The Red Lion Hotel, situated in Oakford, close to Tiverton in Devon, has been sold through Christie & Co off a guide price of £300k.
The three storey venue provides a ground floor trade area with a bar for up to 35 covers and restaurant for 30 covers. Four double ensuite bedrooms are included on the first floor, with a two-bed owner’s apartment occupying the second floor. Externally, the site provides seating for 16 patrons to the front of the property and private, on site car parking for six vehicles.
The Red Lion had been closed since last year and was more recently listed as an asset of community value after a nomination by a local community group.
The new owners, Richard and Bronwen Hurley, are first time pub purchasers and commented, “We recently moved from Warwickshire to Oakford and had always intended to buy into a local business. The villagers of Oakford made us feel so welcome and were so passionate about supporting The Red Lion that we decided save the pub by buying it. We plan to reopen the pub by Easter 2019 and look forward to the continued support of the community.”
Stephen Champion, Senior Business Agent, and Lloyd Colin, Business Agent, at Christie & Co’s Exeter office handled the sale, and said, “The Red Lion Hotel was the hub of the village and its closure was a real loss for the local community. It has been widely reported in the press recently that over a quarter of pubs have been lost in the last decade, so we are delighted to see the pub sell for continued use.
“Demand for quality pubs still remains strong across the South West with buyers seeing the potential in these sometimes underutilised properties. We have no doubt Richard and Bronwen’s background will help them bring The Red Lion Hotel back to its former glory.”
