Let to a Vietnamese Restaurant on a Licence Agreement expiring in January 2028
VAT-free investment
Prominent Central Glasgow location, 100 metres from Glasgow Central Station
Opposite new, 14-storey JP Morgan office building
Nearby occupiers include Tesco Express, Caffè Nero, Costa, McDonald's and JD Wetherspoon
Lot 40
Auction 9th July 2024
Rent £26,732 per Annum Exclusive (1)
Status Sold Prior
Price
Sector Restaurant
Auction Venue Live Streamed Auction
Property Information
Location
Miles
47 miles west of Edinburgh
Roads
A8, A74, M8 (Junction 19)
Rail
Argyle Street Station, Glasgow Central Station, Glasgow Queen Street Station
Air
Glasgow International Airport (9 miles west)
Situation
The property is located on the northern side of Argyle Street (A814), in the heart of Glasgow City Centre, at its junction with Robertson Street and Wellington Street, some 100 metres from Glasgow Central Station. Nearby occupiers include Tesco Express, Caffè Nero, Costa, McDonald's and JD Wetherspoon.
Tenure
Heritable.
Location
Miles
47 miles west of Edinburgh
Roads
A8, A74, M8 (Junction 19)
Rail
Argyle Street Station, Glasgow Central Station, Glasgow Queen Street Station
Air
Glasgow International Airport (9 miles west)
Situation
The property is located on the northern side of Argyle Street (A814), in the heart of Glasgow City Centre, at its junction with Robertson Street and Wellington Street, some 100 metres from Glasgow Central Station. Nearby occupiers include Tesco Express, Caffè Nero, Costa, McDonald's and JD Wetherspoon.
Tenure
Heritable.
Description
The property comprises a restaurant arranged on the ground and basement floors only.
VAT
VAT is not applicable to this lot.
Completion Period
03/09/2024
Description
The property comprises a restaurant arranged on the ground and basement floors only.
VAT
VAT is not applicable to this lot.
Completion Period
03/09/2024
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x. (1)
Ground Basement
Retail/Ancillary Ancillary
82.61 211.61
(889) (2,277)
AN INDIVIDUAL (t/a Viet Fresh)
Term of years from 22/03/2023 expiring on 21/01/2028 (2)
£26,732 rising to £27,132 pa on 22/03/2025 rising to £27,538 pa on 22/03/2026
Total
294.22
(3,166)
£26,732 (rising)
(1) In addition to the rent, the tenant also pays an annual management fee of £1,336.60 per annum (5% of the annual rent) to the landlord. Therefore, the property is effectively producing £28,068.60 p.a. A rent deposit of £13,168.50 pa is held by the landlord. (2) Under the terms of the existing Licence, the tenant will be offered a new Licence for a further term of 4 years 10 months (terms to be agreed) on termination of this licence - please see legal pack.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
