Great Eastern Millwall

1 Glenaffric Avenue, E14 3BW

  • Great Eastern Milwall
  • Great Eastern Milwall
  • Great Eastern Milwall
  • Great Eastern Milwall
  • Great Eastern Milwall
  • Great Eastern Milwall

Great Eastern Millwall

An extensive refurbishment will transform the former 'Great Eastern' and reposition it as the new 'Waterman Arms', a stylish bar, with a modern finish aimed at young professionals and affluent locals, looking for a stand-out, premium venue.

The Waterman Arms enjoys around 50,000 adults living within one mile from the pub,with 74% of them earning above average income. This provides a fantastic opportunity to open a trendy bar,with a premium offer, appealing to a large and lucrative market, both day and night.

The introduction of beautifully decorated trading areas, boutique letting rooms and an attractive beer garden will create a stand-out pub in the area. This, combined with a brand-new, quality food offering, fantastic drinks range and a day-time coffee offer that is unique to the area will ensure the pub attracts a wealth of affluent customers. This is a pub with incredible potential, all we're missing is the right person to run the business. Could that be you?

Pub Features

  • Letting Rooms
  • Refurbishment Planned
  • Catering Kitchen
  • Long-Term FRI Lease
  • Outdoor Trade
  • Private Accommodation
  • Smoking Area
  • Cask Ale

Trading Area & Facilities

complete refurbishment and reconfiguration of the internal trading areas, will create defined areas where customers can enjoy the quality new offer, supported by an upgraded kitchen and extended bar servery. This, combined with a brand-new beer garden and seven boutique letting rooms will reinvent the pub to appeal to a new demographic, who are looking for a stylish and vibrant pub.

Private Accommodation

A fantastic studio apartment will be in line with our 'Ready to Trade' promise so you can focus on creating an exceptional venue from the outset.

Premises Licence Details

please refer to premises license for full details

Premises Licence Opening Hours

Mon Tue Wed Thu Fri Sat Sun
11:00 - 23:00 11:00 - 23:00 11:00 - 23:00 11:00 - 23:00 11:00 - 23:00 11:00 - 23:00 12:00 - 22:30

Financials

Annual Rent £
99,500
Estimated Annual FMOP (Licensee Profit) £
101,990
Representative HEINEKEN UK Brand Discount Per Barrel £
175
Estimated Annual Turnover £
790,718
Estimated Annual Barrelage
220

“The above figures are provided as a guide only and will be finalised as part of the commercial agreement (please download the rent model from Trading Information section for full financial details).

** All figures quoted are exclusive of VAT

*** FMOP = Fair Maintainable Operating Profit

Investment

Ingoing Costs
Estimated Licensee Fixtures & Fittings Value £
113,225
Estimated Fixtures & Fittings Valuation Fee £
250
Estimated Stock Valuation £
12,000
Deposit Amount £
24,875
Rent In Advance £
8,292
Training Fee £
1,000
Estimated Designated Premises Supervisor / Manager Fee £
60
Premises Licence Fee £
295
Rates Assessment Fee £
55
Estimated Legal Fees £
650
Estimated Total Ingoing Costs £
160,702
Estimated Minimum Ingoing Costs £
30,894

In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.

The Estimated Licensee Fixtures & Fittings (F&F) Value assumes that the pub will be let on a Rolling Tenancy or Business Start-Up Agreement, where we own the majority of the F&F. The F&F Value for Full Repairing & Insuring Leases will be significantly more.

The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent or £3,000 (whichever is greater) and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs are not included in the rent model or ongoing costs below.

Other SP&B Ongoing Charges
Estimated Annual Buildings Insurance £
8,407
Estimated Annual Maintenance Compliance Charge £
TBC
Estimated Annual Accountancy & Stocktaking Charge (including tills) £
6,108

The above figures are provided as a guide only and will be finalised as part of the commercial agreement (please download the rent model from Trading Information section for full financial details)

* All figures quoted are exclusive of VAT

** Deposit build up will be payable over a maximum of 24 months

*** Fixtures and Fittings annual rental fee should be estimated at 15% of the F&F value. The actual F&F value will be determined on the day of entry

**** Maintenance Compliance Charge relates to the fees for various statutory inspections

***** Estimated Legal Fees is a charge applied to your account by SP&B for creation of your Lease. You are required to engage and pay for your own solicitor - your solicitor's fees are not included in the above estimate

****** The above figures assume that rent is billed weekly in advance and that Star Pubs & Bars retain ownership of large fixtures and fittings. Initial costs for a Fully Repairing and Insuring lease will be higher as rent is invoiced monthly in advance and all fixtures and fittings must be purchased