Uncertain future for pub as it goes up for sale at £450k
IT COULD REOPEN WITH NEW OWNERS OR BE CONVERTED INTO ACCOMMODATION
IT has been a turbulent few years for regulars at a 19th century Hucknall pub.
Now, the Portland Arms, in Annesley Road, is embarking on the next chapter in its history as the former pub and the flats above it go up for sale.
The current owner has put the building up for sale with Veritas Business Sales Ltd at an asking price of £450,000.
Whether the pub reopens will depend upon by a new owner and their plans for the building.
The selling agent says that a new purchaser could either reopen and trade the ground floor as a pub themselves or offer it on lease which would generate £13,000 plus vat per annum.
According to the sales details, an alternative use could be to convert the ground floor into three flats “subject to obtaining the correct planning permission and these would rent for circa £16,800 per annum”.
Currently, the first and second floors have been converted into four flats which are fully let and produce a rental income of £21,840 pa.
The former pub has had an interesting recent history.
It was designated an “asset of community value” by Ashfield District Council in 2016, but by January 2018 campaigners were fighting to save it from closure when the owner wanted to convert it into flats.
At the time it was described as a “rough and ready” pub. But because of its protected status, community groups had to be given the chance to keep the pub running before it could be sold.
Moving on a year, a Facebook post back in August 2019 documented the departure of the then landlords, inviting customers for a “farewell drink” as they headed for what they described as “a new adventure and a big challenge”.
What will happen next will depend upon who buys the building and how planners view any submissions.
A spokesperson for Ashfield District Council explained: “The ground floor, cellar and rear yard of the Portland Arms on Annesley Road are registered as an Asset of Community Value. The flats above the ground floor do not form part of the listed asset.
“The owner of a listed asset is not required to sell it to a community group, but they are required to serve a notice of intention to dispose.
“This gives community groups the opportunity to purchase the property by providing them with more time to raise funding.
“The Asset of Community Value provisions do not place any restriction on what an owner can do with their property, this is a matter for planning policy.
“The listing of an asset of community value can be a material consideration, which is something for the local planning authority to determine.”
Veritas Business Sales added that it is a freehold investment property, and a “superb opportunity to purchase an investment property with a variety of options available which is a great base to build upon”.