The subjects comprise a detached single storey building constructed of brick and having, in the main, a pitched concrete tiled roof. The property has an entrance lobby which provides access to the 2 main areas, the public bar and also a function suite. Separate male, female and disabled toilet facilities are entered from the lobby. There is additional ancillary accommodation including a kitchen, office, cellars/stores plus there are further toilets within the function suite.
There is an enclosed external area/beer garden accessed from the public bar and there is also space at the front of the property for customer car parking.
Location
The subjects are situated on the south side of Hawthorn Street a short distance west of Filnas Street. Hawthorn Street runs between Balmore Road to the west and Springburn Road to the east. The surrounding area is predominantly residential in nature but the property is opposite a small parade of shops serving the local community and which contains a convenience store, newsagents, hot food units and a bookmakers. Gala Bingo and Farmfoods are located a short distance to the west and the Peugeot Ashfield Stadium, the home of Ashfield Juniors Football Club and Glasgow Tigers Speedway Team is immediately adjacent. The area is well served by public transport with regular bus services on Hawthorn Street going to and from the city centre. Ashfield Station is within a 5 minute walking distance from which there are regular services to/from Glasgow Queen Street Station with a 6 minute journey time.
Accommodation
FLOOR AREAS - Excluding toilets and circulation space, according to our calculations the subjects have the following approximate floor areas:-
Public Bar - 135.40 sq m (1,457 sq ft)
Function Suite - 143.01 sq m (1,539 sq ft)
Kitchen - 16.61 sq m (178 sq ft)
Public Bar Cellar - 11.44 sq m (123 sq ft)
Function Suite Cellar - 8.26 sq m (89 sq ft)
Office - 10.02 sq m (108 sq ft)
Terms
RATING ASSESSMENT - From reference to the Scottish Association Assessors website (www.saa.gov.uk) the subjects are noted as having a Rateable Value of £XXX
LEASE - The property is let out to Ashfield Trading Company Limited on a 15 year full repairing and insuring lease from 16th December 2013 until 15th December 2028. The current rent is £XXX per annum exclusive of VAT and there is a personal guarantee in place till December 2018. Upward only rent reviews are at 3 yearly intervals. A copy of the relevant lease document can be made available to genuinely interested parties upon request.
PRICE - Offers over £XXX are invited for our client’s heritable interest and a purchase at this level reflects a net initial yield of 13.86% assuming purchasers costs of 3.75%.
Our clients have not elected to waive exemption to VAT and accordingly VAT will not be payable on the purchase price. It may be possible for this transaction to complete by way of a Transfer of a Going Concern (TOGC) however interested parties will require to seek their own financial advice in this respect.
LEGAL COSTS - Each party will be responsible for their own legal costs incurred in the transaction.
EPC - A copy of the Energy Performance Certificate (EPC) can be made available on request.
Specification
- Well established public house on busy main thoroughfare
- Located next to Peugeot Ashfield Stadium - home of Glasgow Tigers
- Benefits from good transport links
- Popular and well maintained public house and function suite
- Let on FRI basis till 2028 rent £XXX per annum
- Offers over £XXX are invited - net initial yield 13.86%