A landmark food and drink location in city centre that has hosted events and markets is on the investment market with a price tag of £5 million.
Merchant Square is at the centre of the Merchant City area and includes 11 licensed units extending to 683,62 sq ft, with one additional unit which is currently unlet. Current tenants include Mitchells & Butler, Momo Hub, Vodka Wodka, Sono, Table Twenty Eight, The Tap Yard, Delictoria, Bar Soba, Nomad Escape, NQ64, and Lochy’s.
Merchant Square includes a undercover 7,610 sq ft cobbled courtyard, which is used to host events and art markets.
CDLH Surveyors state: “Merchant Square is situated adjacent to the Candleriggs Quarter – one of the largest city centre development sites, outside of London. Sitting at the heart of the Merchant City, Merchant Square is moments from George Square, Queen Street and Central Stations, Strathclyde University, and the city’s core retail and commercial areas.
“It is also a famous entertainment destination in its own right, having hosted Glasgow’s Hogmanay Party, The Merchant City Festival, live sport, a weekly makers’ market and much, much more.”
The listing for the property states that the total current net rental is £606,583 per annum, “after payment of ground rental and deduction for unallocated service charge”. The surveyors estimate a circa 6% increase over the next 5 years.
The property is held on a leasehold from Glasgow City Council that’s not due to expire until February 2123.
5. Merchant Square
The surrounding area, once warehouses, shipping companies, offices, clothing manufacturers, as well as fruit, vegetable, cheese and fish markets, has become a hospitality and residential area with converted historic buildings. | CDLH
6. Merchant Square
Merchant Square is being marketed as an investment opportunity with tenants continuing during the period of the transfer of ownership. | CDLH