Categories
Press

Cambuslang restaurant and bar sold at auction

Cheers bar and the Coulotte Steakhouse above it were sold at auction by Online Property Auctions (OPA) Scotland for the guide price of £145,000.

Coulotte Steakhouse in Cambuslang

A popular bar and separate restaurant occupying the same building on Cambuslang Main Street have gone under the hammer for a combined £145,000.

Cheers bar and the Coulotte Steakhouse above it were sold at auction by Online Property Auctions (OPA) Scotland for the guide price of £145,000.

OPA received eight bids from three would-be buyers.

When the two units initially came up for auction in April with the same guide price, they failed to sell in what was an uncertain climate for investors.

The new owner of 80-84 Main Street will net a combined rental income of £24,000, with the first floor restaurant leased at £7000 a year, and the pub at £17,000 per annum.

George Douglas, director at OPA Scotland, insists that appetite in the Rutherglen and Cambuslang property market, particularly in the buy-to-let sector, is healthy.

As well as the Cheers and Coulotte transactions, his company sold two one-bedroom flats in the area during lockdown.

George Douglas

He said: “The buy-to-let market in Lanarkshire, and the Greater Glasgow area – which for our purposes includes Rutherglen and Cambuslang – remains strong with high demand, which also comes from developers looking for renovation and resell projects.

“During the height of the Covid-19 pandemic, we noticed a small increase in the number of residential buyers who were just looking for somewhere to live.

“If you consider the difficulties brought about by social distancing, this shows the market is healthy.

“We are currently keen to hear from sellers because we know the buyers are there, particularly as restrictions have eased and it is now easier to conduct business.”

George believes the success or otherwise of the economy in general will influence the direction the local property market will take.

He explained: “Economic uncertainty is highly likely to have an impact on the property market.

“These have been a very difficult few months for many people and some will look to cash in on some commercial assets.

“The residential housing market was strong going into lockdown, however redundancies and lack of confidence are certain to have some effect on the levels of stock coming to the market.”

*This article first appeared in the Daily Record on the 12th August 2020