Description
The premises are arranged over the ground floor and basement of the successful Merchant Square licensed development. The main trading area is over the ground floor, with dual access from Bell Street and the main internal square.
Location
Merchant Square is a historic building, which forms part of Glasgow’s Old Fruit Market and lies in the heart of the Merchant City. The square now provides a destination venue for eating, drinking and entertainment. There are a number of highly successful businesses situated within the square including Metropolitan, Bar Soba, the Beer Café, Monterey Jacks and O’Neill’s Public House. In addition, there is basement entertainment uses including Escape Rooms, NQ64 Arcade and One Under indoor golf.
Candleriggs Square, a new £300 million development is under construction virtually across from Merchant Square. Construction of the 215,000 square feet, 500-bed student hotel will complete in late 2023, whilst a 346-apartment build-to-rent scheme will complete in 2024.
Specifically, the former Bar Square is situated in an excellent trading position at the corner of the Merchant Square centre. The premises benefit from a large frontage directly onto Bell Street and opposite the new Candleriggs Square. In addition, there is internal access to central courtyard seating.
Accommodation
We have summarised the accommodation as follows:
GROUND FLOOR
Main Bar/Restaurant
Attractive contemporary bar/restaurant, with bar servery set at upper level. The bar area is arranged over split levels and, we would estimate, total seating for approximately 80 persons. There is an attractive frontage to Bell Street, and external seating to the front.
Courtyard Seating
The premises benefit from courtyard seating within the main central area of Merchant Square. We would estimate total seating for approximately 80 persons.
Kitchen
The premises have a fully fitted commercial kitchen, with stores situated adjacent.
BASEMENT
Other Services Areas
Services areas are arranged over the basement. These include ladies and gent’s customer toilets, cellarage, manager’s office and stores.
Terms
The premises have been placed on the market at a rental of £70,000 per annum.
A premium is required for the benefit of the current fit-out of the premises. The premium has been set at offers over £49,000.
The lease will be of a standard, commercial basis, proposed for a term of at least 10 years, with regular rent reviews. A rental deposit may be required, dependent on the covenant strength of the proposed tenant company.
Specification
Rateable Value
The premises have a Rateable Value of £45,500 as at 1st April 2023. A new occupier will have the right to appeal the Rateable Value.
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 premises licence will be held by the landlord, with the tenant nominating a Designated Premises Manager.
The Opportunity
Bar Square occupies a highly prominent site within Merchant Square. The premises are situated at the corner of Bell Street and Candleriggs, with excellent frontage, directly overlooking the new Candleriggs Square development.
This is a fantastic opportunity for an incoming tenant to benefit from the current fit-out and adapt/refurbish, to create a first class bar/restaurant.
EPC
The property has an EPC rating of G.
Viewing & Further Information
Strictly no approaches to be made to the property direct. For further information please contact CDLH.
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 conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase before the transaction can proceed.