The premises are a small café/takeaway currently fitted out under the trading name MCK Scrans.
Location
This section of London Road sits between Glasgow Cross and the world renowned Barras Market. The street is home to a number of independent traders and metered on-street parking is readily available.
Accommodation
Measured in accordance with the RICS Code of Measuring Practice (6th edition), we estimate the premises to extend to the following approximate floor areas:
Ground Floor - Net Internal Area: 23.80 sq m (256 sq ft)
Terms
Tenancy - The premises are let to a Nicky McKinna under a full repairing and insuring lease that expires at 31 March 2030. The current rent is £5,200 per annum, payable quarterly in advance. The rent is set for review on a 3-yearly cycle; the 1 April 2023 rent review was not actioned by the landlord.
A Security Deposit of £1,000 is held by the Landlord. We are advised that for the duration of Mr McKinna’s tenancy all rents have been paid promptly. The Tenant is currently not trading from the premises and actively marketing his leasehold interest through Rightbiz, seeking a premium of £12,500 for the fixtures, fittings and goodwill.
Rating - From enquiries made at saa.gov.uk, the premises are entered on the current Valuation Roll with a NAV/RV of £3,700.
At this level, qualifying occupiers will benefit from the Small Business Bonus scheme, reducing their Rates payable figure to £0.
Planning - Decision 04/01659/DC on the Glasgow City Council Planning Portal confirms the Café and Hot Food Takeaway Use as Lawful.
Statutory Documents and Certification - Due to the length of ownership of the premises by our client, no Energy Performance Certificate, Asbestos Management Survey or EICR Fixed Wire Certificate is available. Prospective purchasers will require to satisfy themselves in such regard.
VAT - We understand the property has not been elected for VAT and that VAT is therefore not charged on the rent, nor will any agreed purchase price be subject to VAT.
Terms - Our clients are offering their heritable (the Scottish equivalent of English freehold) interest in the premises for sale, subject to and with the benefit of the existing lease, seeking offers in excess of £60,000.
A purchase this level would show a Gross Initial Yield of 8.67% before purchasers costs.
Due to the small lot size and lack of supporting Statutory Documentation, purchasers that are able to demonstrate an ability to complete a transaction without the need for debt finance are likely to be favoured.
Legal Expenses - Each party will meet their own legal expenses incurred in connection with the transaction, with the purchaser meeting the costs of any Land and Buildings Transaction Tax and Registration Dues that may be payable.
Entry - By agreement on conclusion of missives.