Description

LOCATION

Glasgow has a population of approximately 650,000 persons and has a vibrant economy, particularly in the licensed retail sector, helped by a large student population from Glasgow University, Strathclyde University and 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 the Royal Scottish National Orchestra.

The premises are located within Glasgow’s established Theatreland district, with a number of surrounding business drivers, including Buchanan Street, Buchanan Galleries, the Royal Concert Hall, Cineworld and the Pavilion Theatre, as well as city centre office workers and students.

DESCRIPTION

The subjects are formed within the ground floor of a Holiday Inn Express property and was purpose built as a separate restaurant within part of the original development. The location is undoubtedly excellent to draw on custom from the Holiday Inn Express and the adjacent Holiday Inn.

ACCOMMODATION

GROUND FLOOR

Restaurant

Fully fitted restaurant, with seating for approximately 100 covers.

Kitchen

Commercial kitchen area, with fitted pizza oven, walk-in cold store and preparation areas.

Customer Toilets

There are ladies, gents and accessible toilets.

Storage and Plant Areas

RATEABLE VALUE

The subjects have a Rateable Value of £64,000. Rates payable are approximately 50% of Rateable  Value.

SERVICES

We understand that the property is connected to all mains services, including water, gas and  drainage. Heating is from a warm air system and there is an air conditioning system in place.

PREMISES LICENCE

There is a premises licence in place.

THE LEASE

The premises are held on lease until September 2039 (approximately  17  years  unexpired).   The  Passing  Rent  is

£69,000 per annum. Rent Reviews are at 5 yearly intervals and the next review is not due until  September 2024. The lease is on a typical tenant full repairing and insuring basis.

THE FORMER BUSINESS

The business previously traded as a Di Maggio’s restaurant, although all Di Maggio’s branding has  now been removed. The premises remain in excellent order and are fully fitted, furnished and  equipped, ready to trade. A premium is being sought for the benefit of the fully fitted furnished  and equipped premises, with a long, unexpired lease term.

The business ceased trading in March 2020 due to COVID restrictions. This is not a sale of a going concern, but simply a lease assignation. As a result, there are no staff transferring over to an incoming tenant. Net of VAT sales in 2016 were £1,052,695 and in 2017, £972,277. This is a fantastic opportunity for an incoming tenant to immediately commence trading in a first class location and create an excellent long term business.

PREMIUM

Premium Offers Over £95,000 are sought for the benefit of our clients leasehold interest, to include all fixtures, fittings, furnishings and equipment within the property. It should be noted the premium and rent are exclusive of VAT, which will be charged in addition.

EPC

An EPC will be made available to interested parties.

ANTI MONEY LAUNDERING

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 not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase before the transaction can proceed.

VIEWING AND FURTHER INFORMATION

For further information please contact CDLH on 0141 331 0650.

Floor Plans

There are no property floorplans available

Dataroom

There are no property datarooms available