For the first time in 36 years, Cross Keys Hotel in the centre of the Cambridgeshire market town of Chatteris has been placed on the market through leisure property specialists Fleurets at a freehold asking price of £525,000. The owners of the property, reputed to have been built in the mid 16th century in the reign of Queen Elizabeth I, have decided to retire after running the business as a husband and wife team for the past 36 years.
However, the owners, as an alternative to selling, are prepared to let the property on favourable free of tie terms. A new 10, 15 or 20 year lease is available at an asking premium of just £75,000 to include trade furnishings and equipment.
The property comprises 12 letting bedrooms, a lounge bar, residents’ lounge, restaurant, function room and a buffet room. To the rear a paved terrace, a car park and also a four bedroomed owners house forms part of the freehold sale or letting. Much of the current structure is of late 17th or early 18th century. Bob Whittle of Fleurets said “the availability of the Cross Keys Hotel provides a rare opportunity for someone to acquire a long established consistently steady business. Takings average circa £6,000 per week inc VAT. Our clients are prepared to either sell the freehold or let the property on favourable free of tie terms and so the opportunity is available to run the business for a relatively modest investment.”
Mentioned in the Domesday Book the historic town of Chatteris is one of four market towns in the Fenland district of Cambridgeshire set between the two cathedral cities of Ely and Peterborough and surrounded by rich farmland which is known as the Covent Garden of England. Chatteris is known as the gateway to the Fens.
For further information on the property, please contact Fleurets East Anglia
