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Old Wine Vaults, Eastwood

Nottingham, NG16 3BP

Your investment

£11,500

Agreement Type

Tenancy
  • Zero Business Rates*
  • Large beer Garden
  • Main Road Location

Reputedly the oldest pub in Eastwood, dating from 1779. The Old Wine Vaults is a Grade II Listed Building in Broxtowe Borough Council’s Eastwood Conservation Area. It is located on the main road close to the busy crossroads in the middle of Eastwood. This recently refurbished site is a friendly community pub with a beautiful, fully enclosed rear garden with a decked area and a children’s play area.

Pub Layout

The pub is an open plan on a split level, with a separate taproom. The trading area is serviced from a central bar, and there is a functional catering kitchen; however, it does need some upgrading. There is an investment planned for this site.

The Old Wine Vaults is a wet-led site that has a sound reputation for cask ales. By day it is family-friendly, and in the evenings there is a great variety of entertainment, including live music and televised sports. It is home to sports teams and is a vibrant, lively place that is popular with families in the warmer summer months. With the right operator, the landlords are looking to move the retail offer at this site to a value-led wet-site to compete with and take trade from other value-led competition in the area.

Private Accommodation

The private accommodation consists of three bedrooms, a kitchen, bathroom and sitting room.

 

Annual Rent: £20,000

Security Deposit: £5,000

Working Capital: £3,000

Stock: £3,500

Fixtures and Fittings: Upon Valuation  – funding options available for the right licensee.

Tie: All drinks categories are tied.  For fully funded licensees on long term agreements, we offer free-of-tie options for certain drinks categories in exchange for an annual fee.

Training: £325 plus VAT

* Based on the April 2023 provisional rating list, the Zero Rates Payable is based on the licensee only occupying one property for commercial purposes.

For a breakdown on financial information, please refer to the ‘Additional Info’ tab.

I am looking for an operator who is driven to providing the community with a family-friendly pub during the day but is keen to offer evening entertainment including some live music and televised sports (although not a dedicated rock venue). The pub has historically been home to sports teams and has been a vibrant, lively place. During the summer, the large beer garden is a sun-trap and ideal for BBQs and other outdoor activity and is extremely popular with families in the warmer summer months. This site requires a truly community-minded operator who knows the local area and is keen to make the pub a real neighbourhood hub. The new publican will have to be able to manage the different aspects of the site through making sure there is plenty to attract families by day as well as great live music and sports available for the evening customers.

Annual Rent – This is our lowest rent figure associated with a Full Tie.  If the tie is reduced the effective rent (via Tie Release Fees) will increase.  Rent is billed and paid for weekly in advance depending on the payment terms agreed). On occasion, our Business Development Manager will discuss a start up rent which is discretionary to an individual pub and can be discussed.

Security Deposit – This sum of money will be held on your account and will be returned to you on exiting of the pub based on your final account balance and the condition of the property.  Our standard deposit is 25% of the headline rent.  On occasion, we can negotiate a lower security deposit with the aim to build up to our full deposit on a long term agreement.

Working Capital – This is a recommend amount required which will be used in the day-to-day running of the business.

Stock – This will be valued by an independent valuer on the day you take over the pub. This includes unbranded glassware, unopened bottles, wines, spirits, any unopened / opened kegs and cask ale providing the container is unopened.

Fixtures & Fittings – This includes any item that is bolted to the floor or walls, and a fitting to be any item that is free standing or hung by a nail or hook. This will also include furniture.

Tie: All drinks categories are tied.  For fully funded licensees on long term agreements, we offer free-of-tie options for certain drinks categories in exchange for an annual fee.

Training – Before signing a long term agreement, you will be required to attend our 7 Steps to Sales Success training programme.  Held online over three days, you will learn marketing and business strategies that will help you to grow sales in your pub – step-by-step.

Service Charge Cost – £60.89 per week – The Admiral Taverns Premium Maintenance Package will help take care of your compliance and statutory obligations with one simple fee, whilst giving you piece of mind about your boiler and cellar cooling repair and replacement.  This also includes full access to e-learning for you and your staff.

*Zero Business Rates – Based on the April 2023 rating list, the Nil Rates Payable is based on small business rates relief being applied and the licensee only occupying one property for commercial purposes.


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