Freehold Offers over £175,000
(Includes leasehold interest in 970 Argyle St)
Leasehold offers considered
LOCATION
The subjects benefit from an enviable and highly prominent trading position on Argyle Street, between the junctions of Kent Road and Claremont Street, within the popular and highly sought-after area of Finnieston, which lies between Glasgow City Centre and the West End.
In recent years, Finnieston has become arguably the most desirable eating and drinking circuit in Glasgow with many new stylish bar and restaurant openings, as well as a number of retail operators, ensuring the area is a hive of activity throughout the day and evening.
The subjects benefit greatly from their close proximity to the Scottish Exhibition & Conference Centre (SECC) and the Hydro concert venue, both of which are only a short walk away, and regularly play host to the biggest concerts and live shows. The Hydro has been ranked as the second busiest live entertainment arena in the World.
Other nearby amenities include Glasgow University, Kelvingrove Museum & Art Galleries, The Kelvin Hall International Sports Arena, the new Hunterian Museum, as well as Ibrox Football Stadium which is easily accessed via the footbridge over the Clyde.
Finnieston is a densely populated residential area, as well as a being a busy commercial area with a number of businesses and substantial office developments in the surrounding area, including the Skypark and the new Scottish Power offices. There are also a number of new residential developments planned in the area including a new development directly across the road with 155 high end flats being built.
The subjects benefit from plentiful on-street car parking in the surrounding area, and are also only a short walk from Kelvinhall Underground Station.
THE PROPERTY
The subjects comprise 2 adjoining shop units forming part of a retail parade and comprise part ground floor of this 4-storey, traditional sandstone tenement property, all under a pitched tiled roof.
DESCRIPTION
The trading part of the business occupies number 968 Argyle Street, with the adjoining 970 being used for storage and additional prep space.
The subjects are accessed directly from Argyle Street via a door positioned to the right-hand side of the display frontage with prominent signage above.
Internally, the business premises were completely refurbished in 2021, with an approximate £70,000 spend, and have been designed and fitted to a high standard.
A counter servery is positioned to the front with menu boards on the walls and an ice cream display freezer for self-service. To the rear of the counter there is an EPOS till system and a range of equipment including a twin deck pizza oven, hot cupboard, undercounter fridge and a pizza toppings/prep counter with undercounter refrigeration.
ANCILLARY AREAS
A back shop area provides further fridges, double sink and dishwasher, and there is also a small store and staff toilet.
The main ancillary accommodation is provided in the adjoining unit (970) which provides ample storage space, a range of equipment including 2x stainless steel workbenches with undercounter refrigeration, double dough fridge, dough mixer, upright stainless steel freezer, 2 additional fridges, microwave and double sink. There is also an additional staff toilet.
THE BUSINESS/OPPORTUNITY
Our client established Doughballs from this location in 2020, and the business is therefore well established in the area.
The business specialises in quality, handmade artisan pizzas, and a selection of sides, desserts and soft drinks. The business has proved extremely popular and enjoys an excellent reputation and has built up a loyal and regular clientele from local residents and surrounding areas. The majority of the business is derived from deliveries using the main delivery platforms.
The business currently trades Monday-Thursday 5pm-10:30pm and Fri-Sunday 4pm-11pm, so there is potential to increase the opening hours and introduce lunchtime opening.
The business is run completely by staff and it is felt that the business would benefit from a more hands on owner operator who could concentrate on developing the business further. The sale also offers the opportunity for a buyer to develop the Doughballs brand and roll out further units, which was our client’s original intention before a change in personal circumstances. The business has been well set up with strong website and social media platforms.
More information can be found at www.mydoughballs.com.
The premises could also be easily be adapted to suit a different cuisine style or takeaway concept should a new owner wish.
TRADING INFORMATION
Turnover for the year ending 31st October 2023 shows a turnover of circa £487,000 net of vat.
Further trading information can be made available to interested parties after formally viewing the business.
SIZE
We understand that the subjects have the following areas:
968 Argyle Street : 30.08 SqM (324 SqFt)
970 Argyle Street : 34.62 SqM (373 SqFt)
FIXTURES AND FITTINGS
We have been advised that all trade fixtures and fittings are owned outright and are free from any hire purchase or lease agreements.
TENURE
968 Argyle Street
Freehold. Leasehold offers considered
970 Argyle Street
The subjects are held on an original 20-year FRI lease from 18th September 2019, expiring on 17th September 2039, with a current passing rental of £7200 per annum.
RATES
The subjects are entered into the current valuation roll as having the following rateable values and are therefore eligible for zero rates:
968: £5200
970: £5500
