Glasgow has a population of approximately 630,000 persons and a vibrant economy, particularly in the licensed and retail sectors, helped by a large student population from Glasgow University, Strathclyde University, Glasgow Caledonian University, as well as a number of technical colleges.
Glasgow is now one of the main entertainment/conference centres in Europe and is home to many attractions, including the SECC, Hydro, Scottish Opera, Scottish Ballet and Royal Scottish National Orchestra.
Specifically, Bar 91 is situated at 91 Candleriggs, in the heart of Glasgow’s Merchant City, which has become one of the main licensed circuits serving the city centre. In addition, there are numerous new developments in the area, which includes Candleriggs Quarter, one of the UK’s largest city centre developments, only seconds’ walk away. The Grade A Merchant Square licensed venue, City Halls/Old Fruitmarket Venue and the BBC Symphony Orchestra are situated opposite. There are numerous other bars and restaurants nearby, creating a first class ambience and established licensed circuit.
The premises are arranged over the ground floor and basement of the multi-storey stone constructed building, under a pitched roof.
The premises are accessed directly from the front, from Candleriggs. There is a highly attractive glazed frontage, with opening glazed French doors and an external seating area on Candleriggs.
The accommodation internally is as follows:
The main bar benefits from excellent natural light from the glazed frontage. There are high internal ceilings and a mix of fixed back and loose tables and chairs. A bar servery is set to one side. We would estimate total seating for approximately 70 persons.
Situated to the rear of the ground floor.
Good sized kitchen, fully fitted with commercial catering equipment, situated to the rear of the ground floor.
There is a large storage area arranged over the basement, which benefits from excellent ceiling height. The basement storage includes a large beer chill room, manager’s office, staff room and ancillary stores.
We estimate that the gross internal areas are as follows:
|Ground Floor||161.89 sq. m.|
|Basement||120.89 sq. m.|
|TOTAL||282.08 sq. m.|
The Rateable Value is £48,000 per annum.
We understand that the property is connected to all mains services, including water, electricity, gas and drainage.
There is a premises licence in place.
Bar 91 has been under the same operation for many years. The current owners developed the concept in 1994. The business has become a Glasgow institution and is situated within a prime trading location within the city centre.
Historically, revenues were excellent. Pre the COVID-19 pandemic, the business was achieving revenues in the region of £675,000 net of VAT. We fully anticipate this level of revenue will return and, indeed, be exceeded given the recovery of the business. Full historic accounting information can be made available to interested parties.
Bar 91 provides an excellent opportunity for an experienced licensed operator to acquire an excellent existing business. In addition, the premises benefit from a fully fitted commercial kitchen and can easily be further developed to enhance the food offer or, indeed, operate as a dedicated restaurant. There are numerous existing business drivers in the area, including the City Halls/Old Fruitmarket opposite and the new £300 million Candleriggs Quarter development (under construction).
Our client will grant a new long term lease to an incoming tenant, the terms of which are negotiable. We envisage a lease term of at least 15 years. Rental Offers Over £50,000 per annum are invited for the benefit of the new lease.
Premium Offers Over £125,000 are sought for the benefit of the new leasehold interest, business and trading inventory.
An EPC will be made available to interested parties.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer Regulations 2017) came into force on the 26th June 2017. This now requires us to conduct due diligence on property purchasers. Once an offer has been accepted, the prospective purchaser(s) will need to provide, as a minimum, proof of identity and residence.
For an appointment to view or further information, please contact:
t: 0141 331 0650
166 Buchanan Street
T: 0141 331 0650
Designed & built by Mucky Puddle