Discover why former pubs and music venues in Scotland are a great property investment, for example Mucky Mulligans in Perth.
Investing in commercial properties that were former pubs or music venues can be a highly rewarding opportunity. These spaces often combine prime city-centre locations, versatile layouts, and built-in infrastructure that make redevelopment cost-effective. High ceilings, multiple floors, commercial kitchens, toilets, and emergency exits mean these properties can be repurposed for a variety of residential and commercial uses. For property investors, this versatility often translates into strong income potential through long-term rentals, short-term lets, or exciting commercial ventures!
For investors, the potential uses are extensive:
Residential flats: Demand is strong for affordable, well-located homes in city centre areas, where former bars and music venues tend to be situated, and a well-finished flat conversion with good amenities in the city centre can fetch a solid rental yield. Co-living (shared kitchens, communal areas etc) might allow you to maximise usable space. Investors prefer this option for a stable income and low seasonality.
Short-term Lets/Serviced Accommodation: An especially lucrative option in areas popular with tourists. If the property has multiple floors, the ground floor could be kept commercial - cafe, bar, etc - making the property mixed use and offering multiple revenue streams.
Commercial: A previously popular bar could be brought back with a similar use as a live music venue, restaurant, cafe or events space. Wellness/fitness hubs also do well in central and even residential areas. Renting out to multiple businesses could be an option if there is separate access to upper floors.
Shared Workspaces: Convert the space into flexible offices, hot-desks and meeting rooms for freelancers or small businesses, especially in secondary cities like Aberdeen or Dundee. Occupier demand for commercial property (offices, retail, industrial) is rising in Scotland, as is demand for flexible office/desk space - especially with hybrid working. Day-use and memberships provide recurring revenue, and you could even combine this with a café on the ground floor for multiple revenue streams.
A standout example of an excellent commercial opportunity is the former Mucky Mulligans on Canal Street in Perth, currently for sale by auction. Previously a lively music venue and pub, Mucky Mulligans highlights why former pubs are such attractive investments. The property spans approximately 440 square metres (4,736 sq. ft) across two levels, with a ground-floor bar, kitchen, beer keg room, storage, and toilets, plus an upper-floor function room and additional bar facilities.
When trading, Mucky Mulligans was a hub for live music, student nights, and community events. The venue had a distinct interior as local graffiti artists designed the stage wall, and retro arcade consoles provided entertainment for visitors. While the property requires refurbishment, the existing infrastructure supports a wide range of high-yield investment opportunities, reducing both cost and complexity for redevelopment.
So what could a buyer do with a property like Mucky’s? Since Perth is popular with visitors and tourists thanks to it being the “Gateway to the Highlands”, short term accommodation could be a lucrative option here. Converting the space into flexible offices, hot-desks and meeting rooms for freelancers or small businesses would also suit well, as Perth has limited supply compared to Edinburgh and Glasgow. With separate access to the first floor, there is scope for multiple revenue streams with commercial on the ground floor and residential above.
Investors should always consider planning policies, licensing, access, and building layout when considering developing commercial properties like Mucky Mulligans, which can offer high-return investment potential and a rare chance for investors to acquire a versatile, income-generating asset.
Mucky Mulligans is for sale by livestream auction on Thursday 9th October, where bidders can bid online, via telephone or by proxy. An open viewing has been scheduled for Thursday 2nd October at 12:00-12:30 for any interested parties to see inside. For more information about this property or to register to bid at the auction, click here.
