Hope for the Richmond

1 Response

  1. Jeremy Labram on behalf of the owners says:

    Dear All,

    This email is going out to every email address we have.

    Firstly, thank you to everyone who has completed the survey. If you have still yet to do so please follow this link https://goo.gl/forms/VVySDOYHVw53vZ743

    We have had, to-date, 61 responses. The results of which will be published to everyone anonymised.

    Thank you to the group who met on the 25/9 at the Hare & Hounds. There were 8 attendees at the meeting including Rupert, and 5 apologies from members of the community who had wanted to attend, but were unable to. It was a wide ranging discussion and a number of questions were raised that are covered further down in this email. If we missed anything raised from this meeting please let us know and we will respond to all.

    We are meeting on Sunday 7th of October at 4pm at the Hare & Hounds. If anyone else would like to meet up at another time or speak on the phone then please get in contact.

    Discussion 25/9/2018
    Some questions clarified included:
    If a tenant is found to take on the Richmond then we will remove the application for change of use – YES. The pub is still being actively marketed by Sidney Phillips although we are in contact with Sidney Phillips about the coverage of their marketing and may move firms.
    Any tenant can set-up the business model that they believe will work. They will NOT be restricted to run a particular model e.g. a Corkage type model
    We are very keen to hear from any community groups with a view to take on the property and want to reiterate that nothing is off the table for discussion. This can include (but is not restricted to):
    Tenanting the whole property
    Tenanting the whole downstairs of the property, but not the 1st and 2nd floors
    Tenanting the smaller section of the downstairs which maps onto the Georgian and Victorian footprint, but not the rear 1950s footprint or the the 1st and 2nd floors
    Buying the whole property and
    A question about whether we would be prepared to sell a percentage. This was a new suggestion we had not thought about, but we will give it some thought.
    The discussion about these ideas considered the condition that the property would be provided. Again nothing is off the table from stopping the building/renovation work now, or providing a finished shell with all the new structures completed, all the rewiring and plumbing of the whole property or providing the property completely finished and ready for a tenant/buyer to walk in. Clearly the condition of the property would determine the level at which the tenancy/sale value would be set.

    The discussion considered rental levels:
    Tenanting the whole property – if finished the rental monthly value would be determined by the total investment made in the refurbishment. We would spread these costs over a 25 year payback time-frame. Based on the current project estimated costings to complete the refurbishment the rent would be circa £2350 a month.
    Tenanting the whole downstairs of the property, but not the 1st and 2nd floors. Again linked to whether it is provided as a shell or finished article, but ballpark of £1350 a month
    Tenanting the smaller section of the downstairs which maps onto the Georgian and Victorian footprint, but not the rear 1950s footprint or the the 1st and 2nd floors. Again linked to whether it is provided as a shell or finished article, but ballpark of £750 a month
    Buying the whole property discussion. Again dependent on the condition of the property, but general discussion was if the property were sold to a full community group with protection that it could not be developed into residential in the future, then we would be prepared to sell the property at cost of the property to us to-date. This is currently is circa £500,000. If we were to sell to an individual then we would be looking for a higher price to reflect the time, effort and losses incurred running the property.

    Please get in contact if you have any questions or would like to discuss any business idea you would like to take forward.

    Thank you for all the feedback.

    Kind regards,

    Rupert, Catherine and Jamie