FOR SALE
18/01/23
1143
Vibez / Rightbiz
Public House Investment
t/a Vibez, 24 St John Street, Coatbridge, ML5 3EJ
· Public house/late night venue investment opportunity
· Recently refurbished by current tenant to an exacting standard (c.£130k spend)
· Current rental income £25,000 p.a. rising to £30,000 p.a. in 2025, plus draught beer tie
· Prominent town centre position within main retail and licensed circuit
· Substantial licensed premises (capacity 250) plus enclosed beer garden
· Gross internal area approx. 2,171 SqFt
· On street parking plus free car park nearby
LOCATION
The subjects comprise a prominent trading position on St John Street, just off the pedestrianised Main Street, within the heart of Coatbridge town centre in North Lanarkshire, Scotland.
The subjects form part of a thriving retail parade on St John Street, and the nearby Main Street is home to a good mix of local and national retailers as well as bars, restaurants and nightclubs, ensuring the area is a hive of activity throughout the day and evening.
Coatbridge lies within the Central Belt of Scotland, approximately 11 miles east of Glasgow and 38 miles west of Edinburgh. The town has a population of circa 44,000 people and along with the neighbouring town of Airdrie forms part of the Greater Glasgow urban area.
There are excellent transport links, being positioned close to the M8 motorway, with regular bus services from Main Street, and the subjects are only a short walk from Coatbridge Central Railway Station.
THE PROPERTY/ DESCRIPTION
The subjects comprise part ground floor of this 2-storey traditional property under a pitched slate roof with substantial single storey extensions to the rear under predominantly a pitched slate roof, as well as a glass roofed extension to the very rear. The subjects benefit from a large, private enclosed beer garden with mono block base and timber structures providing shelter and seating.
The premises have just undergone an extensive refurbishment by the current tenant at a cost of circa £130,000 and have been designed and fitted to an exacting standard.
Internally the premises have an overall capacity of 250 people but have been laid out over various split trading areas with a front seating area, a mid-section with bar/servery, DJ box and further booth seating, as well as a rear seating area which also leads out into the beer garden. Ancillary areas include male, female and disabled toilets, beer cellar, office and ancillary storage areas.
SIZE
We understand the subjects have a gross internal area of 201.7 SqM (2,171 SqFt).
LICENSES
The business trades with the benefit of a premises licence which has a licence capacity of 250 people. The premises are permitted to trade until midnight Sunday to Thursday and 1am Friday/Saturday.
BUSINESS RATES
The subjects are entered in the current valuation roll as having a rateable value of £14,600 and are therefore eligible for zero rates.
INVESTMENT SUMMARY
The property is held on a full repairing and insuring (FRI) head lease on the following terms:
Tenant: The Triple M Bar Company Ltd
Term: 10-year lease from 1st January 2023
Passing Rent: £25,000 per annum in years 1&2 increasing to £30,000 p.a. years 3-5, with 5-yearly rent reviews.
There is also a draught beer tie with TCB which a new landlord could benefit from.
A copy of the lease can be made available to interested parties.
The existing business is operated by the current tenant and is unaffected by the investment sale.
TENURE/PRICE
***PRICE REDUCED***
Freehold – Our clients are seeking offers over £175,000 for this investment property which provides a gross initial yield of circa 14% excluding any barrelage income which increases the yield further.
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