Archived
Superb Pub with Function Room and Guest Accommodation
Ashington, Northumberland
- Asking Price: £599,950 +SAV
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Turnover:
The business reports a fantastic turnover of £315,000 per annum.
- Tenure: Freehold
Hilton Smythe welcomes to the market The Castle. This community pub and restaurant is very well supported by local residents.
The business was established by our client some 16 years ago and has quickly built up a loyal client base, especially busy for sports events with large flat screen TV’s throughout and pool room, with capacity for 150 patrons. The pub is highly presented throughout with comfy seating and stylish decor with the recent addition of a bright conservatory area. The business reports a fantastic turnover of £315,000 per annum.
In addition the pub boasts a large function room with stage and own bar, hosting regular events. We believe this aspect of the business has huge potential for growth through an advertising and marketing campaign. Promoting the room for private functions for special occasions we believe could prove lucrative. In particular the business would benefit from the introduction of a website. Although, the business does have a presence on social media website Facebook with nearly 600 likes.
To complement the pub is a very popular Italian Restaurant boasting 70-80 covers and currently let to a sitting tenant generating circa £300 per week rental income. There is the potential for a new owner to run and manage the restaurant rather than lease to further income.
The Castle also provides 8 letting rooms all ensuite and offered on a bed and breakfast basis. We believe this arm of the business would certainly benefit from accessibility to book on-line via a website.
The business is complete with fantastic 2 bedroom owner’s accommodation making this an ideal acquisition for a couple or small family looking for a lifestyle change within this vibrant community.
The business is owner run and managed with the assistance of 9 staff members.
The business opens:-
Monday – Sunday 10.00am – 11.00pm
The Castle is situated in the former large mining town of Ashington, Northumberland.
The business is located just outside the town centre within a heavily populated area from which the business derives much trade, truly at the heart of this vibrant community. Situated on a main road location the business also benefits from its own free car park.
Ashington is around 15 miles north of Newcastle upon Tyne and has a population of around 27,000. The area is easily accessible from the A197 and A189 with regular bus services running through the town.
Substantial detached premise briefly comprising:-
Well-presented frontage with good signage and bench style seating externally.
Main entrance with bar area to the left, comfy seating throughout the bar, 150 capacity. Big flat screen TV’s throughout.
Separate pool area with table and access to the restaurant.
Male and female toilets to the rear.
Large function room with stage, dance floor and its own bar, with a 150 capacity.
There is also a small office.
To the far side of the bar is a double door with access to the conservatory area, recently built, with extra seating and a small bar.
The restaurant has its own separate entrance from the car park with a reception/waiting area. The bar area opens out to the main restaurant with 70-80 covers with the kitchen to the rear. The restaurant is currently leased out to a sitting tenant.
First Floor
8 letting rooms, all double or twin and all ensuite with showers.
Owners accommodation comprises of 2 bedrooms, lounge, kitchen, shower and separate toilet
Large car park and cctv throughout.
The cellar is below the car park.
Tenure
We are advised Freehold
Free of tie to new owner.
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Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83
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