The prospect of a new challenge, and the revival of the tourism industry, are being credited as factors behind the increased demand for licensed properties in the south west – where two businesses were recently sold for figures surpassing the guide prices.
Devon-based commercial specialists Charles Darrow handled the sale of both historic properties — The Smugglers Den (above), in Trebellan on Cornwall’s north coast, and Bustopher Jones Bar & Bistro in Truro — acting for the LPA receiver.
“Interest in both businesses was overwhelming,” commented Charles Darrow director, Jon Clyne. “We had numerous viewing with multiple bids submitted.”
He added: “This double sale underlines the growing interest in the licensed trade as buyers flock to the south west in pursuit of a new challenge.”
Tucked away in the picturesque hamlet of Trebellan, four miles from Newquay, The Smugglers Den was bought by an un-named married couple who intend to reopen the premises and revive its “country pub” format. They paid £695,000 for the two-storey, 16th century thatched inn.
Steeped in history, with over 160 dining covers throughout several internal areas, a later addition to the property has been used for receptions, with the business acquiring a Wedding Licence in 2014. There is also a large paddock area which could be used to offer camping facilities.
In contrast, Bustophers (below), on Truro’s Lemon Street, is a town centre business that was once a thriving and popular bistro and restaurant. Its new owner is Wild Animal Ltd, part of a London-based bar and restaurant group which paid “well in excess” of the £495,000 guide price.
Stone fronted, and spread across four floors, Bustophers includes a lower ground floor private dining area and a ground floor open-plan restaurant with 110 covers and a theatre-style kitchen. The first floor can be used as a dining area or function suite. At the rear there is an enclosed courtyard dining area and, beyond, a large bungalow.
“Both The Smugglers Den and Bustopher Jones Bar & Bistro represented exceptional opportunities to acquire two outstanding freehold properties, which historically have traded well and produced robust levels of turnover, and which are both still presented in a good order throughout,” concluded Clyne.
Posted by Cliff Goodwin
Photos by Charles Darrow
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