The Boathouse

Description

The Boathouse was developed by our clients in 2017 to create a larger, more welcoming pub restaurant. Prior to this the building was known as The Anchor Hotel with letting rooms and bar. The building is Grade II listed, is part thatched and now features the riverside glazed extension alongside the characterful original.

Location

The Boathouse sits just outside the village at the meeting point of two rivers, equidistant between Maidstone and Tunbridge Wells. In the past the river was an important dock for transporting goods up the Medway, being a centre for the fruit and hop growing industry. Nowadays the river is a popular leisure facility with three marinas, and visitor attractions including the village itself centred around a medieval stone bridge.

Internal Details

Lobbied entrance into main dining area with feature pitched timber ceiling, glazed frontage on two sides and views across the garden to the river beyond. This area seats 110 on a range of loose tables and chairs. To one side is a singe bar servery. Leading off here is part of the original 16th Century interior in three sections with central fireplace. This can seat around 40 and can be used for private dining or small functions. At one end of the dining area is the large commercial kitchen, in three sections with full extraction, stores with walk-in chillers, level cellar and ample storage.

Fixtures & Fittings

The trade fixtures and fittings are included in the purchase price quoted and a full inventory will be provided.

Other Ingoing Costs

An incoming tenant will be expected to pay for the following in addition - Trade deposit - £5,000 Contract deposit - £500 Maintenance Scheme - £1,000 Training deposit - £1,000 Utility Package deposit - £2,300 Technology Package deposit - £210 With stock and crockery in addition estimated at £5,000 Provide proof of Working Capital for at least £10,000

External Details

Standing in c.0.6 acres The Boathouse is accessed via a shared access over a lift bridge and road to adjoining properties. There is parking in two sections with space for around 22 cars. There is on-street parking in addition. A major attraction is the riverfront garden and terrace areas which are partly covered and provide seating for over 350 people. This is on a mix of raised terrace, garden and patio wrapped around the building.

Owners Accommodation

On the first floor is an office, and separately there is a two-bedroom flat and self-contained bedsit.

The Opportunity

Classic and characterful riverside pub restaurant the Boathouse has all the attributes to create a popular food-led venue. Having been developed in 2017, around the existing 16th Century building, it has the benefit of a fully glazed frontage over the river making it an attraction throughout the year. In the summer months there is the added benefit of a wrap around external seating area for 360 people sitting by the busy river.

Staff

All staff with the exception of general manager (unless you are a multi-site operator) will transfer with the business in accordance with the Transfer of Undertakings (Protection of Employment) Regulations.

Trading Information

The Boathouse is currently part of Shepherd Neame’s managed house estate. With it being a unique location, it is felt that an entrepreneurial tenant will be better placed to identify and retain a consistent clientele as well as take full advantage of the summer boost. We understand that the current Fair Maintainable Trade based on last year is £880,000 ex Vat with sales split £480,000 from food and £400,000 from wet sales. Staff costs are running at 30% of sales, and the gross profit is in the region of 60%. Trading figures will be made available at a later to seriously interested parties.

Trading Hours

The premises currently trades seven days a week, opening at midday. The business closes at 8pm Sunday, 9pm Tuesday to Thursday and 10pm on Friday & Saturday. There is scope to increase these hours to attract a morning trade in the summer as well as evening diners.

Tenure

The business is to be let on a Standard fully tied five-year tenancy agreement from Shepherd Neame with a full tie for drink supply. There is limited liability for the repair of the building as much will be maintained by Shepherd Neame. Full details on request. It is proposed that the commencing rent will be £49,920 per annum, rising each year to £57,200 at the end of the term.

Business Rates

The current rateable value according to the VOA as at 2023 is £59,000. The local authority is Maidstone Borough Council.

Regulatory

The property has a Premises Licence granted by the relevant local authority. It is a requirement of the Licensing Act that properties serving alcohol have a designated premises supervisor who must be the holder of a Personal Licence. Prospective purchasers are advised to take appropriate specialist advice.