Iconic Glasgow Late Night Venue For Sale

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Prime City Centre Location
Well Established Late Night Venue
Ground & Basement
2,888sq ft
Held On Lease Expiring 2047
Passing Rent: £75,000p.a.x
Price: £675,000

Location

The property is situated on the south side of West George Street between its junctions with Hope Street and Renfield Street within Glasgow City Centre. Glasgow Central & Queen Street Station’s are a short walk from the property.
Parking is available on street or in one of the multi-storey car parks close by at Buchanan Galleries or Mitchell Street.

Property

The property forms the ground floor and basement of a larger multi-storey modern commercial development.

Accessed from street level the property offers an open plan bar area with a mixture of booth and loose seating along with performer stage.

W.C’s, staff room, office, cloaks and cellar.

The bar is well established as Glasgows premier cocktail bar and late night venue with one of the few 3am licenses in the city.

Area

The property has been calculated to extend to the following internal area

268.3sqm (2,888sq ft)

Lease Summary

The property is held on a full repairing and insuring head lease on the following terms;

Tenant: JESSIESGW23 LIMITED
Expiry: 13/06/2047
Passing Rent: £75,715 pa until 30/09/2028
Rent drops to £65,000 from 01/10/2028
Landlord Break: 04/02/2043 (6 month notice)
Next RR 01/10/2028

Rent reviews are five yearly from the effective date of 01/10/2023 so the next rent review is 01/10/2028. Reviewed to the higher of £65,000 and open market rent.

Price

£675,000

V.A.T

The vendor has elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate that the property will qualify as a Transfer of a Going Concern (TOGC).

Legal Costs

Each party will be responsible for their own legal costs incurred in connection with the transaction