The property comprises a Category B Listed building constructed in 1908 which has accommodation arranged over ground, basement and 4 upper floors. The property is of brick and sandstone construction having an attractive red sandstone façade and the roof is of a flat platform design.
The ground and basement floors are occupied as a Chinese restaurant trading as Mamafubu. The restaurant has the benefit of an extensive window frontage to Glassford Street as well as a return frontage to Wilson Street.
The upper floors which are vacant were historically office and warehouse space but, more latterly, were partly utilised as a cookery school and a health/fitness studio. The main entrance to the restaurant is from Glassford Street and there is a stairway from the ground floor restaurant to the upper floors. In addition, there is also a passenger lift serving all floors plus there is a separate stairway entered from Wilson Street providing access/egress at each floor level.
Location
The subjects are on the corner of Glassford Street and Wilson Street approximately 100 metres south of Ingram Street. The subjects are close to George Square and convenient for all City Centre amenities including public transport connections. The property is on the western fringe of Glasgow’s vibrant Merchant City, with its diverse mix of retailing, pubs, restaurant and residential accommodation much of which has been developed over recent years to include flats for purchase and letting plus serviced apartments. Indeed, The Spires Serviced Apartments are immediately adjacent to the subject property.
Accommodation
Basement - 140.99 sq.m. (1,518 sq.ft.)
Ground Floor - 123.75 sq.m. (1,332 sq.ft.)
First Floor - 147.85 sq.m. (1,591 sq.ft.)
Second Floor - 146.80 sq.m. (1,580 sq.ft.)
Third Floor - 151.79 sq.m. (1,634 sq.ft.)
Fourth Floor - 159.61 sq.m. (1,718 sq.ft.)
Total - 870.79 sq.m. (9,373 sq.ft.)
Terms
PLANNING
The subjects are situated within a conservation area and are Category B listed.
Full planning permission was granted on 30th March 2008 for use of the premises as a hotel with café/bar, cooking school and licensed delicatessen. Full information and plans are available for viewing on Glasgow City Council’s Planning Portal (Planning Reference 08/00433/DC).
In addition, our clients previously produced architectural feasibility drawings for a development comprising retail/commercial space at ground and basement floors with 23 bedrooms on the existing upper floors. The plans included a rooftop extension providing a further 3 bedrooms. A copy of these plans can be made available to interested parties upon request.
Given the aforementioned proposals we believe the subjects have excellent potential for conversion to conventional flats, serviced apartments or a hotel. The ground and basement floors have considerable potential for retail use or possibly continued use as a restaurant, perhaps with a reception area, linked to a hotel development above.
Parties should make their own detailed planning enquiries through contacting Glasgow City Council Development and Regeneration services – 0141 287 8555.
RATES
Reference to the Assessors website has shown that the subjects are entered in the current Valuation Roll with Rateable Values as undernoted:-
Ground and Basement
Licensed Restaurant £67,000
1st – 4th Floor
Offices £63,000
Please note that a new occupier has the right to appeal the current assessment.
TENANCY DETAILS
The ground floor and basement premises are currently let to Harrington Lloyd Properties Ltd trading as Mamafubu Chinese Restaurant. The lease currently runs on an annual basis from 12th December 2017 at a rent of £60,000 per annum.
All the upper floors are presently vacant.
TERMS
Offers are invited for the purchase of our clients heritable interest in the property.
Parties should register their interest in writing to DM Hall in order that they can be kept advised of any closing date which may be set for the receipt of offers.
VAT
VAT will be chargeable on the purchase price.
EPC
The Energy Performance Certificate rating is G and a copy of the EPC can be provided to interested parties upon request.
LEGAL COSTS
Each party will be responsible for their own legal costs incurred during the transaction with the purchaser being responsible for payment of Land and Buildings Transaction Tax (LBTT).
CLOSING DATE FOR OFFERS - NOON ON WEDNESDAY 28TH NOVEMBER 2018
Specification
- Desirable City Centre location close to George Square and Merchant City.
- B Listed building occupying prominent corner position.
- Potential for hotel/serviced apartment/residential conversion.
- Ground and basement currently let and t/a Mamafubu Chinese Restaurant.
- Restaurant on short term lease at £60,000 per annum.
- Offers invited.