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73 Queensgate - The Room, Inverness, HLD
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The Room - 73 Queensgate
Inverness, IV1 1DG
2,100 sq ft
For sale price:
£261.90 sq ft
The premises comprise an attractive stone and glazed fronted building arranged over the ground floor only of a 4-storey building. The subjects benefit from frontage of 57' 5" and return frontage of 30' 0".
Inverness is the main retail and commercial centre for the entire Highlands and Islands region with a resident population of 55,000 and a total catchment of approximately 300,000.
The premises command a dominant corner location at the junction of Queensgate and Church Street. Neighbouring occupiers include the Co-op, Computer World, Semichem, Royal Bank of Scotland, Ladbrokes
and the Post Office.
The premises are also on the main pub circuit in the City with The Yard Bar, Hootananny Bar, Ramada Jarvis Hotel, JD Wetherspoons, The Auctioneers and other hot food takeaway and restaurants surrounding the premises.
The investment comprise a licensed public house which is fully equipped for providing bar meals. The accommodation is arranged over ground floor within a four storey building. The bar and restaurant was refurbished and re-fitted in 2010.
Open plan bar area with bar stools and bar server. The accommodation on the ground floor extends to approximately 195 sq.m/ 2,100 sq.ft or thereby.
Tenancy - The property is let to Mr William Grant Skinner and Mrs Andrea Hamilton Skinner on a 25 year full repairing and insuring lease that commenced on 31 August 2005. The lease passing rental is £75,000 per annum with the next Rent Review due in 2015. The lease is due to expire in August 2030. Mr & Mrs Skinner have in excess of 20 years experience in the license leisure trade having successfully run a number of hotel, bars and restaurants within Inverness and the Highlands.
A copy of the lease is available on request.
Offers for the outright ownership of the property are sought in excess of £550,000 exclusive of VAT. A purchase at this level would show a net initial yield of 12.8% assuming purchaser costs of 5.8%.
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Graham & Sibbald
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