Long established restaurant and flats in Wishaw with huge development potential

New Pak Yee Restaurant & Flat

377/379 & 373 Main Street, Wishaw, ML2 7NG

·        Long established Chinese restaurant. Same owners since 1972

·        Circa 65 covers plus bar/takeaway area

·        Prominent Main Street trading position

·        Size approx. 351 SqM (3,778 SqFt) over 3 floors & separate flat

·        Private walled garden to rear (Potential for outdoor seating area)

·        Restaurant opportunity or retail/residential opportunity (STPP)

·        Upper floors previously used for residential.

LOCATION

The subjects benefit from a prominent trading position within a retail parade on Main Street, in the heart of Wishaw town centre in North Lanarkshire, Scotland.

The Main Street comprises the main retail thoroughfare in the town and is home to a good mix of local and national operators including Costa, Greggs, M&Co, Specsavers and Card Factory.  There are also a number of licensed premises nearby including the Commercial Hotel/Bar/Club across the road, and the Waverley Bar, ensuring high levels of footfall throughout the day and evening.

The nearby Glasgow Road retail park is home to Aldi, JD Sports, McDonalds and Home Bargains, and other nearby amenities include Wishaw Hospital, Wishaw Golf Club and Wishaw Sports Centre.

Wishaw itself is located approximately 20 miles east of Glasgow city centre and 38 miles to the west of Edinburgh.  Along with its neighbours of Motherwell, Hamilton & Bellshill, it is a popular commuter town providing easy access to the M8 and M74 motorways, as well as Wishaw Railway Station providing direct access to Glasgow city centre.

THE PROPERTY

The subjects form part of a retail parade within a terraced property, and comprise part ground, first & attic floors of this 2-storey, traditional stone-built property with attic dormer features under a pitched tiled roof.  The subjects are extended to the rear which also comprises a 2-storey stone construction under a pitched tiled roof. 

The subjects also benefit from a large, walled garden/yard area to the rear, which could offer potential for an outdoor seating area, subject to the relevant permissions.

DESCRIPTION

The subjects are accessed directly from Main Street with a door in the centre of the large frontage with prominent signage above. A door to the left-hand side of the frontage leads via a close to the rear yard/walled garden area with separate access to the flat and the upper floors.

The main door leads into the main restaurant area which benefits from a takeaway seating area to the front as well as a bar area with bar/servery counter.  Customer seating is provided for circa 65 covers by way of a number of fixed booths as well as loose tables and chairs.

ANCILLARY AREAS

• Fully fitted commercial kitchen
• Male & Female toilets
• Ancillary storage areas

 UPPER FLOORS/FLAT

The first and attic floors can currently be accessed from the restaurant or via a separate entrance from the rear.

These floors are currently being used by our clients for storage but were historically used as owners accommodation, and offer significant residential development potential.

The sale also comprises a separate 1-bedroom flat (373 Main Street) which is on a separate title and is accessed from the rear of the property.  The flat requires internal refurbishment but offers additional development potential.

SIZE

We understand the subjects have the following gross internal areas:

Ground – 144.58 SqM (1,556 SqFt)

First – 143.26 SqM (1,542SqFt)

Attic – 63.17 SqM (680 SqFt)

Total – 351 SqM (3,778 SqFt

THE BUSINESS

Our clients have owned and operated the business since 1972 and it is therefore extremely long established and something of a local institution.  The business was the first Chinese restaurant in North Lanarkshire and is currently the only Chinese restaurant in Wishaw.

The business enjoys a good reputation for its quality, freshly made Chinese food and benefits from a loyal and regular customer base derived predominantly from the local area.

In recent years the current owners have run the business very much to suit themselves, and now only operate evening hours, however prior to this they used to do a strong lunchtime trade also. The business operates a delivery service utilising the Just Eat App

TRADING INFORMATION

Accounting information can be provided to interested parties after formally viewing the business.

FIXTURES AND FITTINGS

We have been advised that all trade fixtures and fittings are owned outright and are free from any hire purchase or lease agreements.

 BUSINESS RATES

The subjects are entered into the current valuation roll as having a rateable value of £9,500 and are therefore eligible for zero rates.

LICENSES

The business trades with the benefit of a premises licence