I have seen pubs for sale for significantly cheaper than 400k or even 300k.
In fact I was eyeing up a running pub in Athlone for 200k including a large residence. It was slightly off the beaten track but a good brewpub could pull in the crowds and Athlone is a college town.
I lacked 200k but more specifically I lacked the ability to sell my house. I mean, even if the brewpub never took off or even if the pub itself could not make ends meet, for that price you have an awesome home and the ability to sell or rent out some retail space to claw some money back.
In my own town there is a very large pub grounds for sale[/url:1rtskvba] with great possibilities for a brewery attached. It's an extensive property.
This pub would not make it commercially though by itself, not unless you were very lucky and the microbrewery drew in the locals. Since my town has gone from 4 pubs in 2007 when I moved here, to one or possibly 2, not sure what's going on with Bagnalls across the road, I suspect it would not be a very good investment but if you could make it work as a brewery that happens to have a pub attached.... well it could work out very well.
I would be interested in something a little more likely to succeed in a larger town/city.