Fountain, 29 Southgate, Chichester, East Sussex, PO19 1ES
We are delighted to this present this fantastic business opportunity at the Fountain, situated in the historic Roman town of Chichester. The pub is currently categorised as a 'Town pub' due to being chameleon in operation, turning from a food-led business catering for shoppers and workers at lunchtimes to a more energetic environment catering for younger locals in the evening.
Chichester is a historic cathedral city nestled in the foothills of the South Downs. It’s surrounded by beautiful countryside, sandy beaches, fishing villages and family attractions, offering incredible diversity to suit every visitor. Chichester is an affluent city with an approximate population of 27,000 residents. The Fountain is situated on South Street, a vibrant area of Chichester’s shopping centre, occupied by high street stores and independents. There are numerous pubs and restaurants in the local area and the Fountain forms part of the popular circuit. The main train station is located approximately 300m south of the Fountain which provides easy access from neighbouring towns.
The Fountain is one of the oldest public houses in Chichester, first opening its doors in 1798. The pub is built against the Roman city wall which is still visible in the restaurant. It is one of the areas longest standing live music venues, and withholds a very popular reputation with local residents.
The ideal applicant will need to be a great host, with the ability to manage a complex business serving a quality food offer whilst at the same time managing the high energy of the entertainment for which the Fountain is famous.
The pub consists of three main areas; the first room has the feel of a traditional ale house, complete with main bar, wooden floor, bay windows and a feature fireplace. The middle room hosts a prominent bar area with space for vertical drinking and a billiards table. The restaurant is situated to the rear of the property and includes a feature wall and space for circa 40 diners.
The domestic accommodation comprises 2/3 bedrooms, lounge, bathroom, kitchen and office. The letting accommodation will be redecorated and modernised as part of the planned investment scheme.
Guide Rent: 10% of Net Turnover (estimate £70,000 per annum), with a Base Rent of £60,000 per annum and a capped rent of £105,000 per annum)
Initial Investment: c.£35,000
Fair Maintainable Trade* (FMT) Turnover: £725,000 per annum