DESCRIPTION
Kokomo benefits from a first class access directly onto West Regent Street, with branded canopy. This leads into the main trading areas.
The premises are arranged over the ground and lower ground floor levels of a multi storey sandstone constructed building.
RATEABLE VALUE
The premises have a Rateable Value of £90,000, effective from 1st April 2023.
SERVICES
We understand that the premises are connected to all mains services, including water, electricity, gas and drainage.
PREMISES LICENCE
There is a premises licence in place. The permitted trading hours are from 7pm to 4am seven nights. If a lease is progressed, the landlord will retain the premises licence with the incoming tenant nominating a Designated Premises Manager. If a sale is progressed, the premises licence will transfer to a purchaser.
THE BUSINESS
Historically, Kokomo was one of the main nightclubs serving the city centre. Revenues reached approximately £1.4 million net of VAT, and the business was highly profitable, given its operation as a night-time venue, generating profits in the region of £370,000.
More recently, the revenue has dwindled, primarily due to a change in the ownership structure. We have no doubt that with the right concept and refurbishment, the business could reach the level of historic revenue and profitability.
THE OPPORTUNITY
Kokomo is situated in an excellent trading position within one of the main licensed circuits of the city centre. There are ample feeder bars and restaurants within the immediate vicinity, including corporate operated businesses.
The premises would be ideal for continuation as a nightclub or, alternatively, as an evening bar, venue business or a “competitive socialising” market, which may include an entertainment use, benefitting from the existing licence.
Location
LOCATION
Kokomo is situated on West Regent Street, close to its junction with Renfield Street. This is the highly popular area for licensed premises and one of the main licensed circuits serving the city centre. Immediately adjacent licensed premises include The Merchant, Slug & Lettuce, The Maltman, Doner Kebab and Revolution Bar. In addition, the premises are situated immediately above Bamboo Nightclub, one of the main nightclubs serving the city centre and a “Glasgow institution”.
The location of Kokomo is ideal for continued operation as a nightclub or, alternatively, changed to an evening bar, venue business or for competitive socialising, to include a number of entertainment led concepts, including retro arcade, bowling,
Accommodation
ACCOMMODATION
Internally, the accommodation is as follows:
Main Club Room
The main access from the ground floor leads into the main club room. This area has a large capacity and has a bar servery, dancefloor and raised DJ Booth. There are attractive fixed back linear and circular fixed seating.
Club Room 2
There are doors from the main club area into Club Room 2, which has a bar servery, DJ booth and dance floor.
VIP Room
Situated off the main club room (The Parlour Room). This area has its own bar servery and dance floor.
Licensed Capacity
The club has a licensed capacity for approximately 400 persons.
Service Areas
Ancillary accommodation includes ample customer toilets, pay in desk, cellar, cloakroom and stores.
Terms
RENTAL & PRICE
The premises have been placed on the market at rental offers over £95,000 per annum, for the benefit of a new long term lease. Premium offers are invited.
The client will consider a sale of the premises. The sale price is available on application.
Specification
EPC
The property has an EPC rating of G.
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.