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Pub for sale

Admiral Benbow, Chapel Street, Penzance

Guide Price £595,000

Property Description

Key features

  • WORLD FAMOUS GRADE II LISTED FREEHOUSE
  • SITUATED IN SOUGHT AFTER LOCATION
  • SEVERAL BARS, DINING (80 COVER)
  • WELL EQUIPPED COMMERCIAL KITCHEN
  • OWNERS/MANAGERS ACCOMMODATION
  • CONSISTENT TRADE & PROFITS
  • A RARE OPPORTUNITY INDEED
  • EPC (EXEMPT)

Full description

A rare opportunity to acquire one of the County's pre-eminent Freehouses which is steeped in history and intrigue. Arranged over 4 floors this expansive property has several bar and restaurant areas, functions room and owners accommodation. Consistent sales of c. £415k with a profit in excess of £90k. Retirement sale.

Location - The Admiral Benbow is situated on Chapel Street in Penzance, which is well known for its historic properties, most notably the Church, the Arts Centre, the Egyptian House and of course the Admiral Benbow. Chapel Street has been voted one of the most interesting streets in the UK for its architecture and eclectic mix of galleries, niche retailers and interesting architecture and is only a short distance from the town centre and the harbour.

Penzance is a bustling size town with a main line railway station, national and niche retailers, primary, secondary and tertiary education establishments and is a sought after destination for holiday makers wishing to explore West Cornwall and indeed further beyond to the Isles of Scilly.

The Property/Business - The Admiral Benbow is an historic property over 5 floors (including the tunnel!) and comprises numerous ships artefacts, most notably from the HMS Association and from a Portuguese Man O'War Ship and the property oozes interest from every vantage point and as such is a massive draw for visitors from around the World. Notwithstanding this interest, it is of course a strong Pub for the local community including businesses and individuals alike.

Upon viewing the property it will be evident that the Admiral Benbow is very much a special property and whilst our clients have not had the artefacts valued, it is considered that the collection is of significant interest and indeed monetary value and are to be sold with the sale of the Pub inclusive. We are advised The Admiral Benbow has recently (2017) been named as one of CAMRA's Best Real Heritage Pubs.

Our clients have been the custodians of Admiral Benbow since 2002 and are now wishing to sell due to impending retirement plans. We are advised the licensing hours for the Admiral Benbow are 10am to 1am Monday to Sunday and in terms of the trade, the net turnover for the year end March 2016 show sales of circa £414,000, with a gross profit level of 60% and an adjusted net profit of £92,175 (after deducting all normal overheads and indeed staffing costs equating to 24.77% of net turnover). We are advised the turnover for the year end March 2017 was c. £432,000 (net of VAT) and are awaiting the final year end P&L.

Further accounting information will be made available subject to a viewing appointment in the normal manner.

Interested parties will of course be able to find numerous photographs for the Admiral Benbow on the internet, which will give an insight into the interior of the building and indeed the artefacts.

In summary, the Admiral Benbow is, in our experience, a true one off which has strong local and wider following and indeed has significant opportunity to enhance the tourism trade, such is the interest from overseas visitors.

The Accommodation Comprises - (all areas and dimensions are approximate)
Entrance lobby with stairs ascending to the first floor and door into:-

Front Bar - 9.80m x 4.82m, with four windows to the side and front elevations, a very attractive and interesting introduction to the property with built-in wooden bar/servery (with 9 taps), defined seating areas and feature gas fire. Behind the bar undercounter drinks chiller and glass washer etc. Through to:-

Secondary Bar/Dining Area - 7.4m x 4.44m, with seating for circa 30 covers (as required) through to inner hallway and leading into the:-

Principal Restaurant - 13.14m x 5.31m, an extremely impressive dining area comprising circa 46 covers which has been fashioned from the artefacts of the HMS Association, comprising the original Ships Wheel and panelling and at one end of the restaurant an ornate carving from a Portuguese Man O'War ship. This really is a unique and historic part of the Public House and we understand took the previous owner several years to complete this exacting renovation.

From inner hallway ladies and gents wcs

From the rear of the bar through to:-

Commercial Kitchen - 5.92m x 2.61m, a well-equipped commercial kitchen with 6 ring gas cooker, with extraction system over, griddle, grill, 2 commercial microwaves, electric oven and 3 fridges. Commercial non-slip flooring.

Dry Store And Wash Up Area - 3.56m x 2.35m, with commercial dishwasher and ice machine. Step down to:-

Cellar - 3.76m x 3.91m
Storage area with walk-in fridge and staff changing area. Steps ascending to The Tunnel, which we understand has an historic use!

Door to side elevation, currently used for the storage of bins and also for deliveries.

From the dining room stairs ascending to the:-

First Floor -

Top Bar - Comprising several areas 8.84m x 5.70m, plus 10.91m x 4.30m and 6.84m x 4.85m. Primarily used now in conjunction with the Functions Room (see later), the Top Bar serves as a secondary facility for parties and functions etc and therefore offers a great opportunity to enhance the business. With windows to 3 sides and inter-connecting door leading to the ground floor entrance lobby. Again with numerous Ships artefacts, including a magnificent Ships Figure Head and a Copper Bar. Door through to:-

Functions Room - 12.53m x 6.91m, windows to 2 sides and window/door leading onto:-

Patio - A superb area suitable for sitting out and with far reaching views over the harbour, the town and towards St Michaels Mount.

Owners/Staff Accommodation - On the second and third floor (the attic) and accessed via the staircase leading from the lobby passing the first floor entrance and continuing to the second floor, initially entered via:-

Office - Window to rear elevation, with harbour and sea views. Through to:-

Lounge - Window to rear elevation with aforementioned view.

Kitchen - Window to front elevation, base and wall units and with steps up to the:-

Third Floor (See Later) -

Bathroom - Window to front elevation, bath, separate shower, low level wc, pedestal wash hand basin.

Bedroom - A large room with 4 windows to 3 sides, with far reaching views.

Third Floor/(The Attic) - Former bedroom, window to rear elevation with views and separate store room.

Door leading onto:-

Terrace - With seating out area and views over the harbour, the town and St Michaels Mount.

Nb - It is considered that the accommodation could be vastly improved in terms of re-modelling/updating to provide superb owners or managers accommodation.

General Information - LOCAL AUTHORITY
Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151
www.cornwall.gov.uk

Energy Performance Certificate - Exempt

Inventory - An Inventory of all loose chattels and equipment, free of any lease/lien, to be included within the sale will be supplied by Miller Commercial prior to exchange of Contracts.

Premises Licence - We understand the business currently holds a premises licence in respect the sale of liquor liquor on and off the premises.
We are advised the licensed hours are 10am to 1am Monday to Sunday.

Business Rates - We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search

Services - Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999

Stock - To be taken at valuation

Value Added Tax - All the above prices/rentals are quoted exclusive of VAT, where applicable.

Finance - If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the numbers below.

Contact Information - For further information or an appointment to view please contact either:-

Graham Timmins on 01872 247019 or via email gt@miller-commercial.co.uk or
Paul Collins on 01872 247029 or via email pc@miller-commercial.co.uk or
Beverly Northey on 01872 247031 or via email bn@miller-commercial.co.uk

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.


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