stop glasgow-city-centre-retail-opportunity - Singer Vielle Sales

Glasgow City Centre Retail/Leisure Opportunity

Martha’s | 142A St Vincent Street | Glasgow | G2 5LQ

£650,000

SOLD

Summary

  • Martha’s is a highly successful, well-known Glasgow eatery

  • Landmark building

  • Prime city centre commercial location

  • Lease recently extended to 10 years with no breaks

  • Personal guarantor to the lease

  • Offers in excess of £650,000 subject to contract

  • 7.63% net initial yield

  • Simultaneously being offered with The Hatrack

Location

Glasgow is Scotland’s largest city and the third largest city in the United Kingdom. Glasgow is located approximately 651 km (405 miles) north of London and 70 km (45 miles) west of Edinburgh. The city benefits from good road communications with the M8 Motorway bisecting the city centre providing access to Edinburgh to the east and Glasgow Airport to the west. The M8 Motorway links to the M73 and M74 Motorways at Junction 4 which provides access to the north of England and the M80 Motorway which offers access to northern Scotland.

The City is also connected to the national railway network with services to all major cities in the United Kingdom and a fastest journey time to London’s Euston of 4 hours, 31 minutes from Glasgow Central. Glasgow Airport, which is 13 km (8 miles) west of the city centre, provides direct scheduled flights to the major European centres in addition to all of the main cities in the UK.

Situation

The property is located on the north side of St Vincent Street, close to the junction with Hope Street in the heart of the central business district. Glasgow Central and Queen Street train stations are within walking distance, as is Buchanan Street Underground Station. St Vincent Street is considered one of the prime commercial addresses in Glasgow and the surrounding buildings comprise predominantly office accommodation with retail/restaurants on ground floors.

Description

The property comprises an A-listed, mid-terraced, red sandstone building arranged over nine floors. Designed by Glasgow architect James Salmon Jr, the property was constructed in 1902 and provides a self-contained ground retail unit, self-contained lower ground floor leisure accommodation with self-contained office accommodation on the upper floors.

The ground floor has been fitted out by the tenant to a high standard in a modern décor of kaleidoscope mosaics against white tiled and painted walls. The kitchens and serving counter are situated at the rear with display chillers for self- service along the perimeter. There is ample seating provided in the form of tables and chairs in the centre and also a counter facing St Vincent Street.

The property benefits from Class 3 consent; a copy of the planning permission is available to download from the legal documentation.

Accommodation

The property has been measured by Square Foot Media and we have been provided with the following floor areas measured to RICS guidelines;

Gross Internal Area 237.63 sq m 2,557 sq ft


A floor plan is available to download and the measured survey report is available for assignment to the purchaser.

Tenure

Heritable (Scottish equivalent to English freehold)

Tenancy

The property is let to Feeding Winners Limited t/a My Martha’s, guaranteed by Gavin Clarke, on a Full Repairing and Insuring lease for a term to expire on 29th November 2026 at a current passing rent of £52,000 per annum.

On 30th November 2016 the lease was assigned to the above from My Martha’s Limited whose directors were Kate and Gavin Clarke. Following changes in circumstances between the directors My Martha’s Limited was liquidated and has been replaced by Feeding Winners Limited with Gavin Clarke as the sole director.

As part of the assignation the lease was extended from 12th October 2021 to 29th November 2026 and the rent was increased from £49,684 per annum to £52,000 per annum, with provision for an open market rent review at the expiry of the 5th year in November 2021.

Covenant

The tenant, Feeding Winners Limited (Co. No 541292) was incorporated on 27th July 2016 and its first accounts made up to 31st July 2017 are due by 27 April 2018. The lease is guaranteed by Gavin Clarke.

Established in 2011 Martha’s is a well-known and extremely popular city centre eatery specialising in healthy breakfasts, lunches and dinners prepared on-site by restaurant chefs for its loyal and expanding customer base. Changing its menu to coincide with the seasons Martha’s sets out to feature Scotland’s local produce and ingredients. The company works with nutritionists to plan their meals, snacks and drinks.

Amongst its various positive reviews online Martha’s has 4.5 stars out of 5 on TripAdvisor with reviews including “Ticks all the boxes!”, “Have your cake and eat it!”, “A must visit every time I come to Glasgow” and “Already reviewed but you deserve another for todays’ spectacular special!”.

For further information please visit www.mymarthas.co.uk.

VAT

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Proposal

We are instructed to seek offers in excess of £650,000 (Six Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 7.63%, assuming standard purchaser’s costs of 4.80%.

Investment Considerations

  1. An opportunity to acquire a retail investment in a prime location in Glasgow city centre;

  2. Martha’s has been trading successfully since 2011 and is a well-known, popular eatery with a loyal and expanding clientele;

  3. 10 years unexpired lease term with no breaks;

  4. Personal guarantor to the lease;

  5. Attractive lot size for an investor;

  6. A purchase at the asking price will provide an investor with an attractive net initial yield;

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Graham Waddell graham@singervielle.co.uk +44 (0) 141 221 4545
Neil Singer neil@singervielle.co.uk  +44 (0) 203 478 9120
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Richard Wolfryd richard@singervielle.co.uk +44 (0) 203 701 1353
Faye Langoulant faye@singervielle.co.uk +44 (0) 203 478 9122
Louanne Malan louanne@singervielle.co.uk +44 (0) 203 701 1386

 

 

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Andrew McCowan amcc@lesliewolfson.co.uk 0141 270 7444
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