Glasgow is one of the strongest retail locations outside London, attracting 3.2 million visitors spending £2.3 billion, including around 800,000 international tourists (2017 figures).
The Willow Tea Rooms are situated in a 100% prime location, with a ground floor entrance and occupying the first, second and third floors above Jo Malone and Penhaligon’s, in the heart of Buchanan Street. Surrounding occupiers include Frasers Department Store, the famous Princes Square, Massimo Dutti and TGI Fridays. The location attracts a very high footfall due to the proximity of both Glasgow Queen Street and Glasgow Central Station, along with Glasgow’s underground system. This is a rare opportunity to acquire substantial property in the core prime area of Glasgow Buchanan Street.
The property is accessed via an entrance directly off Buchanan Street, leading up to the first floor restaurant and retail area and, thereafter, to the second floor restaurant with offices, storage and bakery at third floor level. The building is a four-storey city centre property with prime retail at ground floor level.
|Sq. Ft.||Sq. M.||Capacity|
|Ground Floor (Entrance Only||N/A||N/A||N/A|
|First Floor||1,549||144||56 covers plus retail.|
|Second Floor||1,537||143||46 covers plus toilets.|
|Third Floor||1,485||138||Storage, staff areas and bakery|
Total Gross Internal Floor Area - Approximately 4,571 sq.ft. (425 sq.m.)
We understand the property is connected to mains water, electricity and drainage. Heating is provided from electric wall heaters and there is a electric immerser system.
The lease is for a term of 15 years on a tenant full repairing and insuring basis. Rent Reviews are upwards only at 5 yearly intervals to the higher of either RPI with a minimum uplift of 5% and a maximum uplift of 15% or Market Value, whichever is the higher.
|Rent Reviews upwards only 5 yearly|
|Rent Higher of:||(a) Passing Rent.|
(b) Market Rent.
(c) RPI min 5% max 15% over a 5 year period.
The operating business was run by our clients for around 18 years and the business was sold in 2019 after a very strong competitive bidding process to Cranachan Limited.
|Tenant||Cranachan Limited (SC 351052)|
|Net Worth||£43,100 (year end Dec 2019)|
|Cash||£112,400 (year end Dec 2019)|
|Rent Deposit (6 months rent)||£32,500|
Deposit held for at least 3 years, then until company profits exceed 2 times rent.
Cranachan Limited began trading in 2008. The Directors of Cranachan Limited also have other restaurant interests and have successfully run a large number of restaurants in Glasgow over many years.During the COVID19 pandemic the Landlord provided a generous support package which equated to 7.5 months entirely rent free. Full rent payment recommenced on 1st April 2021. The £32,500 rent deposit remains fully intact and will be transferred to the incoming purchaser. The package ensures the tenant is in an excellent position to capitalise on the anticipated hospitality rebound from mid 2021 assisted by the 100% rates relief and 5% VAT rate.
Our clients are seeking offers over £849,500 plus VAT if applicable for this valuable investment property, which reflects a net initial yield of 7.26% after deduction of purchaser’s costs of 5.40%.
The property has an EPC rating of G.
For further information, including a copy of the lease, EPC, asbestos and other reports, please contact the sole selling agent.
t: 0141 331 0650
Alan Creevy firstname.lastname@example.org
Peter Darroch email@example.com
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