Piazza, North Pier, Oban, Argyll And Bute

LOCATION
Oban, often hailed as the "Gateway to the Isles,” boasts a prime location on Scotland's west coast, making it a pivotal hub for tourism. Its sheltered horseshoe bay, looking out towards the Isle of Kerrera, and the majestic mountains of Mull, offers a stunning backdrop for visitors. The town's accessibility by road, and a scenic rail service from Glasgow, further enhance its appeal as a popular holiday destination.

Beyond its role as a ferry port connecting to the Inner and Outer Hebrides, Oban itself provides a wealth of attractions, including the iconic McCaig's Tower, the historic Oban Distillery, and opportunities for various outdoor activities like walking, cycling, and boat trips to explore the surrounding natural beauty and wildlife.

DRIVE TIME TO KEY DESTINATIONS
LOCATION APPROXIMATE DRIVE TIME
Glasgow 3 hours
Edinburgh 3 hours
Fort William 1 hour
Inverness 3 hours
Aberdeen 4 hours
DESCRIPTION
Piazza Restaurant is a prominent and well-known business located on the North Pier. It is a modern and stylish establishment that has become a popular dining spot in the town.

The property was developed around 2003 from the demolition of historic pier buildings around the original clock tower. The original clock tower was retained and two restaurants, both of steel framed construction with block infill walls under pitched roofs and clad in metal sheeting, were developed.

The building is single storey but incorporates a mezzanine floor internally and with full height glazing on three sides. As part of the redevelopment, separate local authority public toilets and shower facilities were incorporated within the new buildings and these facilities are maintained by the local authority.

ECONOMIC GENERATORS
Oban's economy is primarily driven by several key sectors, leveraging its unique geographical position and natural resources: Tourism: This is by far the most significant economic generator for Oban. As the "Gateway to the Isles,” it serves as a crucial ferry port for travellers heading to the Inner and Outer Hebrides, leading to a substantial transient population during peak seasons. Beyond its transit function, Oban itself is a popular destination, offering attractions like McCaig's Tower, the Oban Distillery, and a vibrant town centre with numerous shops, restaurants, and licensed premises.

Ferries and Marine Services:
The Caledonian MacBrayne (CalMac) ferry terminal in Oban is a vital transport hub, connecting the mainland with numerous islands. The operation of these ferry services directly supports jobs and generates economic activity through passenger and freight transport. The associated marine services, including boat maintenance, supplies, and logistics for island communities, also contribute significantly to the local economy.

Aquaculture and Fishing:
Oban has a strong connection to the marine environment, and aquaculture, particularly salmon farming, shellfish cultivation (mussels and oysters), and emerging seaweed farming, is an important industry.

Whisky Production:
The Oban Distillery, one of Scotland's oldest licensed distilleries, is a notable economic contributor. It attracts visitors for tours and tastings, adding to the tourism appeal.

ACCOMMODATION
The accommodation is as follows:

INTERNAL
Main Restaurant
With tiled floors, glazing on 3 walls and a fitted central servery. The ground floor has seating for 60 persons.

Commercial Kitchen
Extensive commercial kitchen with wash up area to the side.

Ancillary Accommodation
Wash up/glass wash, accessible toilet, baby change, prep area, cleaner’s store, freezer room, general store, staff toilet and customer toilets.

Kitchen
The commercial kitchen is part open to the upper restaurant. It is fitted with good quality catering equipment.

Mezzanine Floor
There is a mezzanine dining area with open outlook over the harbour and seating for approximately 40 persons.

Plantroom
Located on the mezzanine floor and houses an Ideal gas fired boiler, water storage tank, hot water tanks and freezers.

EXTERNAL
Patio Terrace
There is a patio terrace area with seating for approximately 36 persons.

PROPOSED EXTENSION
Consent in place (ref 25/00041/PP) for creation of an enclosed glazed courtyard extension which will increase the internal capacity by 40 persons and the trading area by 100 sq. m.

FLOOR AREA
We estimate that the premises has a Gross Internal Floor Area of 300 sq. m. (excluding Mezzanine storage). The area will increase to 400 sq. m. with the new extension.

THE BUSINESS
The business is currently enjoying a good level of revenue and profitability. Total revenue is currently circa £1.2 million, net of VAT. Further accounting information will be available to interested parties. Our client also operates the Eeusk restaurant adjacent. He has decided to take a well-earned partial step back and concentrate on the operation of Eeusk.

Eeusk trades as a quality seafood restaurant, and we are keen to move forward with a purchaser who will compliment this use to enable both businesses to flourish.

BUSINESS RATES
The premises have a rateable value of £60,000. Rates payable will be approximately half the RV.

THE LEASE
Our client currently holds the long leasehold interest in the premises. A new standard form commercial lease will be granted to facilitate the proposed letting and sale of the business. The lease term will be a minimum of 15 years, subject to rent reviews at five-yearly intervals. A rent deposit will be required, the amount of which will depend on the covenant strength of the incoming tenant.

ASKING TERMS
The premises have been placed on the market at rental offers over £90,000. Premium offers over £175,000 are invited for the benefit of a new lease and the business, to include the fit-out and trading inventory.

EPC
EPC The property has an EPC rating of G.

ANTI MONEY LAUNDERING
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, came into force on the 26th June 2017. This now requires us to conduce due diligence on property purchasers. Once an offer has been accepted, the prospective purchaser(s) will need to provide, as a minimum, proof of identity and residence.