111 South Street, St Andrews, KY16 9UH
Availability
For Sale
Price
£2,100,000
Description
111 South Street (also known as 3&4 Logies Lane) has a Class 3 planning consent and has been a PizzaExpress Restaurant since 2002. Trading is over the ground and first floors with outdoor seating to the front. It is Category C listed and within the St Andrews Conservation Area. The unit is prominently situated on the west side of the pedestrianised link between Market Street and South Street benefitting from high footfall traffic between these two main retail pitches. Existing floor plans for PizzaExpress are available in PDF format.
Location
St Andrews is located on Scotland’s east coast, in the region of Fife. It is approximately 47 miles north of Edinburgh Airport. The town is well served by road links to the M90 Motorway via the A91 and A92. There is also a railway station at the nearby village of Leuchars, which is located on the east coast mainline, linking Edinburgh and Aberdeen. St Andrews is known worldwide as “The Home of Golf”, with the famous Old Course being the most frequent venue for The Open Championship, the oldest of golf’s four major championships. The town is also home to the University of St Andrews, founded in 1413, the third oldest university in the English-speaking world and one of the UK’s most prestigious. The University is an integral part of the Burgh, and during term time, students make up over one third of the town’s population, with over 10,000 students enrolled in the previous year. St Andrews has a base population of around 17,000 with this number boosted by students and the all year round tourist activity, centred around the area’s renowned golf courses and the internationally acknowledged St Andrews University. A report commissioned by the University of St Andrews in 2017 estimated that the university provided an economic impact to Scotland of £473m gross value added and 9,000 full time equivalent jobs.
Key Points
- Located in the prestigious University town of St Andrews which also benefits from strong, all year round, tourism linked to the “Home of Golf”
- A unique well configured, recently refitted (2022) restaurant unit on South Street / Logies Lane, with a high passing footfall.
- Let to PizzaExpress (Restaurants) Ltd who have occupied since 2002 and in 2018 extended their lease by 10 years from the original 2025 expiry.
- Passing rental income of £135,000 per annum reflecting £32.34 psf (applying a ½ rate to the first floor).
- Unexpired Lease Term of 9 years to May 2035.
- Offers over £2,100,000 which reflects a net initial yield of 6.05%, assuming standard purchasers costs.
Size
5,546 sq ft
Accommodation
| Areas | sq ft | sq m |
|---|---|---|
| Ground floor | 2,802 | 260 |
| First floor | 2,744 | 254 |
| Total | 5,546 | 514 |
dkeith@eyco.co.uk 
0131 558 5144 
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