Priory Tynemouth
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Grey Horse Houghton Le Spring
Grey Horse Houghton Le Spring
Old Penshaw, Houghton Le Spring, DH4 7ER Pub Code: 2302369101
Pub Code: 2302369101
Investment TenancyEst Min Ingoing Costs: £41,766
Annual Rent: £32,500
Major refurbishment to food-led community pub.
The Grey Horse offers a great opportunity for someone who wants to take on a well-backed, newly refurbished community pub with a strong food offer and clear potential to attract both locals and visitors.
What would you do with this pub to make it even more of a success?
The area
The pub is located in Houghton le Spring near Penshaw and benefits from being close to well-known local landmarks including Penshaw Monument, Herrington Country Park and Hetton Lyons Park. The area is seeing an increasing number of new homes being built, supporting future growth in local demand.
The pub benefits from being one of a number of pubs serving an area with 1,297 adults within a 10-minute walk and 5,396 adults within a 20-minute walk. The customer base is made up primarily of adults aged 35+, with lower affluence over-indexing in the area.
The offer
The Grey Horse is available on our investment tenancy agreement.
A full internal refurbishment is planned, including all rooms and toilets, alongside the redevelopment of the catering kitchen. Externally, new signage and redecoration of the front and left elevations will help improve kerb appeal and visibility. This investment is designed to help attract and retain both local residents and visitors, supporting a strong rhythm of the week with a credible food offer.
We’re always open to new ideas, what would you do to drive trade?
If you’ve benefited from running or owning a pub business, we’d love to hear what experience you can bring.
The right operator for the Grey Horse will have extensive experience in hospitality businesses. They will have a clear vision for their food offer, drinks range and weekly rhythm, and be confident in recruiting and retaining food teams to deliver a consistent and memorable customer experience.
If this sounds like the incredible pub opportunity you’ve been waiting for, apply today and tell us what you can bring to this pub’s next chapter.
Trading Area & Facilities
The Grey Horse will be undergoing a refurbishment which will cover the internal areas of the pub.
A full list of works and pub floor plan can be found in the ‘refurbishment details’ in the downloads.
The pub’s trading areas and facilities post refurbishment will include:
- Main trading area with bar
- Catering kitchen
- 79 internal covers
- 28 external covers
- Heineken SmartDispense
Applicants should be aware that all refurbishments are subject to final board approval, which will be determined as part of the leasing process.
Private Accommodation
Private accommodation consists of 2 bedrooms, along with additional domestic facilities.
Estimated Total Ingoing Costs
£41,766
Estimated Minimum Ingoing Costs
£41,766
Annual Rent
£32,500
Estimated Annual Turnover
£498,520
Deposit
£8,125
Estimated Fixtures & Fittings Value
£25,500
Estimated Stock Valuation
£4,641
Estimated Working Capital
£3,500
The above figures are provided as a guide only and will be finalised as part of the commercial agreement. All figures quoted are exclusive of VAT.
Estimated Working Capital is an estimate of key start-up costs such as professional fees, training fee, premises license fee, F&F valuation fee & till floats. There will be additional ongoing charges payable during the term of the agreement such as property maintenance, repairs fund, SmartDispense. These costs will be outlined prior to completing a business plan and finalised at Heads of Terms.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs should be included in your financial assumptions in your business plan. Note that on FRI and Investment Tenancy Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased. A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors. In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
Estimated Working Capital is an estimate of key start-up costs such as professional fees, training fee, premises license fee, F&F valuation fee & till floats. There will be additional ongoing charges payable during the term of the agreement such as property maintenance, repairs fund, SmartDispense. These costs will be outlined prior to completing a business plan and finalised at Heads of Terms.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs should be included in your financial assumptions in your business plan. Note that on FRI and Investment Tenancy Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased. A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors. In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
Location:
Old Penshaw, Houghton Le Spring, DH4 7ER
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To apply for this pub or for additional information, please contact us directly
Freephone:
08085 94 95 96
Email us at
enquiries@starpubs.co.uk
Or visit
www.starpubs.co.uk
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