The property comprises a fitted restaurant arranged over ground floor with ancillary basement storage. There is frontage both to King Edward Street and also return frontage to St John’s Place.
There are currently some 72 covers internally with a further 16 pavement spaces.
The property currently benefits from an alcohol licence and has a full restaurant extraction system in place.
Location
The property is situated within Perth City Centre. Perth is the main retail and commercial centre for the affluent Perth & Kinross district and successfully gained “City status” in 2012. It has a resident population in the order of 48,000 and draws on a wider rural catchment area.
The property is situated on the corner of King Edward Street and St John’s Place within the established restaurant/leisure circuit.
This will be further improved with the completion of the City Halls conversion into a major museum and visitor attraction for the City. Works are well underway and these will include improved streetscaping and public realm.
Accommodation
We calculate the floor areas to be as follows:
Ground Floor - 2,550 sq.ft. (237 sq m)
Basement Area - 1,500 sq.ft. (139 sq m) (storage only)
Terms
DISPOSAL TERMS - Our clients are looking for a new long-term lease incorporating 5 yearly rent reviews. Rental offers are sought of £30,000 per annum.
Alternatively, our clients may consider selling the property. Offers are invited in excess of £300,000.
RATEABLE VALUE - The property has had some minor adjustments to layout which will result in the rateable value requiring to be re-assessed. We anticipate a value in the order of £30,000.
EPC RATING - The EPC rating of this property is available on request.
LEGAL COSTS - Each party will be responsible for their own legal costs incurred in this transaction with the ingoing tenant being responsible for any Stamp Duty, Land Tax and Registration Dues.
VAT - No VAT is chargeable on rent or sale price.
DATE OF ENTRY - By arrangement.