Top tenancies on the market in Scotland

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Change in Scottish trade sees rise in high-quality sitesPub companies such as Voyager, Punch and Pubmaster are changing the face of the trade in...

Change in Scottish trade sees rise in high-quality sites

Pub companies such as Voyager, Punch and Pubmaster are changing the face of the trade in Scotland, according to a leading agent.

Glasgow-based agent Creevy LLH has been appointed by Nomura-owned Voyager Pub Group to secure tenants for 21 pubs in Scotland.

The way the tenancies are being marketed, to attract high-quality tenants, with little financial outlay and long leases, is symbolic of the change in the Scottish trade, Creevy LLH director Alan Creevy said.

"This is one of the finest estates to come to the market for many years," Mr Creevy said. "The units are part of almost 1,000 managed outlets sold by Bass earlier this year to new company Voyager.

"This type of outlet rarely comes to the market. We believe these are some of the prime tenancies in Scotland."

The outlets, which include established pubs such as the Victoria Bar in Glasgow and the Wheatsheaf in Edinburgh, (pictured)​ are available on new 30-year leases.

According to Mr Creevy, one key feature of the sales is the low capital outlay needed, initially about £15,000, to finance the purchase of the inventory, stock, legal expenses and one month's rent in advance.

He said: "Considerable market research has been done by Voyager to ensure it is offering competitive lease terms to attract the highest calibre of tenants. No rental deposit is required and, therefore, the capital outlay at the beginning of the lease is relatively modest."

Mr Creevy said the pub market in Scotland had seen "considerable change" over the last two years.

Historically, the freetrade plus brewers such as the Bass-owned Tennents and Scottish & Newcastle, which expanded "dramatically" in the late 1990s, dominated the market.

But with Bass selling its brewing interests to Interbrew, Scottish & Newcastle selling more than 1,000 pubs to the Royal Bank of Scotland and Whitbread selling 2,000 pubs to Laurel Pub Company, the trade in Scotland is now beginning to resemble that in England.

Pub companies such as Unique Pub Company, Voyager, Punch and Pubmaster, are all expanding north of the border for the first time and are concentrating on property ownership while leasing the business to suitable tenants.

Mr Creevy said the evolution of the trade in Scotland had taught companies valuable lessons, which have been picked up on by Voyager.

For more information about the pubs contact Creevy LLH on 0141 248 9400 or on info@creevyllh.com.

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