The Old Mill House, which we understand dates from the 16th century, is a simply breathtaking detached Grade II Listed former corn mill which sits on the banks of Little Petherick Creek in the heart of this stunning hamlet close to Padstow. Trading as a successful 7 en-suite bedroom bed and breakfast with owners’ accommodation, The Old Mill House has been tastefully and thoroughly restored and benefits from a circa 25 cover bistro restaurant as well as tranquil gardens.
Entering the property on the ground floor via the front entrance is a warming and well presented reception area with sofas, benefiting from a feature fireplace and flagstone slate floor. To the front elevation of the ground floor is an office and a well-sized commercial kitchen which includes a wide range of stainless steel commercial units and cooking equipment. There are communal toilets with access from the entrance reception room into the bistro restaurant which has been very well finished and benefits from flagstone slate flooring, exposed wooden beams and many original features, offering a perfect space for a premium dining experience with views over the well maintained and picturesque rear garden. The restaurant is highly regarded, having received Gold in the Taste of the West Awards in 2017 and 2018 and having been awarded an AA rosette in 2018, 2019 and 2020. In the corner of the dining room is a bar area and, located of f the dining room, is a ‘snug’ with separate access onto the gardens – a perfect area for guests to relax before and after dinner.
There are 5 en-suite guest bedrooms, and a useful utility room with washing machines. All bedrooms have been tastefully decorated by our clients, exposing wonderful features. The rooms have a variety of lovely views of St Petroc’s Church, Little Petherick Creek, the hamlet’s bridge and the exquisite rear garden.
Rising from a spacious landing are 2 further beautifully finished guest en-suite bedrooms.
The en-suite owners’ accommodation is currently on this floor.
The Owner’s Accommodation
The owners currently reside on the top floor within a spacious en-suite double bedroom. This room could be converted to additional guest accommodation or, alternatively, for those requiring a larger space to reside, the 2 double bedrooms on the second floor could be encompassed within the current owners’ accommodation, resulting in a 2/3 bedroom house with private access via a door on the first floor.
The property benefits from a sunny well-stocked rear garden which fronts the creek. Presently, there are tables and chairs for outside dining and for guests’ enjoyment. In addition, there is an external pizza oven and an electric powered waterwheel. There is space on either side of the property for parking; guests use the parking on the other side of the road behind the village hall. These spaces are owned by a trust and our clients pay a small amount per year for rights to use.
Financial accounts for the business can be made available upon request. The Old Mill House trades successfully as a bed and breakfast business with 1 bedroom owners’ accommodation with a circa 25 cover restaurant bistro, and large outdoor seating/serving area for guests and visitors of the restaurant. The business has traded well since our clients acquired it approximately 8 years ago, but particularly over the last 12 months, with significant levels of forward bookings for the remainder of the year. We understand our clients do not need to rely on booking platforms, particularly in the summer months, due to repeat customer bookings. Additional revenue could be generated by converting additional rooms into guest bedrooms, as well as introducing lunch services and potentially, subject to a license, hosting wedding events.
Inventory And Stock
The property will be sold with the benefit of the fixtures and fittings.
No staff will transfer with the sale of the property. However, if required, the chef is willing to stay on, should an incoming buyer prefer.
Planning And Alternative Use
The Old Mill House has C1 (Hotels) Use Class. Subject to planning, the property would make a wonderful residential dwelling. Very rarely do properties of this scale become available in the immediate vicinity and within such close proximity to Padstow.
We understand the property is serviced by mains water, electricity, drainage and gas.
The business’ Rateable Value is £7,200 and benefits from small business rates relief; therefore, no business rates are payable.
Transaction Process, Structure And Timing
The Old Mill House will be sold by way of an asset sale as a transfer of a business as a going concern (TOGC).