Leasehold Opportunity: Town Centre Restaurant/ Cafe, High Street, Galashiels, Scottish Borders. TD1 1RY

1a High Street

Offers Over  £10,000 per year


Quick Summary

Price £10,000 per year
City Galashiels
Status New
Size (Acres)
Beds
Bathroom
Garden
Parking Spaces
Period

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Contact

Galashiels Office
01896 751300

Modern well presented restaurant premises
Recently re-fitted. Fully equipped, licenced and ready to trade
Dining  Room, Servery, Bar, kitchen, cellar/ store, Ladies, Gents and Disabled WC
Gross Internal Area  246.32 sq m (2,650 sq ft)
Accommodation for approximately 100 covers.

Rental Offers over £10,000 per annum
Premium covering equipment and recent fit-out: £35,000

General Information
The subject is situated off the High Street to the west of Galashiels town centre.
Galashiels with a population of approximately 14,000 is one of the principal towns in the Scottish Borders.  It is generally considered to be the main administrative, retail and social centre for the region, effectively serving a population of in excess of 110,000.

In recent years Galashiels has been subject to considerable investment.  Developments have included the Gala Water Retail Park, two new supermarkets to the east of the town centre and significant transport infrastructure works.  The infrastructure works have included the Galashiels inner relief road and, the Borders Railway link which has re-established passenger services between Edinburgh Waverley and the Central Borders. The journey time from Galashiels to Edinburgh city centre is approximately 55 minutes, with departures every 30 minutes. On weekdays the first train departs from Edinburgh at 0545, the last at 2355.

The town features a wide range of High street and out of town retailing, restaurants, cafes and local amenities.  There is also a significant student population, as home to the Heriot Watt University School of Textiles and Design as well as having a campus of Borders College.

This Opportunity is well positioned near the £6.7 million Great Tapestry of Scotland Development which is anticipated to generate an additional 50,000 visitors each year.

Description
1a High Street is a deceptively large property of traditional stone construction under pitched roofs clad in slate. The unit has been refurbished throughout to provide a modern bar and restaurant with fully-equipped catering kitchen, cellar/ store room, ladies, gents and accessible WCs. There is a prominent banner sign to High Street.
The restaurant has accommodation for approximately 100 covers.

Areas
Restaurant and bar: 151.56 sqm
Kitchen: 42.47 sqm
Cellar/Store and WCs: 52.29 sqm
Total: 246.32 sqm

Rateable Value
£9,200 effective from 01-Apr-2017.

The Small Business Rates Relief Scheme provides rates relief to help small businesses in Scotland. For the 2019/2020 year up to 100% rates relief is available for business with a combined rateable value (of all business premises in Scotland) with a Rateable Value of £15,000 or less subject to application and eligibility. Further details are available from the Business Rates Team at Scottish Borders Council.

Planning
Established use is Class 3 (Hot Food)
Full Premises Licence in place

Energy Performance Certificate
TBC

Lease Terms
Available by way of a new FRI lease. Terms by negotiation.

Fixtures and Fittings
The premises are fully equipped and have recently benefitted from an extensive refurbishment by the current tenant. A premium of £35,000 will be payable prior to entry in relation to the recent re-fit and purchase of the equipment.

The Seller may consider rentalising the premium. Please contact us if you would like to discuss this option further.

Rateable Value
£9,200 effective from 01-Apr-2017.

The Small Business Rates Relief Scheme provides rates relief to help small businesses in Scotland. For the 2019/2020 year up to 100% rates relief is available for business with a combined rateable value (of all business premises in Scotland) with a Rateable Value of £15,000 or less subject to application and eligibility. Further details are available from the Business Rates Team at Scottish Borders Council. Tel. 0845 3000341.

Legal Costs
The tenant will be responsible for the Landlords reasonable costs in connection with the preparation of the lease agreement.

In the normal manner, the in-going tenant will be liable for any stamp duty, land tax, registration dues and VAT incurred thereon, where applicable.

Value Added Tax
Any prices are exclusive of VAT. The property is not understood to be elected to VAT. However, any intending purchasers must satisfy themselves independently as to the instances of VAT in respect of any transaction

Satellite Navigation
For those with the use of Satellite Navigation the postcode for this property is TD1 1RY.

Viewings
Strictly by appointment with the sole agents:

Edwin Thompson LLP, Chartered Surveyors
76 Overhaugh Street
Galashiels
TD1 1DP
Tel: 01896 751300
Fax: 01896 758883
Email:  [email protected]

Modern well presented restaurant premises
Recently re-fitted. Fully equipped, licenced and ready to trade
Dining  Room, Servery, Bar, kitchen, cellar/ store, Ladies, Gents and Disabled WC
Gross Internal Area  246.32 sq m (2,650 sq ft)
Accommodation for approximately 100 covers.

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