The subjects comprise part of the ground and basement floors of a traditional four storey over basement tenement building,
currently in use as a restaurant, trading as “Antipasti”. Formed within a traditional retail unit, the subjects have access from, and enjoy full height frontages to both Sauchiehall Street and Pitt Street. Internally, the property is laid out in a manner typical with its ongoing use as a restaurant, comprising a main customer seating area and bar servery to the ground, whilst a mezzanine level provides further customer dining/private function space. The basement level provides kitchen accommodation, customer toilets, staff facilities and ancillary storage space.
Location
The subjects occupy a prominent trading position on the southern side of Sauchiehall Street, at its junction with Pitt Street, within Glasgow City Centre, as shown on the attached plan. 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. As a consequence, there is a broad range of occupiers, with those close to the subjects including the Rawalpindi Restaurant, Totesport, Newsbox, Greggs, Geoffrey Tailor Kiltmakers, ABC Music Venue along with a number of other pubs, clubs and eateries.
Accommodation
According to our calculations, the subjects have the following net internal areas, excluding toilets: -
Ground Floor 74.94 sq.m (807 sq.ft)
Mezzanine 40.81 sq.m (439 sq.ft)
Basement 71.84 sq.m (773 sq.ft)
TOTAL 187.59 sq.m (2,019 sq.ft)
Terms
We are instructed to seek offers in excess of £525,000 for our clients heritable interest, subject to and with the benefit of, the existing lease. A purchase at this level would show a net initial yield of 8.5% assuming purchaser’s costs of 5.75%.
Specification
• Restaurant investment opportunity located within prime “evening entertainment” destination in Glasgow City Centre.
• Let to Doughballs Ltd trading as “Antipasti”.
• Floor area of 187.59 sq.m (2,019 sq.ft) approximately.
• Full Repairing and Insuring lease expiring 31 December 2021.
• Current passing rent of £47,000 p.a. (£51.93 psf Zone A)
• Potential for early growth – next review 1st January 2012.
• Offers over £525,000 (8.5% NIY).