RARE LICENSED INVESTMENT SALE IN POPULAR LICENSED CIRCUIT
237 North Street is situated in a popular and sought-after location, in a prominent position, close to the core city centre and Finnieston. The premises are located on a popular licensed parade next to Koh-I-Noor, Chinaskis and The Locale. Other licensed premises in the immediate area include Pedlar & Spice, Bon Accord, Baby Grand and Five March. This is a first-class licensed trading location able to capture customers from nearby business generators including the SECC, Kings Theatre, city centre hotels and the Park financial and residential district.
Single storey building plus basement under a flat roof. The premises benefit from a prominent frontage with customer and secondary entrance to the kitchen directly off North Street.
The accommodation is summarised as follows:
With attractive bar servery and booth seating for 30 persons. Decorated in a Victorian style with wide attractive central marble staircase providing access to the basement.
Attractive club area with seating for 46 persons, bar servery and raised DJ booth. We understand the capacity of the basement club is approximately 200 persons.
Ladies and gent’s customer toilets.
We assess the gross internal floor areas as follows:
Ground - 63 sq. m. (678 sq. ft)
Basement & Mezz - 165 sq. m (1,776 sq. ft.)
TOTAL - 228 sq. m (2,454 sq. ft.)
Note – the ground floor area excluding the central stair is approximately 52 sq. m (560 sq. ft.)
We understand that the property is connected to all mains gas, electricity, water and drainage.
The premises are entered in the Valuation Roll with a Rateable Value of £30,000, effective 1st April 2017. Rates payable will be approximately half of the rateable value and a new occupier has the right to appeal the rateable value. CDLH undertake rateable value appeals for licensed premises.
There premises benefit from a Premises Licence under the Licensing (Scotland) Act 2005.
There is an occupational lease in place. The salient terms are as follows:
Tenant - now vested in Strange Night Ltd
Expiry - 3rd June 2031 (10 years remaining)
Current Rent - £28,000 p.a.
Rent Reviews - 3 yearly
Next Review - 2nd June 2023
Repairs & Maintenance - Tenant FRI lease
Rarely available investment opportunity that will appeal to traditional investors and parties wishing to acquire investments for pension purposes. The investment has been competitively priced reflecting a Net Initial Yield of 9%, assuming purchasers costs at 5.50%. The existing business is under control of the tenant and is unaffected by the investment sale.
Over £295,000 plus VAT, are invited for heritable (freehold) interest subject to the existing lease.
The premises have an EPC Rating – G. A copy of the EPC can be provided on request.
VIEWING & FURTHER INFORMATION
For further information or to arrange a viewing, please contact Kevin Hunter by email or at the Glasgow office on 0141 331 0650.
Designed & built by Mucky Puddle