Old Oak Hotel Longridge
111 Preston Road, Longridge, Preston, PR3 3BAAgreement Type:
Investment Tenancy
View details for Old Oak Hotel Longridge
The Spinning Mill Colne
The Spinning Mill Colne
Burnley Road, Colne, BB8 8LF Pub Code: 2302366101
Pub Code: 2302366101
Investment TenancyEst Min Ingoing Costs: £18,494
Annual Rent: £27,977
The Pride of Pendle
The Spinning Mill is located on the main road between Colne and Nelson, near Burnley. It’s a densely populated area with almost 11,000 people living withing a 20-minute walk of the pub. In this area is limited competition and there is a gap in the market for a good food and drink offer. A refurbishment will turn the Spinning Mill into a premium community pub.
When refurbished, the Spinning Mill will appeal to a very broad spectrum of customers due to its multi-income stream offer. The new licensee can expect income streams from couples and groups of friends, diners and families during the week as well as pool and darts teams.
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The offer :- The Spinning Mill is available on our investment tenancy agreement. Click here for more information on this agreement.
Serious Potential
Post refurbishment, the Spinning Mill will offer a range of drinks including some premium and value lagers, craft beer, ciders, ales, premium spirits and cocktails. A home-cooked, traditional pub classics food menu will nourish the hungry locals. Whilst casual guests can enjoy coffee, Wi-Fi, live sports and entertainment as part of the rhythm of the week.
The planned refurbishment to the Spinning Mill will allow a new operator to build a reputation as one of the best pubs in the area. The quality of the surroundings, a loyal local community, 77 covers and fantastic outdoor space will make this pub stand out well above the competition. All we are looking for is the right operator!
Special Offer – unlike standard terms for Investment Tenancies, we are offering the option to rent the Fixtures & Fittings with three months’ deposit.
Trading Area & Facilities
Inside, the pub will be redecorated which will include new lighting, new furniture and new bric-a-brac. We will also be refurbishing the ladies toilets and make repairs to the gents. This will give the pub a whole new look and feel and attract a variety of customers.
The garden and smoking area will be enhanced with new furniture and a full redecoration. We will also install new signage and lighting. These works will give the pub a much more premium feel and will enable the new licensee to offer a fantastic space throughout the year.
Please refer to the Refurbishment Details document in the Downloads section for further information on the planned investment.
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 at the pub consists of two bedrooms, an office, lounge, kitchen and bathroom.
Estimated Total Ingoing Costs
£18,494
Estimated Minimum Ingoing Costs
£18,494
Annual Rent
£27,977
Estimated Annual Turnover
£436,818
Deposit
£6,994
Estimated Fixtures & Fittings Value
£24,000
Estimated Stock Valuation
£8,000
Estimated Working Capital
£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.
Location:
Burnley Road, Colne, BB8 8LF
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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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