Walrus Plymouth
Walrus Plymouth
Athenaeum Street, Plymouth, PL1 2RH Pub Code: 0090263101
Pub Code: 0090263101
Investment TenancyEst. Annual Turnover: £697,502
Annual Rent: £44,783
Pub Overview
We are planning a refurbishment in the region of £520,000 to transform the Walrus into a premium, food-led city-centre pub with a welcoming atmosphere, standout outdoor space and a strong all-day offer. What would you do with this pub to make it a success?
About the area
The Walrus is in the heart of Plymouth, ideally placed to attract a broad mix of locals and visitors. The Theatre Royal Plymouth is nearby, while the Plymouth Athenaeum Theatre is virtually opposite, creating exciting opportunities for pre-theatre dining and post-show drinks. Plymouth city centre, the Hoe and its famous Smeaton’s Tower, the historic Barbican, Mayflower Steps and Plymouth Gin Distillery all add to the area’s appeal. Student accommodation close to the pub provides another valuable source of potential trade.
There are 5,433 adults living within walking distance. The Walrus sits within a vibrant hospitality market, with a range of competing pubs and venues within a short walk. The pub is currently closed, giving the incoming operator a chance to launch a fresh offer and establish its own identity. The investment is designed to appeal to a wider audience, from local residents and students to professionals, theatre-goers and tourists looking for quality food, premium drinks and memorable experiences.
The offer
The Walrus 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 Walrus will have extensive experience in premium, food-led hospitality businesses. They will have a clear vision for a menu of modern pub classics, pre-theatre dining, premium drinks, entertainment and a local marketing strategy, and can create a memorable experience for their customers.
We’re looking for someone entrepreneurial with strong food credentials, high standards and the ability to build relationships with Plymouth’s local community while making the most of its visitor and theatre trade.
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 proposed refurbishment will cover both the interior and exterior of the pub, including its garden. 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
- Separate dining room
- 74 internal covers
- 88 external covers
- Refitted catering kitchen
- Function room
- HEINEKEN SmartDispense
- Pub garden and refreshed external seating
- Car park with 15 spaces
- Private accommodation comprising two bedrooms, bathroom, kitchen and living room, included in the refurbishment
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
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
£64,288
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 proposed investment of approximately £520,000 will deliver a full transformation of the Walrus, covering both its interior and exterior, including the pub garden. The plans will create a premium setting with an improved layout, refreshed décor, a refitted commercial kitchen, new external signage and enhanced outside seating. The aim is to establish a distinctive destination that makes the most of the pub’s central Plymouth position.
What’s happening?
Inside, a full refurbishment and revised layout will refresh the customer experience and create an inviting setting for food, drinks and social occasions. Updated décor will give the Walrus a more premium feel, while a refitted commercial kitchen will enable the operator to build a strong food reputation with modern pub classics, Sunday lunches and pre-theatre dining.
Outside, renewed signage, an updated look and refreshed outdoor seating areas will help the pub stand out to passing customers and encourage warm-weather trade. The revitalised garden and external space will provide another reason to visit, particularly for groups, residents and tourists exploring the city.
The opportunity goes beyond the physical improvements. A full drinks range, barista-quality coffee and entertainment throughout the week offer ways to attract customers across different dayparts. Live music, local events, theatre-related promotions and well-executed food occasions could build repeat visits. The operator will have scope to bring ideas to the offer and develop a distinctive identity for the Walrus.
Why invest?
The Walrus has the location and potential to become a go-to premium local with destination appeal. The proposed refurbishment will improve the pub’s visibility, broaden its customer base and create more opportunities to trade throughout the day and evening. A stronger food offer, pre-theatre visits, premium drinks, events and enhanced outside seating are all expected to contribute to increased footfall, longer visits and higher turnover. To explore some of our recent successful pub investment projects, please see our Investment Showcase page.
St John’s Yard, Tunbridge Wells, is a reference for the type of premium, food-led transformation envisaged for the Walrus, with a broad customer mix and appeal across dining and social occasions.
Personal Recommendation
"We are seeking an experienced, entrepreneurial operator with strong food credentials, excellent standards and the ability to engage with a diverse customer base. The ideal licensee will be capable of delivering a premium food-led offer, building strong relationships within the local community and maximising opportunities from theatre visitors, tourists, students and local residents. The planned refurbishment will transform the pub into a high-quality destination venue, enhancing its kerb appeal, strengthening its food offer and creating a more premium customer experience. The investment is expected to broaden the pub’s appeal, encourage customers to stay longer, increase food sales and establish the pub as a popular destination for pre-theatre dining, social occasions and community gatherings."
— Aubrey Taylor, Investment Manager
Location:
Athenaeum Street, Plymouth, PL1 2RH
Selected pub
Other pubs
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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