Public Houses for sale in Glasgow

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Sarah Hughes (August2016)
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Freehold Price: £375,000
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Business Description
Well established public house on busy main thoroughfare
Located next to Peugeot Ashfield Stadium - home of Glasgow Tigers
Benefits from good transport links
Popular and well maintained public house and function suite
Let on FRI basis till 2028 rent £52,000 per annum
Offers over £375,000 are invited - net initial yield 13.86%

The subjects are situated on the south side of Hawthorn Street a short
distance west of Filnas Street. Hawthorn Street runs between Balmore
Road to the west and Springburn Road to the east. The surrounding
area is predominantly residential in nature but the property is
opposite a small parade of shops serving the local community and
which contains a convenience store, newsagents, hot food units
and a bookmakers. Gala Bingo and Farmfoods are located a short
distance to the west and the Peugeot Ashfield Stadium, the home of
Ashfield Juniors Football Club and Glasgow Tigers Speedway Team
is immediately adjacent. The area is well served by public transport
with regular bus services on Hawthorn Street going to and from the
city centre. Ashfield Station is within a 5 minute walking distance
from which there are regular services to/from Glasgow Queen Street
Station with a 6 minute journey time.

The subjects comprise a detached single storey building constructed
of brick and having, in the main, a pitched concrete tiled roof. The
property has an entrance lobby which provides access to the 2
main areas, the public bar and also a function suite. Separate male,
female and disabled toilet facilities are entered from the lobby. There
is additional ancillary accommodation including a kitchen, office,
cellars/stores plus there are further toilets within the function suite.
There is an enclosed external area/beer garden accessed from the
public bar and there is also space at the front of the property for
customer car parking.

FLOOR AREAS
Excluding toilets and circulation space, according to our calculations
the subjects have the following approximate floor areas:-

Description Sq.m. Sq.ft.
Public Bar 135.40 1,457
Function Suite 143.01 1,539
Kitchen 16.61 178
Public Bar Cellar 11.44 123
Function Suite Cellar 8.26 89
Office 10.02 108

RATING ASSESSMENT
From reference to the Scottish Association Assessors website (www.
saa.gov.uk) the subjects are noted as having a Rateable Value of
£25,900.

LEASE
The property is let out to Ashfield Trading Company Limited on a
15 year full repairing and insuring lease from 16th December 2013
until 15th December 2028. The current rent is £52,000 per annum
exclusive of VAT and there is a personal guarantee in place till
December 2018. Upward only rent reviews are at 3 yearly intervals.
A copy of the relevant lease document can be made available to
genuinely interested parties upon request.

PRICE
Offers over £375,000 are invited for our client’s heritable interest and
a purchase at this level reflects a net initial yield of 13.86% assuming
purchasers costs of 3.75%.

Our clients have not elected to waive exemption to VAT and
accordingly VAT will not be payable on the purchase price. It may
be possible for this transaction to complete by way of a Transfer of
a Going Concern (TOGC) however interested parties will require to
seek their own financial advice in this respect.

LEGAL COSTS
Each party will be responsible for their own legal costs incurred in
the transaction.

EPC
A copy of the Energy Performance Certificate (EPC) can be made
available on request.
Tenure: Freehold

Location Details: The Ashfield Bar, 404 Hawthorn Street

Downloadable Documents

Listed by: D M HALL
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