WEST SUSSEX - SUPERBLY REFURBISHED PUB
Bognor Regis, West Sussex
Ref: 91083
Leasehold £35,000
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Key Features
Precis
A superbly refurnished public house offering a modern yet stylish internal trade space, large external trade space and potential to incorporate more letting bedrooms into the business.
Location
The Thatched House is located in the charming and historic village of Felpham, West Sussex. Also sometimes considered to be part of the greater Bognor Regis habitation, it is a village and civil parish in its own right. It is our understanding that Felpham has a population of approximately 10,000 residents. Felpham is a short drive from the popular coastal town of Bognor Regis, situated approximately 55 miles south west of London, 24 miles west of Brighton and 6 miles south east of Chichester. The area is well known as the home of Butlins, with its extensive indoor leisure park and sizeable modern hotels drawing a large number of visitors to the area particularly in the summer months.
The area is accessed from the east and west via the A27 coastal road linking the larger conurbations of Southampton, Portsmouth, Eastbourne and Brighton. Mainline railway services are available from Bognor Regis with links to a number of south coastal towns as well as London Victoria.
The Thatched House occupies a notable detached two storey public house of brick construction under a pitched slate roof. The property has been extensively refurbished and is presented to a high standard throughout. The property is conveniently positioned approximately a 5 minute walk from the beach, Butlins, Felpham Sailing Club and Bognor Regis Promenade. The Thatched House is also surrounded by a good number of residential properties.
The area is accessed from the east and west via the A27 coastal road linking the larger conurbations of Southampton, Portsmouth, Eastbourne and Brighton. Mainline railway services are available from Bognor Regis with links to a number of south coastal towns as well as London Victoria.
The Thatched House occupies a notable detached two storey public house of brick construction under a pitched slate roof. The property has been extensively refurbished and is presented to a high standard throughout. The property is conveniently positioned approximately a 5 minute walk from the beach, Butlins, Felpham Sailing Club and Bognor Regis Promenade. The Thatched House is also surrounded by a good number of residential properties.
Property
TRADE AREAS
Entrance from front of property directly into MAIN BAR. The main bar is presented in a modern and stylish manner with parquet and tiled flooring, exposed brickwork and trendy industrial lighting. The bar is served by a spacious L-shaped bar servery housing two double drinks fridges, drinks fridge, coffee machine and tiled back bar. Seating for 56.
Offset are refurbished GENTLEMEN'S TOILETS, and LADIES TOILETS with baby changing facilities.
Leading to the rear of the bar is a STORAGE AREA and large TRADE KITCHEN. The kitchen houses an extractor, convection oven, under counter fridges, dishwasher and hot cupboard. PANTRY offset.
The property is serviced by a ground floor CELLAR.
OWNERS ACCOMMODATION
Located at first floor level there is a spacious and modern accommodation fitted with brand new carpets. The accommodation comprises of:
- Large LOUNGE
- BATH & SHOWER ROOM
- STORAGE CUPBOARD
- BOILER CUPBOARD
- MODERN FITTED KITCHEN with quartz work top
- DOUBLE BEDROOM with en suite WC
- 2 x INTERLINKING DOUBLE BEDROOM
LETTING ACCOMMODATION
To the side of the Thatched House is a SELF-CONTAINED COTTAGE which has been lovingly converted into a holiday let. This superbly presented unit offers a ground floor LOUNGE with KITCHENETTE area, log burner, sofas and TV. At first floor level there is a DOUBLE BEDROOM bedroom with vaulted ceiling, exposed timbers and brickwork as well as a stylish EN SUITE SHOWER ROOM.
EXTERNAL
To the side of the property there is private CAR PARKING for two vehicles.
To the rear of the property is further CAR PARKING for 15 vehicles, which is currently being converted into a spacious EXTERNAL TRADE AREA capable of providing seating for 50-100 patrons. This area also provides a raised DECKING AREA.
Entrance from front of property directly into MAIN BAR. The main bar is presented in a modern and stylish manner with parquet and tiled flooring, exposed brickwork and trendy industrial lighting. The bar is served by a spacious L-shaped bar servery housing two double drinks fridges, drinks fridge, coffee machine and tiled back bar. Seating for 56.
Offset are refurbished GENTLEMEN'S TOILETS, and LADIES TOILETS with baby changing facilities.
Leading to the rear of the bar is a STORAGE AREA and large TRADE KITCHEN. The kitchen houses an extractor, convection oven, under counter fridges, dishwasher and hot cupboard. PANTRY offset.
The property is serviced by a ground floor CELLAR.
OWNERS ACCOMMODATION
Located at first floor level there is a spacious and modern accommodation fitted with brand new carpets. The accommodation comprises of:
- Large LOUNGE
- BATH & SHOWER ROOM
- STORAGE CUPBOARD
- BOILER CUPBOARD
- MODERN FITTED KITCHEN with quartz work top
- DOUBLE BEDROOM with en suite WC
- 2 x INTERLINKING DOUBLE BEDROOM
LETTING ACCOMMODATION
To the side of the Thatched House is a SELF-CONTAINED COTTAGE which has been lovingly converted into a holiday let. This superbly presented unit offers a ground floor LOUNGE with KITCHENETTE area, log burner, sofas and TV. At first floor level there is a DOUBLE BEDROOM bedroom with vaulted ceiling, exposed timbers and brickwork as well as a stylish EN SUITE SHOWER ROOM.
EXTERNAL
To the side of the property there is private CAR PARKING for two vehicles.
To the rear of the property is further CAR PARKING for 15 vehicles, which is currently being converted into a spacious EXTERNAL TRADE AREA capable of providing seating for 50-100 patrons. This area also provides a raised DECKING AREA.
The Business
The Thatched House is currently operated by a third party. The Thatched House is well known locally as the "go-to" venue, which is popular with local residents and visitors to the area alike. It is our understanding that net sales currently stand in the region of £380,000 per annum.
It is our understanding that the holiday letting is let for between £95 and £125 per night and frequently generates and income of £2,000 per month.
The Thatched House is a prime opportunity for a new hands on owner operator who could utilise the new expansive outside space and deliver their own food offering which the business has been missing in recent years. Furthermore a new owner could reconfigure the first floor owners accommodation to provide 4 to 5 letting bedrooms (subject to relevant permissions) in order to increase turnover from the expected influx of staycations.
It is our understanding that the holiday letting is let for between £95 and £125 per night and frequently generates and income of £2,000 per month.
The Thatched House is a prime opportunity for a new hands on owner operator who could utilise the new expansive outside space and deliver their own food offering which the business has been missing in recent years. Furthermore a new owner could reconfigure the first floor owners accommodation to provide 4 to 5 letting bedrooms (subject to relevant permissions) in order to increase turnover from the expected influx of staycations.
Tenure
LEASEHOLD NIL PREMIUM
A new lease agreement is available from a private Landlord as follows:
REPAIR LIABILITY: Fully repairing and insuring lease agreement.
TERM: For a term of 7 years.
BREAK CLAUSE: A mutual break clause may be available subject to negotiation.
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Non assignable.
DEPOSIT: 3 month rental deposit in advance, plus personal guarantors if the lease were taken as a Limited Company, or alternatively a higher rental deposit figure between 6 and 12 months.
RENT: £37,500 per annum, paid monthly in advance.
RENT REVIEW: Subject to rent reviews of a frequency to be agreed at Open Market Rent or in line with RPI, whichever the greater.
FIXTURES & FITTINGS: Will be retained by the Landlord and rented to the Tenant at a rate of £5,000 per annum. The Tenant will be responsible for their repair, maintenance and replacement (when beyond repair).
TIE: Free of all trade ties.
INSURANCE: Suitable insurance to be in place prior to exchange of contracts. The Landlord will insure the building, the cost of which will be charged out to the Tenant by way of an Insurance Rent.
ACCOUNTS: The Tenant will be required to provide the Landlord with profit and loss accounts at the time of Rent Review.
PREMISES LICENCE: To be retained by the Landlord with Tenant noted as DPS. Annual renewal fee to be covered by the Tenant.
COMPLIANCE: The Tenant will be responsible for obtaining any statutory safety certificates during and at the end of the term.
DUE DILLIGENCE: An incoming party will be required to demonstrate sufficient funds to sustain their business model, and will need to demonstrate ingoing capital to cover the premium, rental deposits, stock, working capital and solicitors fees as a minimum.
VAT: VAT will be charged on the rent, fixtures and fittings rent and other lease payments.
All negotiations are subject to covenant strength.
No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.
A new lease agreement is available from a private Landlord as follows:
REPAIR LIABILITY: Fully repairing and insuring lease agreement.
TERM: For a term of 7 years.
BREAK CLAUSE: A mutual break clause may be available subject to negotiation.
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Non assignable.
DEPOSIT: 3 month rental deposit in advance, plus personal guarantors if the lease were taken as a Limited Company, or alternatively a higher rental deposit figure between 6 and 12 months.
RENT: £37,500 per annum, paid monthly in advance.
RENT REVIEW: Subject to rent reviews of a frequency to be agreed at Open Market Rent or in line with RPI, whichever the greater.
FIXTURES & FITTINGS: Will be retained by the Landlord and rented to the Tenant at a rate of £5,000 per annum. The Tenant will be responsible for their repair, maintenance and replacement (when beyond repair).
TIE: Free of all trade ties.
INSURANCE: Suitable insurance to be in place prior to exchange of contracts. The Landlord will insure the building, the cost of which will be charged out to the Tenant by way of an Insurance Rent.
ACCOUNTS: The Tenant will be required to provide the Landlord with profit and loss accounts at the time of Rent Review.
PREMISES LICENCE: To be retained by the Landlord with Tenant noted as DPS. Annual renewal fee to be covered by the Tenant.
COMPLIANCE: The Tenant will be responsible for obtaining any statutory safety certificates during and at the end of the term.
DUE DILLIGENCE: An incoming party will be required to demonstrate sufficient funds to sustain their business model, and will need to demonstrate ingoing capital to cover the premium, rental deposits, stock, working capital and solicitors fees as a minimum.
VAT: VAT will be charged on the rent, fixtures and fittings rent and other lease payments.
All negotiations are subject to covenant strength.
No direct approach to be made to the business; please direct all communications through Sidney Phillips. Viewing strictly by appointment only.
Licence
A full premises licence is held.
Services
All mains services are connected.
Rateable Value £13,000.
Rateable Value £13,000.
Enquire about this listing
Robert Cockayne
South East & London
Ref: 91083
