The surrounding area is benefiting from substantial investment and development. There are already large occupiers including JP Morgan. The new Virgin Money headquarters is being developed nearby as are a number of new office buildings within a short distance. Nearby hotels include Ibis Styles and Hotel Indigo proving valuable drivers to daytime and evening trade.
The location of the property makes it idealy suited to both daytime and evening trade dependant on the operator concept.
The premises are arranged over the ground floor of a modern and attractive multi-storey city centre building with office occupiers on the upper levels. There is a glazed return frontage with entrances from both Waterloo Street and West Campbell Street. The premises are substantially fitted out with kitchen and extract system plus well fitted toilet accommodation. An incoming tenant will require to reinvest in a partial refit to suit their concept/style. The tenant will require to satisfy themselves on the serviceability of all plant and machinery, as standard.
The previous business closed in 2020. The concept and previous layout provided a deli / take out to the front with covers to the rear and side providing the principal restaurant area for approx. 100/120 covers. There are ladies, gents and accessible toiles, a commercial kitchen and back up storage areas.
The floor areas are as follows (GIA):
473 sqm. (5093 sq.ft.) all at ground floor
There is a premises licence in place. It is anticipated the landlord will retain the premises licence and the tenant will provide the nominated Designated Premises Manager.
The Rateable Value is £45,000. A new occupier will have the right to appeal the Rateable Value.
The property is connected to all mains services, including water, electricity, gas and drainage. The tenant will require to satisfy themselves on the serviceability of all plant and machinery, as standard.
THE BUSINESS & OPPORTUNITY
The business traded at Operetta for many years. A new tenant acquired the business by way of lease assignation in 2018 for a substantial premium. The new tenants intended carrying out a
refurbishment in 2020. However, the tenant company was placed into Liquidation in December 2020. The property is now available to let by way of a new long-term leasehold opportunity. The premises offer and excellent opportunity to create a new and vibrant business. The premises are equally suited to focussing on early morning / daytime trade or alternately more conventional restaurant trade or indeed a combination of both.
The premises are offered on a new tenant full repairing lease. It is anticipated the lease term will be 15 years with 3 yearly rent reviews.
We are seeking rental offers over £65,000 pa exclusive of VAT and service charge. A rent free period will be granted to assist the tenant in the refit and to overcome the Covid-19 pandemic. Interested parties are free to offer for the movable equipment such as the kitchen equipment and tables and chairs etc. Any offer will be discussed by CDLH with the Liquidators of Operetta Scotland Limited. It should be noted the Liquidators have no interest in the property and landlords fixtures and fittings.
EPC available on request.
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