Criterion Stornoway
32 Point Street, Stornoway, HS1 2XFAgreement Type: Foundation Tenancy
View details for Criterion StornowayRefurbishment Planned
Heb & Star Bar Stornoway
13, South Beach, Stornoway, HS1 2BE
Pub Code: 2303085101
Key Features
- • Fantastic Refurbishment planned
- • Stunning Location, Untapped potential
- • Private Accommodation
- • Extensive Drinks range
- • Live Entertainment
- • Live Sports
Est Min Ingoing Costs: £12,305
Annual Rent: £45,668
More Information
What would you do with this pub to make it even more of a success?
The area
The Star Inn is located at the harbour in Stornoway in the main town of the Western Isles. Stornoway has a varied makeup but a slightly older population and is also extremely popular with UK & International tourists. Plans for a deep-water port for cruise ships have attracted £49million investment and is opening in 2024 projecting visitors will grow to 100,000 p.a. Around 3,000 people (18+) live within a 20 min walking distance of the pub and the town has a range of independent hotels, bars, and businesses. As well as benefiting from the unique Hebridean landscape there are also many historic attractions within a close distance
The offer
The Star Inn Stornoway is available on our 3 year agreement. Click here for more information on this agreement.
OFFER - Fully Repairing and Insuring Lease.
When refurbished, the Star Inn will offer:
• An extensive range of classic and premium lagers, spirits, wines, and cocktails and low and no alcohol options.
• The entertainment offer should complement the new offer with live weekend music, a weekly Pub Quiz and occasional live sporting events.
We’re always open to new ideas, what would you do to drive trade?
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 Star Inn Stornoway will have extensive experience in community led hospitality businesses. They will have a clear vision for their marketing strategy, drinks menu and entertainment offer 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 next chapter…
Trading Area & Facilities
The Star Inn Stornoway will be undergoing a refurbishment which will cover the interior and exterior of the pub.
A full list of works and pub floor plan can be found in the ‘refurbishment details’ in the downloads.
The pubs trading area and facilities post refurbishment will be:
- Main trading area with bar
- Capacity for 2 separate bar areas
- 42 internal covers – additional capacity in separate bar areas
- Smart Dispense
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
Private accommodation consists of 2 bedrooms, a living room, kitchen, and bathroom.
| Annual Rent | £ 45,668 |
| Estimated Annual Turnover | £ 511,138 |
| Deposit | £ 11,417 |
| Estimated Fixtures & Fittings Value | £ 43,445 |
| Estimated Stock Valuation | £ 5,000 |
| Estimated Working Capital | £ 3,500 |
| Estimated Total Ingoing Costs | £ 63,362 |
| Estimated Minimum Ingoing Costs | £ 12,305 |
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:
13, South Beach, Stornoway, HS1 2BE
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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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