Ostrich
Stocks Green, Castle Acre, Kings Lynn, Norfolk, PE32 2AE
FREE OF TIE OPPORTUNITY
The Ostrich, in Castle Acre is a stunning pub which was refurbished in 2022. Currently trading at a 60/40 split in favour of food, the offer is premium, with the addition of 6 letting rooms. There is a large car park, good sized beer garden and no other pub in the village. This site would suit a food led operator, someone that has knowledge of letting rooms and also the plenty of events that Norfolk offers. This could provide a great opportunity for a known London operator to capitalize on the London market but equally suit a local operator that knows how to maximize community offers. The pub accommodation has been converted to letting rooms so this is either a live off site, or one of the letting rooms would need to be set aside for owner/operator.
Bar
Dining areas
Function rooms
Garden
Kitchen
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
£50,000
Weekly rent
£962
Entry costs
£26,375
Turnover royalty
n/a
Forecasted Operator Turnover
£595,714
Forecasted Operator Profit (inc machine profit)
£49,521
Forecasted Operator Machine Profit
£0
Average Beer & Cider Discount*
Preferred
Type of Tie
Free of Tie: All products
Agreement
Standard 10 year free of tie lease agreement.
Entry cost is approximately £26,375, which includes Fixtures & Fittings at 25% of estimated valuation, stock, glassware, cutlery, crockery, fuel and cleaning materials, legal, brokers and stocktaking fees, training fees, schedule of condition, working capital and deposit. Please note Fixtures and Fittings are estimated at approximately £12,000. 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
£12,500
Fixtures & Fittings
£3,000
Legal Admin Fee
£825
Broker Fee
£750
Stocktaking Fee
£150
Working Capital
£8,000
Other Costs
£1,150
Total Entry Costs
£26,375
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. All figures represent products bought from Greene King only. **Please note trading volumes for year 2021 are for part year trading and reflect the impact of closure during the Covid 19 pandemic**
| Year | Beer (Brls) | Wine & Spirits (Ltrs) | Minerals (Ltrs) |
|---|---|---|---|
| 2023 | 110 | 57 | 6,424 |
| 2022 | 143 | 132 | 7,445 |
| 2021 | 45 | 74 | 1,980 |
The Pub has one main trade area with the bar set to the right when entering from the front. There are two large focal fires providing a great feature. The kitchen is separated from the trade space building with its own breakfast room directly attached. There is also a function room above the kitchen which is accessed via it’s own staircase or via the letting room hallway. The future of the pub should see it push it’s out of season offering and room occupancy can be improved. The site would also benefit from Weddings to drive further income.
Trade Bars
1
Trade Dining Areas
1
Trade Kitchens
1
Trade Food Covers
55
Trade Gardens
1
Trade Patio Areas
0
Trade Rooms to Let
6
Meeting Rooms
0
External Child Play Areas
0
Function Rooms
1
Customer Car Park Spaces
30
Current Premises Licence 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
0
Dining Rooms
0
Double Bedrooms
0
Single Bedrooms
0
Bathrooms
0
Toilets
0
Private Kitchens
0
Offices
0
Bedsits
0
This would suit an experienced operator or a local first time operator. The key to success here is to control the costs in the business due to the split trading areas. Local knowledge is key in the low season and experience of letting rooms will also be a major benefit. The pub has a great reputation and sites nicely in this semi-affluent village. The perfect set up would be a management couple with both front and back of house experience, that know Norfolk well and have experience in letting rooms and food.
Lee Jarvis, Business Development Manager
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