Shepherds Rest Nottingham
Lower Bagthorpe, Nottingham, NG16 5HFAgreement Type:
Foundation Tenancy
View details for Shepherds Rest Nottingham
Cross Keys Swanwick
Cross Keys Swanwick
Derby Road, Alfreton, DE55 1BG Pub Code: 2302829101
Pub Code: 2302829101
Investment TenancyEst. Annual Turnover: £294,616
Annual Rent: £18,740
A refurbishment in the region of £203,000 is planned at the Cross Keys, Swanwick to transform it into a community pub with a broader appeal, stronger kerb appeal and an improved sport and casual food offer. What would you do with this pub to make it a success?
About the area
The Cross Keys is located in a suburban area of Swanwick, close to a main road and surrounded by lots of nearby housing developments. With 4,569 adults within a 20-minute walk, the pub is well placed to serve its local community and benefit from strong regular trade.
The pub’s existing customer base is predominantly wet-led and drinks-focused, but the refurbishment will reposition it to appeal to a broader, more diverse customer base, including families and casual diners. The Cross Keys is not the only pub in the area, but it is only one of a handful of pubs nearby, and with competitors described as worn or underinvested, this investment creates a real opportunity to stand out.
The offer
Cross Keys, Swanwick is available on our investment tenancy agreement. Click here for more information on this agreement. Please refer to the 'Refurbishment Details' section for details of the investment being made.
Who we're looking for
Attitude is more valuable than experience. If you’ve got the following, we’d love to hear from you.
- Understanding of the local community
- You know what it takes to build a successful business
- You love hospitality and are great with 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
The refurbishment of the pub will cover both the interior and exterior. A full list of works and pub floor plan can be found in the Downloads section. The pub's trading area and facilities post refurbishment will be:
- Main trading area with bar
- Snug area
- Separate games/sports zone
- 61 internal covers
- 64 external covers
- Catering kitchen for a very small food offer, suitable for sport menu items such as burgers and nachos
- HEINEKEN SmartDispense
- Three-bedroom private accommodation with kitchen, lounge and bathroom
- Pub garden
- Large car park with 40 spaces.
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, 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
Three-bedroom private accommodation with kitchen, lounge and bathroom.
With our 5 Star Promise, the rent at the start of your agreement is fixed until the end of its initial term.
Indicative entry costs
£35,685
Annual
Estimated Annual Turnover
£294,616
Annual Rent
£18,740
Entry Costs
Deposit
£4,685
Estimated Fixtures & Fittings Value
£20,000
Stock Valuation
£7,500
Working Capital Required
£3,500
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.
What we're planning & why
A both internal and external refurbishment is planned at the Cross Keys, with an estimated investment of £203,000. The scheme is designed to refresh the look and feel of the pub, improve its facilities and help reposition it for modern customers in the local area. Unlike standard terms for Investment Tenancies, we're offering the option to rent the Fixtures & Fittings for this pub. Ask us for more information!
What's happening?
The planned works will focus on the areas that can make the biggest difference to trade. The kitchen will be refurbished to support a small food offer, creating a point of difference in the area as the brief notes that no one else offers food locally. New external signage will improve kerb appeal and help set the pub apart from neighbouring underinvested sites, while an internal sparkle and upgraded sports amenities will help the Cross Keys look and feel stronger than the competition.
These improvements create the opportunity to rebuild the pub’s reputation in the local community and better match the demographics of the area. The pub is suited to a value-led food offer with simple dishes such as burgers and nachos, alongside a strong drinks-led and sports-focused experience. The entertainment and games offer also has room to improve, so the successful applicant will need to make the most of the upgraded environment and create a welcoming, consistent community local.
Why invest?
This is an investment aimed at unlocking underused potential. The Cross Keys has a strong local catchment, sits on a main road, benefits from a large car park, and has the chance to trade more effectively with an improved kitchen, stronger external presence and better sports and entertainment facilities. The refurbishment is expected to increase turnover from £1,500 to £5,665, showing the scale of opportunity available through the planned transformation. To explore some of our recent successful pub investment projects, please see our Investment Showcase page.
Personal Recommendation
"Ideal location with lots of people around, we want to make sure the pub fits the area and find the right operator to make it tick. F&F rental is available making this an attractive offer for the right operator."
— Leonard Jackson
Location:
Derby Road, Alfreton, DE55 1BG
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To apply for this pub or for additional information, please contact us directly
Freephone:
08085 94 95 96
Email us at
enquiries@starpubs.co.uk
Or visit
www.starpubs.co.uk
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