The subjects comprise a ground floor restaurant set within a 5 storey masonry and steel frame building. The 124 room easyHotel above the subject property is arranged over 4 floors and was renovated in 2012.
The property is accessed via twin recessed aluminium framed and glazed doors. Internally, the restaurant is fitted out to a high standard. The ceilings are finished in plaster/paint and incorporate a mix of spot, recessed and feature suspended LED lights. The walls are also finished in plaster/paint with brand signage at various locations. The flooring is covered with commercial laminate. Professional standard kitchens, food prep areas and ancillary accommodation is provided to the rear. There is access to the first floor which acts as a delivery area and facilitates servicing.
Location
Glasgow is Scotland’s largest city and is situated close to the west coast. There are four main motorways which run through the city putting it at the hub of Scotland’s road network. The City sits approximately 50 miles west of Edinburgh and connects via the M8, the main motorway network serving central Scotland.
The subject property is situated in a corner position on the west side of Cambridge Street immediately at its junction with Hill Street. Convenient access to public transport links are provided with Glasgow Central and Queen Street train stations taking less than 10 minutes’ walk. The M8 motorway takes around 3 minutes’ to drive. Nearby occupiers include Travelodge to the rear of the property, easyHotel above the property and Doubletree by Hilton across the road.
Accommodation
The subjects provide the following approximate net internal area - 140.47 sq m (1512 sq ft).
Terms
TENANCY
The property is let on full repairing and repairing terms for a 15 year term commencing 1st May 2022 at a current rent of £35,000 per annum. The rent is subject to upward only open market rent reviews on the fifth and tenth anniversary. The lease does not incorporate any break options.
OFFERS
Offers in excess of £375,000 are invited for the heritable interest (Scottish equivalent to English Freehold) which based on the rental income of £35,000 per annum would reflect a net initial yield of 9.3%.