The subjects comprise restaurant premises arranged over the ground floor of an end terraced, 3 storey sandstone building which is contained under a pitched and slated roof. The building extends into a series of rear projections which are largely single storey in height and of brick construction, contained under flat roofs.
The frontage to Vicar Street comprises a timber/glazed entrance door together with a series of timber framed windows.
Internally the subjects are arranged to provide the main bar/restaurant area, private dining room and kitchen, together with appropriate storage, staff toilet and support accommodation.
The bar/restaurant area is arranged over two principal levels and currently configured to provide approximately 120 covers. The private dining room can accommodate approximately 40 but the subjects also benefit from an external rear terraced area.
Location
The subjects occupy a prominent position on the eastern side of Vicar Street, enjoying a busy main road frontage to part of Falkirk’s busy one-way system.
The surrounding area is given over to a variety of commercial usage with occupiers including Slater Hogg and Howison Estate Agents, Belvoir Lettings, Rialto Bar/Restaurant and High Spirits Falkirk. In addition, the property is situated adjacent to the Falkirk Business Hub which also accommodates Finnigans Café.
Falkirk itself comprises an important town within Central Scotland lying midway between Edinburgh and Glasgow, forming the main administrative centre for the surrounding district. As such, the town provides extensive retail, leisure and local government facilities having a resident population of 35,000 people and an immediate catchment of 160,000.
Accommodation
We would summarise the accommodation as undernoted:-
Net internal area – 333.05 sq. m (3,585 sq. ft.)
Terms
RATEABLE VALUE: Having regard to the Scottish Assessors Association website we note that the subjects are entered in the valuation roll at rateable value £38,000.
LEASE TERMS: The subjects let to Monterey Jack’s (Falkirk) Ltd under a 15 year full repairing and insuring lease, which is subject to a schedule of condition, from the 20th September 2019. The current passing rental is £57,500 per annum exclusive which is due to increase to £60,000 per annum exclusive as of 19th September 2024. Thereafter a further rent revue will be applicable as of 20th September 2029.
PRICE: Our client is willing to consider one of the following three options -
Option 1 - Fixed Price of £550,000
Option 2 - Over all price of £555,000 structured as £450,000 up front with the balance paid monthly over 2 years
Option 3 - Over all price of £560,000 structured as £450,000 up front with the balance paid monthly over 4 years
VAT: All prices quoted are exclusive of VAT which maybe chargeable.
ENERGY PERFORMANCE: A copy of the Energy Performance Certificates (EPCs) for the subjects is available upon request.
LEGAL EXPENSE: Each party will be responsible for the payment of their own legal costs. The incoming tenant will be responsible for the payment of any LBTT, registration dues and VAT incurred.
Specification
- Attractive town centre restaurant premises
- Busy main road frontage
- Let until September 2034
- Passing rent £57,500 per annum exclusive
- Agreed rental uplift to £60,000 per annum exclusive as of September 2024.