Guys/Locarno restaurant is situated in an excellent trading position on Candleriggs, within the heart of the Merchant City.Merchant City now provides a prime licensed and residential area, serving the city centre. The premises lie only approximately 5-10 minutes’ walk from George Square, Queen Street Station and Buchanan Street, the prime retailing thoroughfare of the city centre.
Significant new development has taken place in the immediate vicinity. This includes the £90 million Strathclyde University Technology and Innovation Headquarters and the new Drum and Stamford Property Investment on the site immediately opposite the subjects, which is planned for an approximate 850,000 sq. ft. development of residential, student, hotel and commercial space.
There is no doubt that this is one of the prime trading locations within the city centre for a restaurant.
The premises are arranged over the ground floor of a multi-storey building. There is frontage to Candleriggs itself and thereafter an attractive open plan restaurant with ancillary commercial kitchen and service areas.
We estimate that the ground floor extends to 218.88 sq. m. (2,356 sq. ft.).
The accommodation internally is as follows:
Accessed directly from the front from Candleriggs. This leads to an attractive small lobby and thereafter, a further door to the main trading areas.
With fixed back leather seating and small circular tables and chairs, able to seat approximately 20 persons. This area is used as a pre/after meal drinking area.
Attractive middle restaurant with high ceiling height and first class, attractive ceiling mounted lighting. There is booth seating to one side, able to accommodate approximately 24 diners. Immediately adjacent is a solid timber semi-circular bar servery, which provides a highly attractive feature, with gantry to the rear.
The rear seating area is formed by attractive timber bench seating, with cushioned backs and tops, supplemented by high back chairs. In total, there is seating for approximately 46 persons.
The premises are fitted to a first-class condition throughout and are fully fitted, including a number of wall mounted mirrors, paintings, all furniture, highly attractive flooring, timber lined and painted walls, as well as bar servery, attractive lighting and a fully fitted kitchen. The unit is in a walk-in condition throughout.
There is a premises licence in place. The premises licence will be transferred to a new tenant.
We understand that the premises are connected to all mains services, including water, electricity, gas and drainage.
The Rateable Value of the restaurant is £46,500. A new occupier will have the right to appeal the Rateable Value. Given the passing rental of £37,500 per annum, we believe that the Rateable Value can be reduced.
Guys Restaurant was an established Glasgow institution and was trading for a number of years. The chef proprietor, Mr Guy Cowan, recently passed ownership of the business to a third party. The business (which most recently traded at Locarno) has closed but is available as a fully fitted and equipped restaurant. Mr Cowan has decided to sell his interest in the premises for personal health reasons.
Guys/Locarno Restaurant is an ideal opportunity for an experienced restauranteur or chef proprietor to acquire a fully fitted and furnished premises in a prime trading location within the city centre. We have been advised that historic sales ranged from £20,000 to £30,000 per week.
The existing lease has approximately 12 years unexpired term and the passing rental is £37,500 per annum. The terms of the lease are on a standard commercial basis and the landlord has indicated an extension of the lease will be permitted if required. The full lease can be provided to seriously interested parties.
Given that the business has closed, the premium price is invited for the benefit of the leasehold interest to include all fixtures, fittings and equipment and premises licence, enabling an incoming tenant to gain the unit in walk-in condition to commence trading immediately. The incoming tenant must cover the legal costs of the landlord.
Designed & built by Mucky Puddle