Regional Spotlight: Cornwall

Scenic Cornwall, with its stunning coastline and glorious countryside, offers a great escape for tourists, surfers and hospitality entrepreneurs alike. And in recent years it has seen a lot of regeneration and inward investment, including high-profile tourism developments such as the Eden Project.

Graham Timmins, a commercial surveyor at Truro-based chartered surveyors Millers, says the pub market is "at an all-time high". The hottest areas are around Truro and Falmouth, but Truro has very few free houses and most properties are tied, so buyers are being squeezed out to marginal areas such as Camborne and Redruth. Although less desirable, these areas are densely populated, with Government-backed affordable housing being built in the area, which is good news for pub landlords.

Leasehold pubs cost a minimum of £70,000 and £90,000-£100,000 on average, says Timmins, while £250,000 is the absolute minimum for a freehold pub, with most going for £300,000-£400,000.

Demand is less for catering businesses. Although freehold opportunities in good locations sell relatively easily, says Timmins, demand for leasehold catering premises is nowhere near as high. Key hot spots for restaurants include St Ives and Padstow.

Overall, between 70% and 80% of buyers are from outside the county, he adds.

Paul Reilly, sales director at Exeter agents the Stonesmith Partnership, says there are lots of opportunities in the area, but it can be very seasonal in the coastal areas, so if you're after a year-round business, head for the urban centres such as Falmouth.

Hotels in the areas are typically between eight and 14 bedrooms, and the hotel sector is doing well around the south coast, from St Austell down to Truro, adds Reilly.