Graham + Sibbald are delighted to confirm a successful letting of the basement nightclub unit previously known as “Sugar Cube”, situated in the centre of Glasgow. A retaining client instructed the Hotel + Leisure team to dispose of the leasehold interest in the failed nightclub venture.
Interest was attracted from a cross section of operators with differing ventures in mind. One operator in particular exceeded the asking terms, due to their experience, covenant and proposed investment, a deal was agreed for a new restaurant use.
Change of use to Class 3 was obtained with relative ease with our assistance, which qualified the Landlord for substantial saving on the insurance premium – a further bonus.
The client was pleased with the result, stating “The team of Peter Seymour and Brogan Grier at Graham & Sibbald have been exceptionally professional and helpful throughout the entire process of letting our clients property. This important letting was subject to a planning change and could have encountered some difficult issues but it was dealt with quickly and smoothly. We were most impressed with the level of communication and felt as though we were kept up to date at each stage of the deal. There was always someone available to answer our queries and emails were responded to very quickly to effect an altogether excellent outcome”.
The whole marketing period – including the change of use – was under 6 months.
The unit will now trade as a 250 cover restaurant and is set to open in summer 2019 following substantial refurbishment works. Graham + Sibbald wish all the best to the new tenants in this venture.