West Country coastal properties in demand

By Jeremy Beeching, of Scott Burridge Commercial, Cornwall

June 23, 2007: In 2007 we have noticed that, despite the recent increases in interest rates, we have had more enquiries from both national pubcos and private buyers than ever before. They are looking for freehold sites, in prominent locations, with growth potential in both Devon and Cornwall.

l The Unicorn, at Porthtowan, Cornwall, being marketed by Scott Burridge Commercial

We have long believed that many of the freeholds in West Country would be targeted by national firms as supply further upcountry begins to dry up, and this has begun to bear fruit.

Many of our instructions are undertaken on a confidential and off-market basis, so we are unable to divulge any details of vendors, purchasers or prices. However, we have recently scored success in both Devon and Cornwall to national companies.

One of our current confidential instructions is a freehold bar / restaurant in west Cornwall. It is in a lively coastal town location and offers 75-plus covers with outstanding sea views. The freehold guide price is £1 million.

The profile of coastal locations has been high nationally with the continual coverage of our celebrity chefs Rick Stein and Jamie Oliver. These have recently been joined by Masterchef presenter and chef John Torode, who is a key part of the group that bought, through Scott Burridge Commercial, the Seiners Arms, Perranporth.

We have noticed a steady growth in interest in coastal locations and sales are proceeding quickly as buyers bid to take over businesses prior to the key summer trading period.

We sold, subject to contract (at time of writing), in six weeks, the Bassett Arms, Portreath. This is a popular free of tie leasehold pub in a lovely coastal village. It offers an extensive bar area, 75-plus cover restaurant, a conservatory, owners' three-bedroom accommodation, a garden area and car parking.

New to our books is the Unicorn on Beach Road, Porthtowan. This is a stunning leasehold pub / restaurant opportunity immediately adjacent to the breathtaking Porthtowan beach. It offers a bar, conservatory and a sports bar. In addition, it has an extensive patio and outside seating area, and a large car park. The owners' three-bedroom accommodation has its own garden.

We consider that the trend from both national pubcos and private buyers will continue through 2007 as the Cornwall's profile continues to grow.

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