The subjects are located in the Southside of Glasgow, Scotland’s largest city with a population of approximately 600,000. The property is situated on Nithsdale Road in Strathbungo, which is a popular residential and licensed area in the South Side of Glasgow. The area is densely populated and has a desirable mixof student, young professional and adult customer base in the surrounding area. Strathbungo, over recent years has developed into a popular licensed circuit.
The subjects are formed over the ground floor of a three-storey traditional stone constructed building, under a pitched roof, clad externally in tiles. The premises have been extended to the rear by a two storey, cavity / brick block extension, which has been roughcast rendered externally. The subjects have a recently refurbished, part glazed frontage and there is a wide street to the front with free on street parking.
The accommodation is as follows:
The bar is a contemporary fit out with (recently installed) good quality, timber flooring, attractive fitted bar servery and natural stone wall and beam ceiling finishes. Attractive bar servery with granite bar top and gantry to the rear. There is seating for approximately 40 persons with a mix of loose tables and chairs with raised and alcove areas.
There is a further restaurant seating area to the rear decorated in a similar style with both seating areas.
Fully fitted commercial kitchen, part open.
Attractively decorated Ladies, Gents and Accessible customer
Ample ancillary accommodation and large basement area with
beer cellar, drink store and general stores.
There is a premises licence in place, regulated by the 2005 Licensing (Scotland) Act.
The property is connected to all main services including water, drainage and gas.
The subjects have benefited from a recent rating appeal and are entered in the valuation roll with a rateable value of £35,000. The current rate poundage for 2018 / 2019 is 0.48p in the £ and therefore the rates payable is approximately under half the Rateable Value.
The property is held on a commercial tenant full repairing and insuring lease. The lease expires in end of June 2030 with approximately 12 years remaining. The minimum rent is £30k p.a. plus an incentivised turnover rent. The passing rent was £30k + 5% of turnover. The tenant is required to lodge a security deposit of £6,000 and lease guarantees will be required. The lease is on a favourable part-tied basis with one guest/free of tie draught line for each tied line. A very attractive tenant discount is provided.
The subjects were fully refurbished in 2015 to provide a modern, good quality bar and restaurant concept. The current operators effectively operate the premises under management with additional staff and group costs. They are now focussing on a new joint venture agreement and assets. The subjects provide a great bar and, or restaurant opportunity with attractive sales and profit potential, under a direct, hands-on operator.
Our clients are seeking a premium in the range of £55,000 for the benefit of the unexpired lease and the fixtures, fittings, furnishings and equipment within the premises.
The premises have an EPC Rating - G. A copy of the Energy Performance Certificate is available on request.
For further information please contact the Glasgow office on 0141 331 0650.
Designed & built by Mucky Puddle