Property Description
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…
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 consists of three bedrooms, a living room, kitchen and bathroom.
Premises license available on request.
Agreement Type
Investment Tenancy
Property Facilities
Kitchen
Letting Rooms
Parking
Outdoor Trade
Private Accommodation
Property Financials
Additional Information
In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
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 are not included in the rent model or ongoing costs below.
Note that on FRI 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.
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
** Deposit build up will be payable over a maximum of 24 months
*** Fixtures and Fittings annual rental fee should be estimated at 15% of the F&F value. The actual F&F value will be determined on the day of entry
**** Maintenance Compliance Charge relates to the fees for various statutory inspections
***** Estimated Legal Fees is a charge applied to your account by SP&B for creation of your Lease. You are required to engage and pay for your own solicitor - your solicitor's fees are not included in the above estimate
* 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
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.
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
MISREPRESENTATION ACT 1967
My Hospitality Solutions Ltd advises that the contents of these particulars are believed to be correct and Lessees should satisfy themselves that they are accurate.
The information and images displayed about the properties advertised comprise a property advertisement only. My Hospitality Solutions Ltd is not liable for the accuracy or completeness of the advertisement or any linked or associated information and My Hospitality Solutions Limited has no control over the content.
