Lighthouse Inn, Walcott
Leasehold for Sale
Rent: New 'free of tie' lease - Rental OIRO £55,000 Ex VAT per annum
Price: Premium - £60,000 Ex VAT (exc VAT if applicable)
Beautiful coastal freehouse demonstrating consistently superb levels of trade
- 2.03 Acres - (1 ha)
- Beautiful coastal freehouse
- New 'free of tie' lease for a term to be agreed
- Rental incentives may be available
- Established business consistently trading in excess of £600,000 per annum (net of VAT)
- Total internal covers - c.150
- Site area- 2.03 acres (approx)
- EPC Rating: C (68)
Walcott is a popular coastal village located in North Norfolk, lying around 26 km north east of Norwich. It is the only village in Norfolk where the coast road runs along the edge of the sea. The pub is a very popular stop-off for tourists who are visiting Happisburgh Lighthouse and the other beautiful coastal spots nearby.
The Lighthouse is a detached, predominantly two-storey public house. The internal trading area is primarily open-plan in nature with extensive bar and restaurant areas catered to by a large wooden servery. There is a dedicated restaurant in addition. In total, c. 150 covers are served. Male & female WCs are also present and there is a good-sized beer cellar at basement level.
Serving the restaurant is a substantial and well equipped commercial trade kitchen with ample preparatory space, incorporating walk-in chillers and surfaces. Further storage space is available in the adjacent single storey outbuilding. The first floor accommodation provides a 3 bedroom domestic flat with lounge, small office and bathroom.
Outside, the Lighthouse benefits from extensive trade gardens primarily laid to lawn. Currently, there are c. 60 external covers (picnic benches) available but this could be greatly increased, if desired. The remaining outside space has been utilised for marquee events, including weddings. The car park provides ample parking for 35-40 vehicles.
The area of the pub site 2.03 acres and the ground floor footprint of the main pub, excluding outbuildings, extends to 450m² (4,843ft²). These measurements are taken from digital mapping and are approximate.
The area available for lease is outlined in red. The Landlord will retain vehicular access over the car park from point 'A' to points 'B' and 'C' (marked).
The business has been owner-operated by the Landlord since acquisition in 1989. In recent years, the net annual turnover has consistently been in the region of £600,000. Detailed 'Profit & Loss' accounts are available to genuinely interested parties.
The property is available by way of a new FRI 'free of tie' lease for a term to be agreed. Rental offers in the region of £55,000 per annum are invited. Initial rental incentives may be available, subject to terms.
Premium offers of £60,000 will be sought for the benefit of the new lease. This will include the purchase of the fixtures & fittings and goodwill. An inventory can be provided on request. Applicants must have sufficient capital available to cover 6 months rent (3 months as a deposit; 3 months rent in advance), insurance, legal fees and working capital.
The Landlord will consider staged payments of the premium, at their discretion. Proof of funding will be sought. Please call 01223 370055 to discuss these ingoings in more detail. Alternatively, an outstanding freehold offer would be considered by the Landlord.
Rates & Charges
Business Rates£19,720.00 per annum (based on a Rateable Value of £40,000)
Council Tax£1091.49 per annum (Band A)