A prominent roadside inn set in 1.4 acres of land near Exeter has been reduced in price to encourage a quick sale in the first quarter of 2012.

The location and size of the Three Horseshoes in Cowley lends itself to a food operation and could be of interest to a managed house operator, according to agents Jones Lang LaSalle.

The freehold pub has now been reduced to £450,000 plus VAT to reflect the difficult market and a lack of trading accounts.

The Three Horseshoes is located on the main A377 Exeter to Barnstaple road, two miles outside Exeter.

It benefits from a large public bar and restaurant, first floor function room, car parking for 70 vehicles and a beer garden, and is recognised locally as a food venue, particularly attracting diners for Sunday lunch.

There is a three bedroom owner's flat on the first floor and grounds that extend to 1.4 acres.

Jones Lang LaSalle associate director Michael Easton said: "For the past six years the business has been run by tenants who are now looking to move on.

"The position and size of the building lends itself to a food orientated operation and the large car park to the rear supports this.

"Our clients have made a substantial reduction in order to achieve a sale in the first quarter of this year."

Interested parties can view the sales details at www.jllhotels.co.uk or call Michael Easton on 01392 423696.