The subjects are formed within the ground floor and basement of a traditional four-storey, grey sandstone, Scottish, tenement building. The property straddles two tenement buildings, resulting in a long frontage and highly desirable outside seating area onto Spittal Street.
Location
Edinburgh, Scotland’s capital city, is renowned for its vibrant events, including the Edinburgh Festival Fringe, the Edinburgh International Festival, the Royal Military Tattoo and New Year celebrations. Millions of visitors are attracted to the city annually and the city itself has a vibrant domestic economy. Footlights is located on Spittal Street, at the core of the city centre. There are a large number of “drivers” attracting food and beverage business to the property, including the nearby Hilton Doubletree Hotel, Sheraton Grand Hotel, Usher Hall/Lyceum Theatre, the Odeon Cinema, as well as the very attractive seating area, with views or Edinburgh Castle. There are also a number of headquarter office buildings nearby.
Accommodation
GROUND FLOOR
Bar Area
Footlights is a single, open-plan bar and restaurant. There is a fitted bar servery to the core area and rear seating area. In total, we estimate that there is seating for approximately 90 to 100 covers.
Service Areas
There are ladies and gentlemen’s toilets and a fitted commercial kitchen.
BASEMENT
There is an extensive basement area, which includes a refrigerated beer cellar, storage, and access to the rear of the tenement, via an external stair.
Terms
LEASE TERMS
The property is available on a new tenant full repairing and insuring lease, for a period of 10 years, with 5-year rent reviews. It should be noted that there is no trade tie whatsoever, and the tenant is free to source food, and beverage supplies from whoever they choose. The guide rent for the licensed premises is £70,000 per annum. Premium offers are sought for the purchase of the outgoing tenant’s inventory of fixtures, fittings, furnishings, and equipment.
Specification
SERVICES
We understand that the premises are connected to all mains services, including water, electricity, gas, and drainage. There is a gas-fired central heating system.
RATEABLE VALUE
The subjects are entered on the valuation role with a current Rateable Value of £39,500, from 1st April 2023. A new occupier has the right to appeal the Rateable Value.
EPC RATING
A copy of the Energy Performance Certificate is available on request.
UPPER FLOOR DWELLING FLAT
There is an extensive (4 bedroom) dwelling flat, which we estimate extends to approximately 1,720 sq. ft. The flat would require significant refurbishment prior to being brought into beneficial use. Our clients have not yet decided on their future intensions for the flat. However, they would consider an option whereby significant rent free is provided on the dwelling flat, to allow a tenant to add it onto the licensed premises lease and undertake a significant refurbishment. Our clients are happy to consider lease options for the licensed premises only, or for the licensed premises and flat, assuming an additional rental.
THE OPPORTUNITY
Footlights boasts an enviable location in the heart of Edinburgh City Centre, surrounded by numerous business drivers. Currently operating as a sports bar, the present tenant is not renewing their lease. As the business is leased out, no trading information is available. This is not a transfer of a going concern, though a premium payment is required for the outgoing tenant's inventory.
The property presents a fantastic opportunity for a new operator to capitalise on its excellent street presence, provided by the long frontage and external seating area. A new operator might consider focusing more on food to operate primarily as a restaurant rather than a bar/restaurant, or alternatively, introduce a refreshed bar offering to attract the potentially high-value customer base.
VIEWING AND FURTHER INFORMATION
Strictly no approaches to be made to the property direct. For further information please contact CDLH on 0141 331 0650.
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 conduce due diligence on property purchasers. Once an offer has been accepted, the prospective purchaser(s) will need to provide, as a minimum, proof of identity and residence.