turnover | £ 522,743 |
| Deposit | £ 11,125 |
| Estimated Fixtures & Fittings Value | £ 47,884 |
| Estimated Stock Valuation | £ 10,000 |
| Estimated Working Capital | £ 3,500 |
| Estimated Total Ingoing Costs | £ 72,509 |
| Estimated Minimum Ingoing Costs | £ 72,509 |
The above figures are provided as a guide only and will be finalised as part of the commercial agreement. All figures quoted are exclusive of VAT.
Estimated Working Capital is an estimate of key start-up costs such as professional fees, training fee, premises license fee, F&F valuation fee & till floats. There will be additional ongoing charges payable during the term of the agreement such as property maintenance, repairs fund, SmartDispense. These costs will be outlined prior to completing a business plan and finalised at Heads of Terms.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs should be included in your financial assumptions in your business plan. Note that on FRI and Investment Tenancy Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased. A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors. In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
Estimated Working Capital is an estimate of key start-up costs such as professional fees, training fee, premises license fee, F&F valuation fee & till floats. There will be additional ongoing charges payable during the term of the agreement such as property maintenance, repairs fund, SmartDispense. These costs will be outlined prior to completing a business plan and finalised at Heads of Terms.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs should be included in your financial assumptions in your business plan. Note that on FRI and Investment Tenancy Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased. A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors. In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
Location:
24, Oaten Hill, Canterbury, CT1 3HZ
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Freephone:
08085 94 95 96
Email us at
enquiries@starpubs.co.uk
Or visit
www.starpubs.co.uk
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