The Inn on the Loch, situated on the outskirts of Lanark, has been sold by Creevy LLH at a price substantially above the asking price of offers over £670,000.
Peter Darroch, Director of Creevy LLH, who handled the sale, says the Inn on the Loch was a rare freehold opportunity. “As a result throughout the marketing campaign there was a significant amount of interest which resulted in a closing date being required and a price being achieved substantially above the asking price,” says Mr. Darroch.
The Inn on the Loch occupies a very attractive setting overlooking Lanark Loch, on the outskirts of Lanark. The premises comprises a contemporary bar and restaurant with seating for over 110 persons together with two attractively decorated owners / staff flats.
Looking at the market for freehold, licensed, properties Mr. Darroch comments that there is a general lack of freehold properties within the market place and high level of demand as a result.
“Demand, therefore, far outweighs the available supply which has had the impact of increasing values for freehold premises,” explains Mr. Darroch
The Inn on the Loch was sold by experienced restaurateurs, Mr Mike Conyers and Mr Robert Morrison, and purchased by the locally-based Herries family who are planning develop the existing business further.
“The Inn on the Loch is a first class business and we have no doubts that the sales and profitability will continue to increase under the new owner.” Says Mr. Darroch.
“We have a database of potential purchasers all seeking good quality freehold premises similar to Inn on the Loch. We do require other similar properties to match these requirements.”