A prime hospitality premises in St Andrews is up for sale as an investment opportunity – with an operator backed by Justin Timberlake and Tiger Woods as its long-term tenants.
The Fife university town is known throughout the world as the home of golf, a reputation that will see its ‘Old Course’ hosting the British Open in 2027.
Aside from that specific sporting attraction, the town of St Andrews itself is a scenic and historic spot, ensuring a healthy flow of tourists all year long.
Shepherd Chartered Surveyors is now marketing hospitality premises on the town’s North Street, which forms part of the Category B Listed building formerly known as The New Picture House, understood to date from 1931.
The 3,345 sq.ft space is currently operated as a sports and entertainment venue by T-Squared Social, an international company backed by Messrs Timberlake and Woods, on a lease running to 2049 with an option to extend to 2079.
Access to the space is via a ground floor stairwell entrance from North Street with the principal accommodation located on the upper floors, where there is an open-plan restaurant and bar providing 70 covers, together with a bar and waiting area offering additional seating.
The property has a fully fitted kitchen, storage areas, office accommodation, and WC facilities. Externally, there is a small outdoor seating area to the front.
Partner at Shepherd, Jonathan Reid, said: “We anticipate much interest in these hospitality premises from property investors seeking to expand their prime property portfolios.”
Currently let at an annual rent of £45,000 with five yearly ‘upward only’ rent reviews starting from the 2029, Shepherd is seeking offers over £650,000 for the property, which it said represented a Net Initial Yield of 6.59%.
The tenant has right of first refusal to purchase the opportunity.
