The subjects trade over basement, ground, first, second and third floors with the basement, first, second and third floors over and under sailing the adjoining Nico’s Café Bar. The basement, ground, first and second floors trade with various bars throughout the premises and are fitted out to a high standard. The third floor is used as office accommodation. The ground floor has a rear bar area together with customer seating, a disabled toilet and a small office. The first floor has a large bar area, ladies and gents toilets and a cloakroom area. The second floor has a bar, ladies and gents toilets, some offices and an outside smoking area. The basement has two bars, kitchen and preparation area, cloakroom, ladies and gents toilets (2 sets), a plant room and a cellar.
Location
The subjects are located on the south side of Sauchiehall Street between its junctions with Pitt Street and Holland Street within Glasgow City Centre. This particular section of Sauchiehall Street is characterised by a mix of retail and leisure properties, with office and residential accommodation typically occupying the upper floors of the tenemental buildings. Widely recognised as an evening entertainment destination, Sauchiehall Street is popular amongst city diners, concert/theatre enthusiasts and pub/club goers, whilst also attracting healthy levels of daytime trade from shoppers and professionals. Nearby occupiers include Royal Bank, Tesco, Variety Bar, JD Wetherspoon, Pizza Express, Bank of China, Slumdog, Bar Budda and Campus.
Accommodation
Basement - 5,059 sq ft (470 sq m)
Ground Floor - 2,110 sq ft (196 sq m)
1st Floor - 2,938 sq ft (273 sq m)
2nd Floor - 2,238 sq ft (208 sq m)
3rd Floor - 2,238 sq ft (208 sq m)
TOTAL 14,583 sq ft (1,355 sq m)
Terms
We are instructed to seek offers in the region of £1.2 million pounds Sterling for our client’s heritable interest, subject to and with the benefit of the existing leases. This provides a net initial yield of 10.24% rising to 11% in October 2013 and 11.8% in October 2015. The net equivalent yield is 11.43%.
Specification
- Restaurant investment opportunity located within prime “evening entertainment” destination in Glasgow City Centre.
- Trading as O’Couture
- Full repairing and insuring lease expiring 2038 without breaks.
- Current passing rent of £130,000 per annum with fixed uplifts.
- Offers in the region of £1.2 million pounds Sterling.
- 10.24% initial yield.
- 11.43% equivalent yield.