Ostrich

Stocks Green, Castle Acre, Kings Lynn, Norfolk, PE32 2AE

A BEAUTIFUL PUB WITH LETTING ROOMS

Set in the popular West Norfolk Village of Castle Acre, the Ostrich Inn is a beautiful building both inside and out and offers great potential to become a truly special destination business. The pub benefits from six en suite letting rooms, function room and generous outdoor space. The Village and surrounding area offer a tourism hotspot, as well as close links to the wonderful North Norfolk Coast. The pub is traditionally a season business and has operated at a sales split of approximately one third wet, one third food and one third accommodation. The Ostrich Inn has a strong reputation locally and has been popular with local residents and holiday makers either making their way to the Coast or staying in the numerous Holiday Cottages which are close by. The site benefits from a lovely garden and large carpark, so coming out of Covid this space will offer tremendous opportunity. We see the site as a premium or high mainstream food offer, supported by accommodation to really invigorate the business and give it a new lease of life. The pub has a long and proud history and we are excited to find a new operator to take it forward into the future.

Location

Castle Acre is a village and civil parish in the county of Norfolk. The village is situated on the River Nar some four miles north of the town of Swaffham. It is fifteen miles east of the town of King's Lynn and thirty three miles west of the city of Norwich. The villages name means 'Cultivated land'. 'Castle' was added, after the great motte-and-bailey was built here, to distinguish from South and West Acre. The village is best known today for the twin ruins of Castle Acre Castle and Castle Acre Priory, which lie immediately to the east and west of the village respectively. Both were founded soon after the Norman Conquest by William de Warenne, the first Earl of Surrey. At its heyday, Castle Acre played an important role in the affairs of the State, with many visits from royalty. Castle Acre itself was once a fortified town and still possesses one of its gates, the Bailey Gate. When first established, Castle Acre was one of the finest examples of Norman town planning in the country, and much of this can still be seen

Business Information

Annual rent

£47,500

Weekly rent

£913

Entry costs

£46,750

Turnover royalty

n/a

Forecasted Operator Turnover

£487,114

Forecasted Operator Profit (inc machine profit)

£46,878

Forecasted Operator Machine Profit

£0

Average Beer & Cider Discount*

£72

Type of Tie

Full tie: Access to Discounted Wines, Spirits & Minerals Price List

Agreement

Standard Tenancy Agreement A fixed 5 year term

Entry costs approximately £46,750.00, which includes stock, glassware, crockery, cutlery, fuel and cleaning materials, legal, brokers and stocktaking fees, training fees, schedule of condition, working capital and deposit which is 25% of head rent. Fixtures and Fittings are valued at approximately £22,000 and the final valuation will be confirmed on change day. An assisted purchase of F&F may be available with a 25% deposit on change day and weekly re payments to purchase the remaining 75% over an agreed period

Deposit

£11,875

Fixtures & Fittings

£22,000

Legal Admin Fee

£825

Broker Fee

£750

Stocktaking Fee

£150

Working Capital

£10,000

Other Costs

£1,150

Total Entry Costs

£46,750

You will need to estimate the turnover you expect to achieve from the pub, with regard to food and accommodation (if applicable). Barrelage figures are given to assist you with calculations.

Year Beer (Brls) Wine & Spirits (Ltrs) Minerals (Ltrs)
2019/20 0 0 0
2018/19 0 0 0
2017/18 105 0 1,599

The trade space has two distinct areas with a large main bar with fireplace and a slightly larger dining room with another splendid feature fireplace offering forty covers. On the first floor there are six en suite letting rooms. Across the courtyard you will find the trade kitchen and a function room or alternative trading space, with which you could be creative? Externally there is a large garden which is mostly laid to lawn, courtyard and car park with approximately thirty spaces.

Trade Bars

Yes

Trade Dining Areas

Yes

Trade Kitchens

Yes

Trade Food Covers

40

Trade Gardens

Yes

Trade Patio Areas

Yes

Trade Rooms to Let

6

Meeting Rooms

No

External Child Play Areas

No

Function Rooms

Yes

Customer Car Park Spaces

30

Current Premises License Opening Hours

Mon-Sun: 11:00-01:00

There is no private accommodation on site, although one of the letting rooms could be used as accommodation.

Private Rooms

0

Lounge

No

Dining Rooms

0

Double Bedrooms

0

Single Bedrooms

0

Bathrooms

0

Toilets

0

Private Kitchens

0

Offices

0

Bedsits

0

BDM Portrait

I am seeking an experienced food focused operator, ideally with a great reputation already in the local area. This is pub business of great potential and could become a great premium food business with the added benefit of six letting rooms. If you are excited by this opportunity and would like further information, please contact our recruitment team.

Mark Horton, Business Development Manager

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