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Description
- Status: Available
- Type: Commercial
- Ownership: Freehold
- Occupation: Tenanted
TENANTED INVESTMENT OPPORTUNITY***The Boarding House Bar and Restaurant located in popular residential suburb of Howood in Johnstone. IMMEDIATE RENTAL INCOME OF £90,000 PER ANNUM***
SUBSTANTIAL SIZED DETACHED PROPERTY*** comprises 3 storey public house, restaurant, and function suite forming the original Boarding House. Dedicated Car Park Separate Managers Apartment. VAT FREE***
Currently held on NEW 10 YEAR FRI LEASE until June 2033 at £90,000P/A. Tenant has been trading from the premises since 2018 and has signed a new 10yr lease following a substantial renovation.
Situated on the north side of Main Street, close to its junctions with Midton Road and Beith Road in the picturesque suburb of Howood in Johnstone. EXTENSIVELY RENOVATED***
PERFECT TRADING LOCATION*** Benefitting from catchments including Kilbarchan, Johnstone, Linwood, Paisley, Lochwinnoch and Beith.
The property is held on an F.R.I lease on the following terms;
Tenant: Howwood Pub Limited
Term: 19th June 2023 Expiry: June 2033
Tenant Break: 5th year
Review: 5th Year
Deposit: £35,000
Passing Rent: £90,000p.a
Further: The tenant has been trading from the premises since 2018 and has signed a new 10yr lease following a substantial renovation of the property.
The property comprises an imposing 3 storey public house, restaurant, and function suite forming the original Boarding House, opened in 1770 and extended over the years to include the following at ground floor;
Lounge, external terrace, al fresco dining area, conservatory, restaurant, extensive kitchen, staff room, male, female and disabled w.c facilities.
The upper floor is accessed via a separate staircase to the rear of the demise, offering a large function area with separate bar and w.c facilities. The upper floor benefits from fire escape to the rear.
Included in the property is a managers apartment which forms an open plan lounge, bedroom, kitchen and separate bathroom.
The full property benefits from air conditioning system throughout, enclosed refuse stores and large car park to the rear.
The area has been extensively developed in the last 25years with a number of large scale residential developments in the immediate periphery along with benefitting from catchments including Kilbarchan, Johnstone, Linwood, Paisley, Lochwinnoch and Beith.
Full Address: The Boarding House, Main Street, Howood, Johnstone, PA9 1BQ
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Tenancy Details
Type of Agreement: Full Repairing & Insuring (FRI)
Length: June 2033
Rent: £90,000 per year / £7,500 per month
Yield: 15% (approx)
Tenant: Company
Notes:
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Pricing Information & Bidding
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SPECIAL Terms of Sale
- 10% Deposit
- Buyers Fee = 3% of Sale Price (Minimum £3,250 + vat)
- 4 Weeks Completion or Longer By Agreement
- Contribution to Sellers Costs £1,750 for on time settlement
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Buy Now Price = £750,000
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Auction Details
Date & Time: 16 May 2024, 10am-3pm
Type: Timed Online Auction
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