The premises comprise an attractive double-windowed restaurant & bar premises arranged over the ground floor of a two storey and attic stone built tenement building with a part two storey, part single storey rear extension. The subjects currently trades as an Italian restaurant benefitting from two generously configured open plan front & rear seating areas accommodating around 70 covers, two bar areas, a commercial kitchen, storage space & WC facilities. The property is fitted out to an exceptional standard throughout and benefits from rear access suitable for deliveries
Location
The subjects are located in the heart of North Berwick which is an extremely popular East Lothian commuter town given its proximity to Edinburgh city centre which is easily accessible via car or train. The well-established residential and commercial town is situated approximately 25 miles east of Edinburgh on the south shore of the Firth of Forth. The subjects are prominently located on the east side of Quality Street between the junctions of Forth Street to the north and High Street to the south within the main commercial hub of the bustling coastal town.
Accommodation
Ground Floor 230.39 sqm ( 2,480 sqft)
Terms
PRICE Our client is seeking offers in excess of £950,000 reflecting a NIY of 5%, assuming purchaser's costs of 5.54%
RATEABLE VALUE The subjects are entered in the current Valuation Roll at a rateable value of £36,000 which will result in net annual payable rates of approximately £17,928. Please note, a new owner or occupier of a commercial property has the right to appeal this rateable value within 6 months of the beginning of the tenancy.
VAT The property is VAT elected therefore VAT is payable on the price.
LEGAL COSTS Each party to bear their own legal costs in the documentation of this transaction; however the in going tenant will be responsible for any LBTT, Registration Dues and any VAT incurred thereon.
EPC Released on application.
ANTI MONEY LAUNDERING REGULATIONS The money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 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.
TENANCY The subjects are let on an FRI basis to ARCL NB Ltd at a rent of £50,000 per annum. An assignation and variation was agreed on 15 April 2024 with the lease expiring 31 October 2042. There is a £12,000 deposit held for the first two years of the lease and the next rent review is 1 November 2026 and 3 yearly thereafte