Moat House
Corporation Street, Taunton, TA1 4AHAgreement Type:
Investment Tenancy
View details for Moat House
Washford Inn Washford
Washford Inn Washford
Station Road, Washford, Watchet, TA23 0PP Pub Code: 0010498101
Pub Code: 0010498101
Investment TenancyEst. Annual Turnover: £518,224
Annual Rent: £44,610
There is a refurbishment planned in the region of £440,000 to transform the Washford Inn into a standout roadside pub with stronger external appeal, a refitted kitchen and compliant letting rooms. What would you do with this pub to make it a success?
About the area
The Washford Inn is located in North Devon, on a main road route towards Butlin’s, in a beautiful part of the country with strong seasonal trade potential. The briefing does not state the number of adults within walking distance, but the pub benefits from limited local competition, with one key competitor noted - The White Horse, described as a lovely old-fashioned pub with rooms.
The pub currently attracts a loyal but more mature demographic, with limited younger custom, and relies on weekend trade with little daytime use. Following refurbishment, the pub will be repositioned to attract families, casual diners, walk-ins and destination visits, with a stronger food, drink and letting room offer helping it appeal to tourists, hikers, workers and the more affluent local market.
The offer
Washford Inn 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 Washford Inn will have extensive experience in food-led hospitality businesses with letting rooms. They will have a clear vision for the food and drink menu, how to make the most of seasonal tourist trade, and how to create a memorable experience for families, locals, walkers and visitors to the area.
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 refurbishment of the pub will cover both the interior and exterior. 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
- Snug area
- Separate games/sports zone
- Refitted catering kitchen
- Letting rooms
- Improved external appeal
- 2-3 cask ale offer
- Proper coffee offer
- Occasional entertainment
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
Private accommodation consists of three bedrooms, a 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
£66,153
Annual
Estimated Annual Turnover
£518,224
Annual Rent
£44,610
Entry Costs
Deposit
£11,653
Estimated Fixtures & Fittings Value
£45,000
Stock Valuation
£6,000
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.
Location:
Station Road, Washford, Watchet, TA23 0PP
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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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