The subject property forms the ground and basement floor of a traditional tenement building on the junction of Yemen Place, Polworth Cresent and Polworth Terrace Edinburgh. Polworth Cresecent is located between Dundee Street and Polworth Terrace both of which are main accesses into and out of town to the west.
The location offers easy access to the city centre where the majority of the business is carried out.
The subjects comprise the ground and basement floor retail unit of a four storey traditional building constructed of stone under a pitched and slate roof. There are two display windows to the front of the property with a central entrance door. The area is predominantly mixed use where other retail occupier?s include Margiotta?s store, two cafes, a hair salon, an accountant?s office, travel agents and a dry cleaning business.
Internally, the unit is a well laid out with a front office leading through to a full commercial kitchen. A staircase by the front door leads to the basement area where there are two toilets and a storage area.
The property is currently in Class 3 usage. The owner of the business has refurbished the kitchen area to create a kitchen of high standard and fit for his purpose as a preparation kitchen. The majority of the commercial equipment will remain with the business
The previous tenant ran a Chinese restaurant/ takeaway from the premises. The premises can be utilized in a number of ways to suit every style of catering.
Operating mainly in the corporate hospitality market and conveniently based in a fully-fitted catering unit in the City. This is a well-established catering business specializing in catering for meetings, funerals, weddings and parties for all occasions. With over 30 years? experience in the catering industry, this company supplies delicious food at affordable prices using quality, locally sourced ingredients where possible, beautifully created and tailored to meet the specific requirements and budget of its substantial client base.
The business is presently run by a qualified chef along with one assistant along with occasional waiting staff when required. As well as the Club Class Catering website the company also boats a presence on Facebook.
There is a regular data base of clients who generate regular repeat business and recommendations. With a significant share of the local market and with repeat business with both corporate and private clients, there is an opportunity for a professional catering individual who wants to grow and make an impact in the catering markets. The acquisition would be ideal for a catering professional without having to start their own business from scratch or for those looking to expand their existing business. The business has reported a sustainable and consistent turnover of circa £125,000 per annum with excellent gross profit and net profit levels. Copies of the certified accounts will be provided to interested parties once they have viewed the business.
There is currently 11 months of a 5 year lease remaining however we are advised that the landlord is willing to assign the remainder of the lease or set up a new lease depending on the covenant of the incoming tenant. The lease is held on a Full Repairing and Insuring basis.
At present the current passing rent is £10,000 which will be subject to a rent review in January 2020.
THE GOODWILL PRICE
Our client is seeking offers in the region of £55,000 for the goodwill and the fixtures and fittings of the business.
According to our recent measurement survey the premises contain the following approximate net internal area:
Ground Floor 44.80 sq. m. (482 sq. ft.)
Basement floor 13.88 sq.m. (149 sq.ft.)
Total 58.68 sq.m. (631 sq. ft.)
According to the Scottish Assessor?s website (www.saa.gov.uk) the subjects have a Rateable Value of £9,000. 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.
The property is 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.
VIEWING AND FURTHER INFORMATION
By appointment through the sole letting agent, IME Property Ltd.
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.