‘Considerable’ interest expected in Velvet Elvis and Criterion
TWO interlinked bars in Glasgow’s west end are being offered for sale following the death of their owner.
CDLH has been instructed to sell Velvet Elvis and the Criterion bar on behalf of the executors of Allan Mawn, who died in January 2011.
Alan Creevy, director of CDLH, said: “Velvet Elvis and the Criterion are relatively unique, in a prime west end location and are essentially two interlinked restaurant/bars on Dumbarton Road in the highly affluent west end of Glasgow.
“The businesses have been trading under management for some time now and the property is to be sold on behalf of the executors of the late owner’s estate.
“Such properties rarely come on the open market and we have no doubt there will be considerable interest from existing operators as well as new entrants to the market.”
The property is being sold at offers over £575,000 for the freehold and business, which is being sold as a going concern.
Creevy said the property market was “very busy” in 2014, with recovery in the bar and restaurant market. And he claimed established operators who have had issues with refinancing over the last few years are now back in the market.
“The upswing in sentiment is based upon solid trading results in 2013
and a particularly good 2014
bolstered by the many events which have taken place in Scotland,” said Creevy.
“With the low interest rates environment set to continue and greater consumer confidence, we fully expect the bar and restaurant market to continue to recover quite significantly in 2015.”