DESCRIPTION
The subjects are formed within the ground floor of a Holiday Inn Express property and was purpose built as a separate restaurant within part of the original development. The location is undoubtedly excellent to draw on custom from the Holiday Inn Express and the adjacent Holiday Inn.
Location
Glasgow has a population of approximately 650,000 persons and has a vibrant economy, particularly in the licensed retail sector, helped by a large student population from Glasgow University, Strathclyde University and Glasgow Caledonian University, as well as a number of technical colleges.
Glasgow is now one of the main entertainment/conference centres in Europe and is home to many attractions, including the SECC, Hydro, Scottish Opera, Scottish Ballet and the Royal Scottish National Orchestra.
The premises are located within Glasgow’s established Theatreland district, with a number of surrounding business drivers, including Buchanan Street, Buchanan Galleries, the Royal Concert Hall, Cineworld and the Pavilion Theatre, as well as city centre office workers and students.
Accommodation
GROUND FLOOR
Restaurant
Fully fitted restaurant, with seating for approximately 100 covers.
Kitchen
Commercial kitchen area, with fitted pizza oven, walk-in cold store and preparation areas.
Customer Toilets
There are ladies, gents and accessible toilets.
Storage and Plant Areas
Specification
SERVICES
We understand that the property is connected to all mains services, including water, gas and drainage. Heating is from a warm air system and there is an air conditioning system in place.
PREMISES LICENCE
There is a premises licence in place.
THE LEASE
The premises are held on lease until September 2039 (approximately 17 years unexpired). The Passing Rent is
£69,000 per annum. Rent Reviews are at 5 yearly intervals and the next review is not due until September 2024. The lease is on a typical tenant full repairing and insuring basis.
THE FORMER BUSINESS
The business previously traded as a Di Maggio’s restaurant, although all Di Maggio’s branding has now been removed. The premises remain in excellent order and are fully fitted, furnished and equipped, ready to trade. A premium is being sought for the benefit of the fully fitted furnished and equipped premises, with a long, unexpired lease term.
The business ceased trading in March 2020 due to COVID restrictions. This is not a sale of a going concern, but simply a lease assignation. As a result, there are no staff transferring over to an incoming tenant. Net of VAT sales in 2016 were £1,052,695 and in 2017, £972,277. This is a fantastic opportunity for an incoming tenant to immediately commence trading in a first class location and create an excellent long term business.
PREMIUM
Premium Offers Over £95,000 are sought for the benefit of our clients leasehold interest, to include all fixtures, fittings, furnishings and equipment within the property. It should be noted the premium and rent are exclusive of VAT, which will be charged in addition.
EPC
An EPC will be made available to interested parties.
ANTI MONEY LAUNDERING
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase before the transaction can proceed.