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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: 13% (approx)
Tenant: Company
Notes:

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Pricing Information & Bidding

Opening Bid: £675,000

What is an Opening Bid? This property is entered into an online auction where the bidding will start or open at the above price. Unless specified all properties are subject to a Reserve (minimum acceptable price).

How to Bid... To take part in the online auction you must firstly create a bidding account. Once you have a bidding account you can then login and place bids during the auction. Please click on the following link to view the latest Online Auction Bidders Guide now.

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Offer Now... You may submit an offer now on this property for the owner to consider. If they are will are willing to sell you the property now then it is a matter of making the required deposit payment to secure the purchase. Complete our ONLINE OFFER FORM now to put your offer forward to the sellers.

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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

VIEW THE GENERAL TERMS OF SALE which are superseded by any special conditions detailed above.

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Buy Now Price = £750,000

Please use our BUY NOW form to secure this property now. Once you submit the form we will send you an invoice and payment details so you can make the necessary deposit payment to proceed with the purchase.

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Auction Details

Date & Time: 16 May 2024, 10am-3pm
Type: Timed Online Auction

View Full Auction Catalogue

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