Merchant Square is a historic building which forms part of Glasgow’s Old Fruit Market and lies in the heart of the Merchant City. The square now provides a destination venue for eating, drinking and entertainment. There are a number of highly successful businesses situated within the square including Metropolitan, Bar Soba, Steak, Rattle and Roll, Boudoir, Fanelli’s, The Beer Café and O’Neills Public House. Escape entertainment venue and Distrikt Nightclub are arranged over the basement.
Significant new development has taken place in the immediate vicinity including the £90 million Strathclyde University Technology and Innovation Headquarters, as well as a new student village, hotel, offices and retail developments in the former Selfridges site (planning permission is in place).
Specifically, Tuxedo is arranged over the part basement of the Merchant Square development. The premises benefit from a separate external access direct from Albion Street, which leads to a ground floor lobby and, thereafter, a wide staircase to the main trading areas.
The premises previously traded as El Barrio and were acquired by the current tenant in April 2017. The tenant then undertook a substantial refurbishment of the premises, estimated in the region of £250,000.
The subjects, therefore, have benefited from a significant recent refurbishment, which has now completely transformed the access, staircase, customer toilets and main club area. A second club area can also be integrated with minimal further refurbishment. Unfortunately, the tenant did not meet market demands, albeit the fit-out will greatly benefit a new incoming tenant.
We estimate the premises have a total gross internal area of 829 sq. m. (8,919 sq. ft.).
Specifically, the accommodation is as follows:
Dedicated access direct from Albion Street, immediately adjacent to one of the primary accesses to the Merchant Square development. There is a ground floor lobby and, thereafter, an attractively decorated staircase leading to the main trading areas over the basement.
There is a customer corridor which leads into the main club areas. Situated off the customer corridor are ladies and gents customer toilets, a pay-in booth/cloakroom,stores and a manager’s office.
Club Room 1 has been completely refurbished. The club includes a general open plan area with fixed booth seating to either side. There is a DJ’s booth and bar servery. In addition, there is a wash room and stores situated to the rear. This area includes two dedicated and well decorated VIP rooms situated off the main club area. We understand that the total capacity is for approximately 350 persons.
Club Room 2 is situated immediately adjacent to and can be interconnected with Club Room 1. We estimate that this will provide a further capacity in the region of 400 persons. With minimum refurbishment, this area can be interconnected to provide a large club/ entertainment venue.
There is a premises licence in place. The operating hours are to 3am seven nights per week. The premises licence will be transferred to a new tenant.
We understand that the premises are connected to all mains services including water, electricity and drainage.
The Rateable Value of the property is £75,000. A new occupier will have the right to appeal the Rateable Value.
Tuxedo was acquired by the current tenant around April 2017, at which time a significant refurbishment in the region of £250,000 was undertaken. Unfortunately, however, notwithstanding the significant investment, the nightclub did not meet market demands.
Nonetheless, at the asking rental at £50,000 p.a. (£5.50 per sq. ft.) and with the correct concept and market offering, we have no doubt that the premises are capable of generating a substantial turnover and profit.
The main club room is in a virtually walk-in condition benefitting from first class finishes and decorations throughout. In addition, Club Room 2 can be interconnected at a minimal additional refurbishment cost.
In our opinion, the premises are ideal as an entertainment venue or a specialised nightclub targeting jazz, goth or other specialised sectors. In addition, the premises may be suitable for other leisure uses, such as a gym, snooker/pool hall or casino (subject to necessary consents).
The premises are available on a new lease. Rental offers over £50,000 per annum are invited. A long term lease is available on standard commercial terms.
A rental deposit may be required from an incoming tenant, depending on the tenant covenant strengths.
The premises have an EPC rating of G.
Designed & built by Mucky Puddle