STANLEY FERRY - SOLD
Acting on behalf of the Canal and River Trust, Westlake & Co have sold the Stanley Ferry to the sitting tenant, Greene King in a deal that represents a gross yield of 6.55% based on the passing rent.
Currently trading as Hungry Horse Restaurant and Bar, the property is located at the confluence of the Aire and Calder Navigation Canal and the River Calder approx. 2 miles North East of Wakefield.
Included in the deal is a marina that is sub-let.
The lease term is for 99 years from 1994 subject to a 5 year rent review pattern with no tenant break option and the rent review is assessed at the greater of Base Rent or 6% of turnover net VAT.
The deal was struck privately between the parties and the investment was never publicly marketed.
Jonathan Tinsley oversaw the deal for CRT and Graham Kelly represented the Tenant Company.
FORMER KORKS WINE BAR/BRASSERIE (OTLEY) SOLD - RE-DEVELOPMENT PLANNED
Converted to create a Wine Bar & Restaurant approx 30 years ago, Korks established a reputation far beyond the town and over a period of years, further enhanced with the development of the Function and Music Suite at the rear in more recent years. All good things come to an end.... with the retirement of Chris Payne, its characterful owner, the property was placed on the open market for sale in the Spring.
Otley is not short of licensed premises, being singular as the only town in the UK where all public houses are listed as an ACV (Asset of Community Value - affording protections as to their status) - this notwithstanding, interest in the site was received from a number of corporate operators keen to capitalise on the opportunity.
The successful buyers intend to completely re-model the building and accommodation to create a vibrant new of venue for the town - and a different offering within the already well-established central trade circuit.
THE CROSS KEYS NEW PUBLIC HOUSE DEVELOPMENT PROPOSED…….
Skipton's long standing and widely known Cross Keys fronting Otley Road on the edge of the town centre has been sold on behalf of ei Group Plc following a short period of marketing and high degree of interest. Enquiries were received from a wide range of licensed trade operators (including for Restaurant/Brasserie development) leading to the invitation of best and final offers and a number of bids being received.
Successful bidders were the dynamic and emergent BurningNight Group (operators of the successful Potting Shed and Fire Pit brands) having plans to transform these historic premises into a modern licensed venue.
With extensive bar and dining accommodation plus extensive external areas front and rear - all within walking distance of the town centre - the transformation of this site is eagerly awaited.
THE WESTFIELD HOTEL, (FORMER HARRY'S CARVERY), WYKE BD12 9DP - BEST OFFERS INVITED
The availability of the former Westfield Hotel (fronting the busy junction of the A58 Halifax Leeds and B6120 Roads – close to the Chain Bar M606 M62 Junction) created significant interest – both from continued licensed trade operators and alternative occupiers/users (including developers).
With large car park (site of approx 0.19Ha/0.47A) the premises are suitable for a wide variety of outcomes, best and final offers ultimately being invited and securing a quick and very successful sale.
It is anticipated that the purchasers will re-develop the site....
THE CROWN, ADDINGHAM - ACQUIRED BY AUTHENTIC ALE HOUSES
Fronting the main street in the middle of Addingham, this popular Wharfedale village Freehouse has been acquired by BurningNight Group within their Authentic Ale House brand.
The property was offered for sale on the open market on a discreet basis, attracting a good deal of interest from both private buyers and corporate operators. Capitalizing on the the traditional character of the property, with boarded/beamed ceilings, open fires etc. the purchasers intend to carry out a program of development to extend the trade areas including new external drinking area.
MUCH LOVED YORKSHIRE DALES NATIONAL PARK HOSTELRY TO GET NEW LEASE OF LIFE
The Marton Arms Hotel, Thornton in Lonsdale represents the quintessential Yorkshire Dales farmhouse country inn dating from 1670, the property situated just off the main A65 Skipton-Lakes road, one mile from Ingleton and six miles from Kirkby Lonsdale in an area with many surrounding attractions (not least including the Yorkshire Three Peaks, White Scar Caves, Ingleton Water Falls etc.)
Comprising extensive bars and dining accommodation with letting bedrooms (a popular function venue not least for the picturesque church opposite - and the distant views of Ingleborough beyond as a glorious backdrop for the wedding photos). The property attracted a good deal of interest for selling to new operators off an asking price of £465,000 (offers) - presently undergoing refurbishment and shortly to reopen as a quality inn with rooms.
CONFIDENTIAL INSTRUCTION LEADS TO SUCCESSFUL SALE
Sold by us in 2012, when the property was closed, the Fountain (former Barlick Hotel) Barnoldswick underwent a program of careful refurbishment to create the much loved business that it is today - a cornerstone of the local leisure circuit with traditional bars and dining plus superb letting bedrooms.
Mindful of the potential disruption that such a successful business can encounter through an open offer for sale the site was offered on a confidential basis, a targeted marketing programme quickly securing a deal at the full asking price, and selling inside six weeks.
This property as much as any other usefully illustrates the continued demand for well presented and professionally operated businesses.
MARCH 2017 - THE BULL HOTEL, SEDBERGH - SOLD
The only hotel in the popular Cumbrian market town of Sedbergh (midway between The Yorkshire Dales and Lake District National Parks at the foot of The Howgill Fells and the home of the famous boarding school) this 17th Century Coaching Inn sold on behalf of Ei Group to a consortium of Sedbergh School at £800,000.
The intention is to significantly upgrade and refurbish the property, capitalising on the superb position and strong year round trade (not least including international visitors to the school), all representing a restoration of this fine property to its former glory.
RENOWNED YORKS DALES HOSTELRY - SOLD TO NEW OPERATORS
The Bluebell Inn, Kettlewell - Quintessential historic bar and dining with seven en-suite letting bedrooms in the centre of this perennially popular village sold on behalf of the existing operators of seven years to new local owners, whose intention it is to continue in the long standing traditions of old-hospitality with a good range of local products, and for which the business has become known.
The sale of the business generated a strong level of enquiries, confirmation that there continues to be a strong interest in prime leasehold opportunities.
ILKLEY - PRIME RETAIL PREMISES ACHIEVE NEW BENCHMARK RENT
Prime Ilkley retail premises let quickly following the failure of the Austin Reed Group (Country Casuals being placed into administration) - without any active any active marketing a high level of interest has quickly generated, resulting in competitive bidding by a number of major and national retailers producing a new record rental for the town.
Mint Velvet Ladies Fashions emerged as the successful applicant, trading from the beginning of November following an entire re-fit of the accommodation.
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