Renowned & Profitable Food-Led Inn

Location

Nestling in the delightful village of Havenstreet, which is conveniently situated within easy striking distance of both Ryde and Newport, The White Hart Inn is a hostelry that attracts customers from across the Island all year round with a significant uplift during bank and school holidays from those wishing to enjoy its renowned menu and ideal balance between olde worlde and contemporary surroundings. The White Hart very much benefits from a large gravelled car-park able to accommodate around 30 vehicles, further enhancing the attraction of the venue.

Description

The very well presented pub offers drinkers and diners a most comfortable and characterful environment to enjoy the fayre on offer. There is seating for approximately 60 in both the bar and restaurant area. Diners are accommodated in an 'L' shaped restaurant, carpeted and with timber panelled walls to dado height. There are two fireplaces, including one of substantial brick construction reputedly made from the previous internal walls of the pub, and undoubtedly a focal point. To the rear of the premises is a commercial kitchen, forming part of an extension to include integrated walk-in refrigerator/freezer and cellar. The kitchen, preparation and wash-up areas are extensively fitted with commercial equipment and given the size and shape of the area, some 32m² (345 ft²), we are confident that most chefs will enjoy the convenience of this amenity, The public areas are serviced by what could be described as luxury ladies and gents WC facilities.

Outside

To the side of The White Hart is a substantial gravelled car park able to accommodate around 30 vehicles, with adjacent garden, comfortably seating 70 customers during clement weather including a large patio area. It should be noted that a further area of field, currently unexploited, could well be developed for either more outside seating or, subject to planning, a camping site, potentially also providing electrical hook-ups for caravans. There is a wide side passageway allowing for deliveries and yard utilised for refuse control and further storage, completing the commercial accommodation.

Owner's Accommodation

The well-presented owner's Flat, perhaps best illustrated by the sketch floor plan, could be described as 3 bedrooms, lounge/dining room, office, domestic kitchen and family bathroom. As part of the works carried out on the building in 2007, we are advised that a boiler and central heating/hot water system was fitted as well as the building being re-wired and given a new gas supply. A new boiler was fitted in January 2021. It is considered that the accommodation could be used as lettings rooms if desired (subject to any necessary consents).

The Business

Operated by our clients since August 2013, they have built an extremely impressive trade with strong turnover suggesting healthy profits available to the right operators. Currently the business is open 11am to 11pm Monday to Saturday, and 11am to 10.30pm on Sundays. The property also holds a 5 star hygiene rating. Licence IW043952 allows for the provision of alcohol between 11am to midnight, Monday to Sunday. Further financial information is available to bona fide applicants after inspection.

The Lease

The premises are held on a 20-year term from 1st August 2011 provided by Enterprise Inns Plc. The current passing rent of £48,004 p.a. exclusive plus VAT increases yearly by RPI, with a formal review at 5 yearly intervals. There is a trade tie on free-flow beer, however, bottled/canned beer, one guest beer, wines, spirits and alchopops, soft drinks and food are all free of product tie

Terms

Offers are invited in the region of £85,000 for the benefit of the trade fixtures, fittings and goodwill of the business, simultaneous with an assignment of the existing lease plus stock, glassware and loose catering effects at valuation on completion.

Uniform Business Rate

Rateable Value: £22,000

2023/2024: £0.512p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on 01983 821000

Viewing

Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Call Gavin Chambers or Morgan Williams on 01983 301434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com