Seller banking on a new owner | Scottish Licensed Trade News

Scottish Licensed Trade News

Seller banking on a new owner

• The property is in Kilmarnock’s town centre.

• The property is in Kilmarnock’s town centre.

Kilmarnock town centre venue on the market

ABAR and restaurant in a former bank in the heart of Kilmarnock is up for sale.
The Riverbank is being marketed by property firm CDLH on behalf of its current owner, London-based venture capital firm Downing.
The property, on the town centre’s Bank Street, is described by the agent as being in a “desirable trading location”.
It comprises a 90-cover bar and restaurant and separate conservatory bar and restaurant for 40 people. The property
also has a car park and a beer garden.
Alan Creevy, director of CDLH, said the Riverbank offers potential for further development.
“The Riverbank is in the heart of Kilmarnock and is a former bank premises which were converted some time ago to a first class bar and restaurant unit,” he said.
“The property actually extends to over 10,000 square feet and has significant development potential.”
The business is said to be generating strong annual sales, according to CDLH.
“Annualised sales, which are under temporary management, are around £520,000 p.a. net of VAT,” said Creevy.
“We feel there is real potential to add to this income particularly under owner management.”
The Riverbank is on the market at offers over £495,000 for the freehold interest.

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