How long will Rose Street Foundry in Inverness be empty? Owner Cairngorm Taverns is asking for an annual rent of £75,000

There was a mixed reaction from business leaders after it was revealed that owners of an Inverness pub were looking for a new tenant.

Cairngorm Taverns owns the freehold of Rose Street Foundry (pictured), in Academy Street, and it is being marketed by the Inverness office of Graham and Sibbald for an annual rent of £75,000.

It is understood that there is already interest in the building, however Jo De Sylva, from nearby MacGregor’s bar, felt the prospect of a monthly rent of more than £6000 and other running costs would make it difficult.

She added: “I think it’s going to be difficult to get a tenant for it in the current economic climate.”

She said it was also hard to find staff currently in the hospitality sector and wages had not risen significantly. “It’s a shame because it’s a beautiful building that has been refurbished brilliantly,” she added.

“It will be a shame if nothing happens to it.”

The building covers a total area of 8667 sq ft, over two floors. At the time of the closure two months ago, the owners said the move was due to escalating staff and energy costs and the cost-of-living crisis.

Inverness BID director Lorraine Bremner McBride said: “The Rose Street Foundry is an iconic building that’s an important part of the city centre heritage.

“It is a great space in the heart of the city and the new business who takes it over will benefit greatly from the recent refurbishment as it lends itself to many uses. We look forward to seeing it reopen soon.”

David Richardson, the FSB’s Highlands and Islands development manager, said: “This is an extremely difficult time for businesses, and especially for the countless hospitality businesses that rely on customers having enough cash in their pockets and purses to treat themselves.

“However, Inverness’s position as the Highland capital is being further strengthened by the investment in the castle, Victorian Market and so on, and for businesses that can weather the current storm the future has to be bright.

“Hopefully, people will recognise that this is a great site in an up-and-coming city centre with a long-term future and take it on. Inverness needs great businesses, and there’s a splendid opportunity to create one here.”

Inverness-based economist Tony Mackay said: “I am not optimistic about the prospects for bars and pubs in Inverness over the next few years.

“Our economic problems look set to continue, particularly the huge increases in the cost of living. There are stories in the media this morning that the price of a pint of beer or lager will reach £6 soon.

“Two new pubs – Highlander and Jimmy Badgers – have opened in the city centre recently so I believe that there is now an excess of supply given the fall in local spending.

“In contrast, there is a big shortage of accommodation in Inverness so a better use for Rose Street Foundry may be to convert it into flats.”

Tony Story, the managing director of Patio Hotels, said he was keen to see a new tenant take over and it was such an attractive building.

“I would like to see the owners fill it as quickly as possible. At the end of the day the market will tell us what the rental value will be,” he added.

Martin Sutherland, a licensed trade and business agent with Graham + Sibbald, confirmed there had already been some interest, adding: “There are two or three interested parties looking at it.”