Property Details

76 High Street
East Lothian
East Lothian
, Musselburgh

Guide price£22,000

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PropertyDescription

SITUATION

Musselburgh is a popular East Lothian commuter town with a population of approximately 22,000 people.  It lies 8 miles to the east of Edinburgh city centre and is situated close to the A1 and A720 Edinburgh city bypass. There are excellent public transport links including two railway stations at Musselburgh and Newcraighall.

The High Street forms the primary retail destination within the town. The property is located on the south side of the High Street in a prime retail pitch directly opposite Musselburgh Museum with a number of well-known retailers nearby including Boots, Costa Coffee and Oxfam. There is excellent passing trade in the High Street and from a large number of residential located units close-by.

THE PROPERTY

The subjects comprise a restaurant unit with excellent High Street frontage arranged over the ground floor of a two storey stone building under a pitched and slated roof.  Car parking is readily available.

The property benefits from Class Use 3 – Food and Drink.

INTERNAL DETAILS
Inside the entrance there is a bar area acting as a reception and for servicing the takeaway business. The restaurant is well set out for circa 50 covers. The kitchen is located to the rear whilst toilet facilities are located off the restaurant.

The premises is fitted out to a high standard specification with fixtures and fittings including quality flooring, halogen and recessed ambient ‘mood’ lighting and air conditioning.

ANCILLARY AREAS

The well equipped kitchen has a range of commercial catering equipment including a 10 burner gas cooker, fridge freezers and a Tandoori clay oven, preparation and work surfaces together with full extraction facilities all of which is fit for purpose.

THE BUSINESS

Our clients have owned and operated this business for over 6 years specialising in traditional Indian cuisine, however the flexible layout makes the accommodation suitable for any style of restaurant business.

The restaurant currently opens seven days a week and trades but does not sell any alcohol. This is our client’s business model. The restaurant’s “bring your own bottle” policy is popular however there is scope to obtain a full licence to enhance the business should a purchaser wish to apply to East Lothian Council Licensing Department.

The existing business is generated from a mix of a la carte Indian dining coupled with a take away and delivery operation.

The business trades Monday to Sunday evenings from 5:30pm to 11pm. There is potential to extend the hours covering lunch time and by extending the existing Licence.

TRADING FIGURES

At present we are advised that the business has a turnover of circa £3,500 per week. Full trading information will be made available to seriously interested parties after formal viewing.

ACCOMMODATION

According to our measurement survey of the premises, the approximate net internal floor area is:-

Total Net:                   116 square meters               1245 square feet

TENURE

Offers to acquire a new 10 year lease on a Full Repairing and Insuring basis with a rent of £20,000 per annum are being sought.

Offers over £350,000 sought for the freehold interest.

PRICE

The asking price is £22,000 to represent the leasehold interest and goodwill.  Stock at Valuation will be paid in addition to this figure.

RATERABLE VALUE

According to the Scottish Assessors website (www.ssa.gov.uk) the subjects have a rateable value of £17,900. The uniform business rate for the current year is £0.48 in the pound.

Occupiers may be eligible for rates relief through the Small Business Bonus Scheme if the combined rateable value of their [premises in Scotland is £35,000 or less.

ENERGY PERFORMANCE CERTIFICATE

The EPC rating is pending.

SERVICES

We are advised that the property is connected to gas, electricity, water and drainage services.

OFFERS

All offers couched in Scottish legal terms should be submitted to the sole selling agents.

LEGAL COSTS

Each party is responsible for their own legal costs but the ingoing tenant will be liable for any Registration Dues and LBTT relating to this transaction.

VIEWING

Strictly by appointment via the sole selling agents
 

PropertyOverview

  • Property ID:P203
  • Postal Code: EH21 7BX
  • Status:For Sale
  • Type: business
  • Class:3 (Food & Drink)
  • Property Size:n/a sq ft

PropertyFeatures

  • 50 cover restaurant
  • Fully furnished and equipped
  • Popular trading location

ExtraInformation

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Bill Adams

Bill Adams

If this property is of interest and you would like further details, or want to arrange a viewing, please contact our property agent on the following details.

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