Crafty Teller Nottingham
532/534 Mansfield Road, Nottingham, NG5 2FRAgreement Type:
Foundation Tenancy
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Sun Inn Tuxford
Sun Inn Tuxford
1, Newcastle Street, Newark, NG22 0LN Pub Code: 2302639101
Pub Code: 2302639101
Investment TenancyEst. Annual Turnover: £370,147
Annual Rent: £20,895
A refurbishment of around £227,000 is planned to give the Sun Inn a full transformation, including its outdoor space, and create a more appealing village pub for local residents, families and destination visitors.
What would you do with this pub to make it a success?
About the area
The Sun Inn is in the attractive residential village of Tuxford, in a location with heavy footfall past the pub and good bus and transport links. There are 1,380 adults within a 10-minute walk, giving the business an established local catchment as well as passing trade.
Only one other pub competitor is identified in the briefing document, making the Sun Inn one of just two pubs in the immediate village market. Its central position and passing footfall give the refurbishment a strong opportunity to rebuild the pub’s local reputation and become a more prominent destination.
The pub currently trades predominantly as a wet-led business and its basic offer creates relatively few destination visits. The investment will reposition it for a broader and more diverse customer base, including families and casual diners, while encouraging more walk-ins and destination visits.
The offer
Sun Inn, Tuxford 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
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 Sun Inn will have extensive experience in village and community hospitality businesses. They will have a clear vision for the food and drink menu, family-friendly customer experience and local 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
The scheme is described as a full transformation of the Sun Inn, including a revamp of the pub’s outdoor space. 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
- 82 internal covers
- 62 external covers
- 30m² catering kitchen
- HEINEKEN SmartDispense
- Two-bedroom private accommodation
- Small patio
- Car park with 24 spaces, shared with the council
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
The private accommodation consists of 2 bedrooms, living room, kitchen, 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
£36,224
Annual
Estimated Annual Turnover
£370,147
Annual Rent
£20,895
Entry Costs
Deposit
£5,224
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
An estimated £227,000 investment is planned as a full transformation of the Sun Inn, including a revamp of the pub’s outdoor space. The scheme will modernise the customer environment, improve the pub’s presentation and kerb appeal, and create a stronger platform for food, drink and family occasions. Private accommodation is also included in the refurbishment.
What's happening?
The brief describes a full transformation of the pub, creating an opportunity to bring the overall customer environment up to modern expectations and clearly signal a new chapter for the business.
The Sun Inn’s kerb appeal is identified as an area that currently limits the opportunity, so the refurbishment will provide a chance to strengthen its presentation and make more of the heavy footfall passing the pub.
The outdoor space will form part of the transformation, helping the business make better use of its 62 external covers and broaden its appeal during warmer periods.
A sizeable 30m² catering kitchen gives the operator a strong platform to develop a food offer capable of attracting families and casual diners. The successful operator will need to shape a menu and service style that suits the village market and encourages repeat and destination visits.
Why invest?
The investment is designed to rebuild the Sun Inn’s reputation, modernise the customer experience and improve its visibility in the village. By combining a refreshed pub with stronger outdoor and food opportunities, the scheme should broaden the customer base, generate more walk-in and destination visits and support stronger trading throughout the week.
The briefing projects turnover to reach approximately £370,000 following the refurbishment.
To explore some of our recent successful pub investment projects, please see our Investment Showcase page.
Location:
1, Newcastle Street, Newark, NG22 0LN
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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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