Property Details

28-30 West Preston Street
Edinburgh
Edinburgh
, Newington

Guide price£400,000

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PropertyDescription

LOCATION

28-30 West Preston Street is situated in the Newington area of Edinburgh between the junctions of Blackwood Crescent and Causewayside. Centrally located on West Preston Street the unit lies approximately 1 mile south of the city centre. The Meadows and the Royal Hospital for Sick Children are both nearby landmarks. The prominent corner unit forms part of a parade of shops/offices alongside Ladbrokes, Dunira Strategy and Ichiban restaurant. South Clerk Street and the bridges are only short walk away with several other retailers including Sainsbury?s Local and Majestic wine. The area is well served by public transport with regular bus services offering city-wide destinations.

DESCRIPTION

We are instructed to dispose of the freehold or a leasehold of a popular restaurant trading as Los Argentinos Steak House with the addition of a very profitable business with excellent trading figures and all equipment. This is a well-established, busy and thriving business but still leaves opportunity for a new occupier to develop the business further to suit their tastes. The subjects situated on the ground and basement floors beneath a traditional Edinburgh tenement. Comprising a double fronted retail unit with corner entrance and another (main) entrance further up the street, the dining area has high ceilings, lots of windows and good lighting which adds to the atmosphere. Internally, the unit is open plan restaurant area with a back-kitchen area behind the bar on the ground floor. Storage and a DDA compliant WC are also on ground floor level. The basement is accessed via a timber staircase, leading to a function area, that leads to three more toilets/WC?s. The basement has been tanked and there is a large section that has not been developed yet that is sealed off from the public The business is doing well and is in good condition.

THE BUSINESS

This is a thriving and well-known restaurant in a great location and has an enviable reputation built up over 10 years of trading. The business trades 7 days a week. Weekly turnover usually amounts to £7,000 with average figures rising to £12,000 during the Edinburgh festival and high tourism times. Account information can be discussed at our client discretion to credible potential buyers/letters. Los Argentinos offers an outstanding opportunity for a restaurateur to expand their existing business or step right into an already successful restaurant.

ACCOMMODATION

According to our recent measurement survey the premises contain the following approximate internal areas: Gross Internal Area 147 sq m (1,582 sq ft) Net Internal Area 97 sq m (1,044 sq ft)

PRICE/LEASE

The amount of £400,000 is sought for the freehold and the business, fixtures and fittings. Alternatively, a long-term lease could be agreed along with a goodwill premium for a term and price to be negotiated.

RATEABLE VALUE

According to the Scottish Assessor?s website (www.saa.gov.uk) the property has a Rateable Value of £20,100. The uniform business rate for the current year is £0.466 pence in the pound. Occupiers may be eligible for rates relief through the small business bonus scheme if the combined Rateable Value of all their business premises in Scotland is £35,000 or less.

UTILTIES

The properties are served by mains electricity, gas and water.

ENERGY PERFORMANCE CERTIFICATE

The Energy Performance Certificate rating is pending. A copy of the recommendation report is available on request.

LEGAL COSTS

Each party shall bear their own legal costs in the preparation of the lease with the eventual tenant liable for any Registration Dues or LBTT thereon.

ENTRY

Upon completion of a formal missive under Scots Law.

VIEWING AND FURTHER INFORMATION

By appointment through the sole selling agent, IME Property Ltd.

PropertyOverview

  • Property ID:P433
  • Postal Code: EH8 9PZ
  • Status:For Sale
  • Type: business
  • Class:3 (Food & Drink)
  • Property Size:1,582 sq ft
  • Price:£400,000

ExtraInformation

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