Description

UNDER OFFER

LOCATION

Glasgow is one of the strongest retail locations outside London, attracting 3.2 million visitors spending £2.3 billion, including around 800,000 international tourists (2017 figures).

The Willow Tea Rooms are situated in a 100% prime location, with a ground floor entrance and occupying the first, second and third floors above Jo Malone and Penhaligon’s, in the heart of Buchanan Street. Surrounding occupiers include Frasers Department Store, the famous Princes Square, Massimo Dutti and TGI Fridays. The location attracts a very high footfall due to the proximity of both Glasgow Queen Street and Glasgow Central Station, along with Glasgow’s underground system. This is a rare opportunity to acquire substantial property in the core prime area of Glasgow Buchanan Street.

DESCRIPTION

The property is accessed via an entrance directly off Buchanan Street, leading up to the first floor restaurant and retail area and, thereafter, to the second floor restaurant with offices, storage and bakery at third floor level. The building is a four-storey city centre property with prime retail at ground floor level.

ACCOMMODATION

Total Gross Internal Floor Area - Approximately 4,571 sq.ft. (425 sq.m.)

SERVICES

We understand the property is connected to mains water, electricity and drainage. Heating is provided from electric wall heaters and there is a electric immerser system.

RATES

THE LEASE & COVENANT

The lease is for a term of 15 years on a tenant full repairing and insuring basis. Rent Reviews are upwards only at 5 yearly intervals to the higher of either RPI with a minimum uplift of 5% and a maximum uplift of 15% or Market Value, whichever is the higher.

The operating business was run by our clients for around 18 years and the business was sold in 2019 after a very strong competitive bidding process to Cranachan Limited.

Deposit held for at least 3 years, then until company profits exceed 2 times rent.

Cranachan Limited began trading in 2008. The Directors of Cranachan Limited also have other restaurant interests and have successfully run a large number of restaurants in Glasgow over many years.During the COVID19 pandemic the Landlord provided a generous support package which equated to 7.5 months entirely rent free. Full rent payment recommenced on 1st April 2021. The £32,500 rent deposit remains fully intact and will be transferred to the incoming purchaser. The package ensures the tenant is in an excellent position to capitalise on the anticipated hospitality rebound from mid 2021 assisted by the 100% rates relief and 5% VAT rate.

PRICE

Our clients are seeking offers over £849,500 plus VAT if applicable for this valuable investment property, which reflects a net initial yield of  7.26% after deduction of purchaser’s costs of 5.40%.

EPC

The property has an EPC rating of G.

Further Information

For further information, including a copy of the lease, EPC, asbestos and other reports, please contact the sole selling agent.

w: cdlh.co.uk

t:  0141 331 0650

Alan Creevy     alan.creevy@cdlh.co.uk

Peter Darroch      peter.darroch@cdlh.co.uk

Floor Plans

• Floor Plans - 97 Buchanan Street, Glasgow

  Note the floor plans may not show the current internal layout

  

  

  

  

  

Dataroom

There are no property datarooms available