4 bedroom hotel for sale

East High Street, Crieff, Perthshire, PH7

£538,000

Property Description

Commercial information

  • Business for sale

Key features

  • REF 13208A
  • FREEHOLD
  • GASTRO PUB & STUDIO APARTMENTS

Full description

Tenure: Freehold

LOCATION
The Tower Gastro Pub and Studio Apartments occupy substantial listed premises, which is ideally located within the popular market town of Crieff in Perth and Kinross, Scotland. The property is situated on the very busy East High Street, surrounded by commercial and residential properties, therefore benefiting from a high volume of footfall and passing trade. The business further benefits from good off-street parking facilities to the front of the premises.

Crieff is the main town of Strathearn, lying on the southern edge of the Scottish Highlands. The town has been a holiday resort since Victorian times and is the second largest town in Perthshire, with a population of 7,368. Crieff is a bustling and prosperous town, offering a wide variety of shopping, accommodation and other facilities. The town boasts a central location, being well placed for both Highland and Lowland destinations.

The area of the property is well served by the public transport system, with several bus stops within easy walking distance of the premises. The nearest railway station is Gleneagles, which is approximately 7 miles away. The area is also well served by the A-roads, with the business being located on the A85, which links to the national A-road and motorway networks. Perth is approximately 17 miles away and Stirling is 22 miles away.

BUSINESS
Hilton Smythe is delighted to welcome to the market this well-established and very popular gastro pub and restaurant with accommodation, which is ideally located within the town of Crieff, Perth and Kinross.

The building dates to 1785 and has been in our client's careful ownership since 2011. Only now is the business, reluctantly, being offered to the market due to our clients' desire for a well-deserved retirement. The business operates 7 days per week and generates a turnover in the region of 383,000 per annum, with a good gross profit.

We are advised by our client that while trading this year is up on the last 12 months, income levels are set to rise considerably over the coming months. Due to the retirement of the owner of one of The Towers main competitors, and with the closure of the business, our client fully expects turnover to increase at The Tower, with the majority of custom coming to the business. With the already increasing trading and terrific potential for a boost in income, we believe that at a new asking price of 538,000, The Tower represents a terrific long term investment opportunity.

The property boasts a ground floor bar and lounge area, which are extremely well appointed with wood flooring and furnishings. Our clients offer a wide range of family friendly dishes, which are all freshly prepared using local ingredients, some of them grown to the rear of the premises. The menu includes sandwiches, soups, salads, pizzas, grills, fish and chips and steak pie, to name a few, as well as a Weekly Food for Thought specials board.

To the first floor is the letting accommodation, all completed to the highest specification, comprising of three studio flats, a double room with en-suite shower and a laundry room for guests. To the second floor is the private owners' accommodation, which is also beautifully decorated and comprises of an impressive open plan living room and kitchen, with fully integrated appliances, a luxurious bathroom and a double bedroom with en-suite shower and walk-in wardrobe.

We are advised that planning permission is already in place to build an extension to the rear of the premises.

The business has built up an excellent reputation within the area and further afield, for the very high quality of the food and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations. The Tower also made it to the last three Gastro Pubs of the Year, with over 1,600 nominations.

We feel there is scope to increase the turnover by having a hands on owner running the business, which would reduce the wages cost. A new owner could also embark on a modest marketing campaign to promote the goods and accommodation offered.

The business already has an excellent website in place www.thetowercrieff.com to promote the business. The gastro pub boasts excellent reviews on the very popular travel website Trip advisor.

This award winning business has received several accolades including 2nd place in the Gastro Pub of the Year 2016, winners of the Sunday Mail Pub Spy Accolade and they were also included in Scotland's top bars of which there are only 80.

With the already increasing trading and terrific potential for a boost in income, we believe that at a new asking price of 538,000, The Tower represents a terrific long term investment opportunity.

This is an excellent opportunity for a new owner, perhaps a husband and wife team or partnership, to take this already thriving business to the next level, therefore early viewing must come highly recommended to avoid disappointment.
PREMISES
Substantial premises in an ideal trading location, briefly comprising:

Lower ground floor:

Office with desks and computer equipment, printer, filing cabinets, general office furniture, storage shelving and CCTV monitoring equipment. The business has a full EPOS system, which benefits from a full reporting suite.
Store room for the bar, secure spirit store and safe.
Large well-equipped kitchen with walk in refrigerator, walk-in freezer, 6 x hob oven, 2 x deep fat fryers, hot plate and 2 x combi ovens, to name a few.
Separate preparation kitchen and dry store.
Staff WC and access to rear garden.
Access to the tower with stone staircase.

Ground floor:

Reception area.
Main bar area with 28 x covers.
Bar servery with 8 x points of dispense, bottle chillers and refrigerators.
Ladies and gents' WCs.
Cleaning cupboard.
Access to beer garden.
Main restaurant with 44 x covers including a window table and soft seating area.

First floor letting rooms:

Snowdrop - Double room with en-suite shower.
Heather - Large room used as a triple, double or family room with kitchenette and en-suite shower.
Bluebell - Double room with kitchenette and en-suite shower.
Thistle - Large double room with sofa bed, dining table, kitchenette and en-suite shower.

Second floor owners' accommodation:

Impressive open plan living room/kitchen with integrated appliances.
Island providing a dining area.
Wooden beams and original feature brickwork.
Luxurious bathroom.
Double bedroom with en-suite shower.
Secure walk in wardrobe, which can be used to store the owners' belongings to let out the accommodation for extra income.

External:

Rear beer garden with 100 covers.
Secure children's play area.
'Sitooterie' with sheltered space for 18 x covers.

TENURE
We are advised freehold.

HOURS
The business is open:

Monday - Wednesday: 11.00am - 11.00pm
Thursday - Saturday: 11.00am - 12.30am
Sunday: 11.00am - 12.00am

STAFF
The business operates with 22 x staff members, which equals 12 x full time equivalents.

FINANCIAL PROFILE
The business generates a turnover in the region of 383,000 per annum, with a good gross profit.

Nearest station

  • Gleneagles (7.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Gleneagles (7.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 13208A. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Hilton Smythe, Bolton . Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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