News

We have bought a pub!

14/11/2013

Proper local! City pub bought by its good neighbour

FLAGSHIP:  The Lord High Admiral attracted many bids from potential buyers

FLAGSHIP: The Lord High Admiral attracted many bids from potential buyers

The Community Economic Development Trust has splashed out on the Lord High Admiral, "a thriving pub" which is situated just off Union Street, next door to the trust's HQ Business Space building.

Roger Pipe, general manager of The Millfields Trust, said the pub comes with a sitting tenant, and the trust won't interfere in the running of the business. He said: "The Millfields Trust is really excited about being the new owners of such a great local pub as the Lord High Admiral.  "They have a few years remaining on their lease, but we've become their landlord and will work with them.  "It makes sense – it's right next door to us."

The Lord High Admiral is a large, detached, three-storey brick-built property with painted coloured rendered elevations under a pitched slate roof, with later extensions at the rear.

Internally it comprises a main bar and restaurant and owners' accommodation with two or three bedrooms, plus a rear courtyard and beer garden.

The not-for-profit Millfields Trust, set up in 1998, has a brief to enable Stonehouse people to contribute to the regeneration of the old St Peter Ward.

It uses rental income from its business space in the former Millfields naval hospital and at Union Street's ex-clothing factory HQ Business Space building for projects to benefit the Stonehouse community, particularly through the Widening Horizons scheme to help primary school children with their educational attainment.

Two years ago, the Millfields Trust helped set up the Plymouth Beer Company micro brewery, which is based at the HQ building.  The business, which produces Pilgrim Ale and Fresher Ale, ploughs profits into Stonehouse youth projects.

But Mr Pipe stressed the brewery and the pub are two separate enterprises.

"We don't know about that sort of business (a pub), but we want to see a thriving local, and want keep it as that," he stressed. "It's important to the area."

He said the pub's tenant would have "freedom to run it as they wish" and added: "We will not interfere."

The pub is opposite the Rock Salt restaurant, itself housed in a former pub, which was listed in the Good Food Guild in September – just two years after opening.

Mr Pipe said the independently-owned restaurant's success had helped the pub too. "Rock Salt has been good for both businesses," he said.

Richard Wood, of Christie + Co in Exeter, said there was a lot of interest in the Lord High Admiral, adding: "A number of bids were received, demonstrating a real demand for public houses within central Plymouth."

Read more: http://www.thisisdevon.co.uk/Proper-local-City-pub-bought-good-neighbour/story-20038352-detail/story.html#ixzz2kd6yhbCb