Braemore Estates - Leisure Sale - Perth, St John's Place
Date: 23 Jun 2008
A former cinema in Perth is set to take a starring role once more after being acquired by leading property developers Braemore Estates.
The firm has bought the four-storey art deco property at 17 St John's Place, which was built as a cinema in 1919 and is regarded as one of the town's most iconic buildings.
The property had been used as a restaurant and snooker hall before being acquired by Crieff-based Braemore Estates.
The building - located in Perth's established "café quarter" opposite the recently approved city hall development - is now being marketed as a site for a possible new restaurant or boutique hotel, providing a vibrant addition to this cosmopolitan area of the city.
Pamela Ross, Development Director at Braemore Estates, said: "This is an excellent purchase and addition to our portfolio at Braemore Estates.
"As the property already benefits from restaurant, public house and leisure consents, it therefore has potential appeal to a number of occupiers.
"Our main aim is to secure a ground floor restaurateur who will add to the constantly improving retail and leisure in Perth Centre. However, we believe there is scope to develop the entire site as an exciting boutique hotel development, something this part of Perth is crying out for.
"There's every chance that if someone was to come in to open a boutique hotel it would encourage others to look to do the same, giving Perth a range of quality niche hotels to attract a new army of visitors."
When the cinema closed in the 1960's it became the headquarters for a successful firm of electrical engineers, who sub-divided the building into different floors.
It was then acquired by City Centre Restaurants who operated the site as The Filling Station restaurant and snooker hall until they sold their interest to Braemore Estates.
The Filling Station traded up until the week it was sold and was handed over to its new owners complete with an array of decorative memorabilia and all restaurant fittings, which Braemore Estates staff are considering selling on eBay or giving away.
The property totals a net area of approximately 12,800 square feet over four levels. The restaurant covers the ground and basement floor and is available to let at offers over £65,000 pa and the restaurant/bar premises can seat between 80-180 people.
However, the whole building has potential for a number of different redevelopment options, and one option highlighted by the new owners is for an 18 bedroom boutique hotel with a ground-floor reception, restaurant and bar.
The upper floors are also for sale separately should the restaurant be let individually. A number of enquiries have been made to the new owners by developers to redevelop the upper floors into residential flats.
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