Press Releases
Newcomer to the trade buys a new lease on a Taunton pub
The Shepherd’s Rest public house in Galmington Road, Taunton, Somerset, has been sold on a brand new lease to John Mills from Watchet as his first venture into the licensed trade.
The Exeter office of leading licensed property agents, Christie + Co, handled the sale while their associate company, independent business mortgage brokers Christie Finance, sourced funding for the purchaser.
The Shepherd’s Rest is located in a residential area just off the main A38, approximately one mile from Taunton town centre and between Junctions 25 and 26 of the M5.
The detached, two-storey property comprises a main bar with games area, 40-cover restaurant, skittle alley, three-bedroom owner’s accommodation, beer garden and car park.
The Shepherd’s Rest was one of 50 new lease opportunities
throughout England and Wales which Christie + Co is marketing on
behalf of Greene King Pub Partners, part of the Suffolk-based
brewer and pub retailer, Greene King.
Jon Clyne from the Exeter office of Christie + Co comments:
“The Shepherd’s Rest is an ideal first time pub
acquisition for Mr Mills, who has purchased the new lease for a low
premium. This is an established, traditional, community pub which
derives some 80% of its turnover from drinks sales, providing ample
opportunity for Mr Mills to increase the food offering.”
“Greene King Pub Partners’ estate is widely
recognised as one of the leading tenanted and leased businesses in
the UK,” continues Mr Clyne. “Greene King is committed
to long-term investment and to working in close partnership with
licensees so Mr Mills can be confident that he will be supported
throughout the term of his lease.”
A new 15-20 year lease on the Shepherd’s Rest was sold for an
undisclosed figure after Christie + Co sought a premium of
£40,000 with rent commencing at £35,000 per
annum.
For further information, please call Jon Clyne in Christie + Co’s Exeter office on Tel: 01392 285600
Our Ref: Exe1555
