HERTFORDSHIRE - SUBSTANTIAL PURPOSE-BUILT FREE HOUSE

A great opportunity to take on a well-established free house with plenty of room to further expand the business on a new free-of-tie agreement.

The Green Dragon is located in the Hertfordshire town of Borehamwood, a large conurbation of 32,000 residents sitting within the M25 London Commuter Belt. Borehamwood lies approximately 12 miles north of Charing Cross, close to affluent Barnet, Radlett and Shenley. The area is best known as the home of the BBC Studios (AKA Elstree Studios) and houses a strong number of national retailers on the out of town retail parks and the town centre's shopping centre. The area is undergoing continual rejuvenation, and is soon to be the home of the UK's newest and largest film studios developed by Sky.

The town is easily accessed by both the M1 and A1, a short drive from the M25, providing direct road access into Central London. Rail services are available from Elstree & Borehamwood with fast services into Kings Cross, London Blackfriars and Luton Airport Parkway.

The Green Dragon is an impressive and commanding purpose built-public house situated on the busy shopping parade of Leeming Road. This two-storey property is of brick construction under and pitched tile roof and has been well invested in and maintained over the years.

TRADE AREAS
Entrance from Leeming Road via lobby directly into OPEN PLAN BAR. This spacious trade space is presented with carpeted flooring, LED lighting and loose tables, chairs and bar stools for 90 with room for more standing. The bar is serviced by a central bar servery of wood construction housing a glass washer, triple drinks fridge and three double drinks fridges. Amusements include a juke box, three TVs, pool table, two dart boards, two SWP's and a projector with screen.

Offset are MALE WCs, FEMALE WCs and DISABLED WCs.

Leading to the rear of the property is a TRADE KITCHEN with tiled floors, extractor, six burner range cooker, double deep fat fryer, convection oven, stainless steel sinks and pantry offset. This area is currently undergoing refurbishment and will soon be fully re-equipped.

In addition there is an OFFICE area.

The property is serviced by an extensive and enviably large BASEMENT CELLAR with ample storage, chilled barrel store and delivery drop to the rear.

OWNERS ACCOMMODATION
Located at first floor level and accessible from the rear of the property is a deceptively spacious owner's flat comprising of:
- LIVING ROOM
- MODERN FITTED KITCHEN
- DOUBLE BEDROOM with EN SUITE SHOWER
- DOUBLE BEDROOM
- BATHROOM
- BALCONY

EXTERNAL
To the front of the property is an enclosed TRADE PATIO with side entrance, jumbrellas and picnic bench seating for 40-50 customers.

Both a SIDE TRADE YARD and REAR TRADE YARD are also present.

The Green Dragon has been under the current ownership for 30 years, and is now available to let so that the current owner can concentrate of family life. The business has developed a strong reputation in the area as the "go-to" pub catering for the needs of the local community. It enjoys a loyal local following and offers great potential for further growth.

Trade profit and loss accounts for the year ending September 2019 show a net turnover of £226,963, generating a healthy GP of 61.86% and an adjusted net profit of £69,268, based on 100% wet sales. A food offering is present, however this is currently operated by a third party with figures currently unavailable. Further accounting detail can be made available following a formal viewing.

A new Tenant could undoubtedly increase turnover with an increase in marketing and a social media presence, currently not undertaken by the owner through choice, as well as by extending the current opening hours. Furthermore, by bringing the food offering "in house", turnover and profits could be greatly increased. Events such as live music and quiz nights would also bring in additional revenue streams.

LEASEHOLD £80,000 to include fixtures, fittings and goodwill. Stock at valuation in addition.

The property is available on a new free-of-tie agreement as follows:

TERM: For a term of 5 years.
LANDLORD & TENANT ACT 1954: Inside Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Assignable subject to Landlord’s consent.
DEPOSIT: The successful applicant will be required to lodge with the freeholder a deposit equivalent to 3 month’s rent in advance, supported by Personal Guarantors if the lease is taken in the name of a Limited Company.
RENT: £35,000 per annum, paid monthly in advance.
RENT REVIEW: At year 3 and on renewal of the Lease, at Open Market Rent or in line with RPI, whichever the greater.
REPAIR LIABILITY: Full repairing and insuring lease agreement.
TIE: Free of all trade ties.
INSURANCE: The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.

No direct approach to be made to the business; please direct all communications through Sidney Phillips.

Viewing strictly by appointment only.

A full Premises Licence is held permitting the sale of alcohol:

Sunday to Thursday: 11:00-00:00
Friday to Saturday: 11:00-01:00

All mains services are connected.

Rateable Value: £16,000