BUSINESS OVERVIEW
Frames Gallery is a thriving, family-owned, independent art gallery and picture framing business located in the centre of Perth.
Since it first opened in 1979, Frames Gallery has built a reputation for displaying some of Scotland’s most sought-after contemporary artists. It was even the first art gallery in the country to embrace ‘online’ in 1996 when its website www.framesgallery.co.uk was launched.
The business, which has been based in Victoria Street since 1991, is owned and operated by a husband-and-wife team supported by several full-time and part-time members of staff; one of which has been there for 31 years.
The business goodwill, heritable title to the property, fixtures and fittings are now being sold due to the retirement of the Business Partners. It offers an excellent opportunity for those with experience in art galleries to continue and develop further the services offered.
Location
Perth is the administrative centre for Perth and Kinross District and is located on the banks of the River Tay in the heart of Scotland. It has a population of around 45,000 people.
Situated just off the M9 it enjoys close proximity to Scotland’s major cities and around 90% of the country’s population is accessible within a 90-minute drive. Dundee lies approximately 22 miles to the east with Edinburgh 43 miles to the south and Glasgow 61 miles to the southwest.
The premises are located close to the corner of Victoria Street where it connects with Princes Street. The surrounding properties are generally residential in nature but there is a Matalan store and car park directly opposite with a range of other commercial occupiers on Princes Street.
Accommodation
The subjects are arranged over the ground floor of a three-storey traditional building with residential units to the upper levels.
The premises are split into various areas comprising a bright front shop/gallery, complete with original fireplace, leading through to further gallery and framing displays.
An extension was added to the property in 1997 and this now provides around 550 sq ft of exhibition space for hosting events. From here there is a door leading outside to a large area laid to gravel which could be utilised for hosting outdoor events.
The workshop accommodation, meanwhile, is accessed just off the gallery providing space for storage and preparation as well as a dedicated framing area. It benefits from large double doors off Victoria Street allowing materials to be delivered.
MEASUREMENTS
According to our recent measurement survey the premises contain the following approximate net internal area:
158.44 sq m (1,708 sq ft)
A full breakdown of areas can be provided on request.
Terms
TRADING FIGURES
Trading accounts will be provided to parties who are genuinely interested following a viewing of the business and subject to a confidentiality agreement. Please contact the selling agent for further details.
GUIDE PRICE
£220,000 for the heritable property and business goodwill with stock added at valuation (SAV).
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have been entered into the valuation roll at £8600. The uniform business rate for the current year is £0.49 pence in the pound.
Occupiers may be eligible for 100% rates relief through the Small Business Bonus Scheme if the combined rateable value of all their business premises in Scotland is £35,000 or less.
UTILITIES
The property is served by mains electricity and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is pending.
LEGAL COSTS
Each party shall be responsible for their own legal costs incurred in connection with the transaction with the purchaser liable for any LBTT and VAT.