Description

LOCATION

Glasgow has a population of approximately 630,000 persons and a vibrant economy, particularly in the licensed and retail sectors, helped by a large student population from Glasgow University, Strathclyde University, Glasgow Caledonian University, as well as a number of technical colleges. Glasgow is now one of the main entertainment/conference centres in Europe and is home to many attractions, including the SECC, Hydro, Scottish Opera, Scottish Ballet and Royal Scottish National Orchestra. The Griffin is located adjacent to the Kings Theatre and at the heart of Glasgow’s evening entertainment area. The property is only a few minutes’ walk from Charing Cross Railway Station and there are significant developments planned for the area, including 685 new apartments adjacent to Charing Cross Station in the former Portcullis House and the property is very close to the recently developed Scottish Power Headquarters. There are, therefore, numerous drivers in the immediate area to provide excellent business opportunities.

DESCRIPTION

The Griffin is formed within the ground floor of a four-storey traditional tenement style grey sandstone building. The frontage was designed by architect William Reid in 1903 for a publican named Duncan Tweedley and the carved wood frontage originates from that date. The property is steeped in history and was originally the Kings Arms and renamed The Griffin during the 1960’s after William Griffin expanded the property to include the current restaurant and function room. There has been a pub on the site for nearly 160 years, which is a testament to the prime location and unique character of the property.

ACCOMMODATION

GROUND FLOOR

The Griffin Bar

Delightful traditional bar, with wood panelled walls and an ornate central bar servery. There is seating for approximately 80 persons.

The Gin Palace Restaurant/Bar

The restaurant is adjacent to the bar and can be accessed internally or from a separate external entrance. Seating for approximately 60 persons.

The Stage Door Function Room/Overflow

The Griffin Function Room has its own bar servery and a separate access. The function room is interconnected with the bar and restaurant. Seating for approximately 80 persons.

Customer Toilets

There are customer toilets accessible from each of the trading areas.

Kitchen

There is a single kitchen, fully fitted with commercial catering equipment, which serves each of the trading areas.

Ancillary Accommodation

Office & stores.

BASEMENT

Wash Up Room

There is a wash up area with dumb waiter to ground floor.

Extensive Storage & Cellarage

There is a walk in cold store, spirit store, cellars and very extensive additional storage area in the basement.

EXTERNAL

The Griffin benefits from its own “yard area” to the rear which is available for goods delivery and potential staff parking.  There is external customer seating to the front

RATEABLE VALUE

The Rateable Value is £68,000 per annum.

SERVICES

We understand that the property is connected to all mains services, including water, electricity, gas and drainage. Heating is from a gas fired central heating system. There is air cooling in the main bar and Gin Place.

PREMISES LICENCE

There is a premises licence in place. We understand the premises licence extends to the front to allow external seating on the pavement.

THE LEASE TERMS AND RENTAL

The business ceased trading in March 2020 with the COVID-19 restrictions. Prior to closure The Griffin had been a highly profitable and successful business for the proprietors. The proprietors have now decided to focus on their larger and expanding business activities providing a unique opportunity to an incoming tenant.  Given the period of closure, the business has been extinguished and this is not a transfer of a going concern. Total sales, excluding VAT for 2018 were £870,117 and for 2019 were £904,374. Limited historic financial information can be made available to serious interested parties after viewing. This is a very rare opportunity to re-establish an excellent and highly profitable business within one of Glasgow’s oldest pub properties and with separate restaurant, function room and external customer seating to the front. The property is able to cater for a wide range of clientele and capitalise on significant developments taking place in the local area. The full lease document will be provided to seriously interested parties.

LEASE AND PREMIUM PRICE

Our clients will grant a new long-term lease to an incoming tenant, the terms of which are negotiable. For the avoidance of doubt, there is no trade tie and this is a free of tie lease. We envisage a lease term of at least 15 years, with 3 yearly rent reviews. The guide rental is £75,000 per annum. The property is leased fully fitted, furnished, and equipped. Premium offers over £95,000 are sought for the benefit of a new leasehold interest and loose furnishings and equipment.

EPC

An EPC will be made available to interested parties.

VIEWING AND FURTHER INFORMATION

Strictly no approaches to be made to the property direct. For further information please contact alan.creevy@cdlh.co.uk

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.

Floor Plans

• Ground Floor

  

Dataroom

There are no property datarooms available