*Closing date - 12 noon, Wednesday 31 August 2016*
Substantial Office/Retail Premises, 32 Market Street, Edinburgh EH1 1QB
May be suitable for alternative uses
Location
Market Street is located in the historic Old Town, adjacent to the entrance to Waverley Station and close to the corner of Waverley Bridge, providing a direct link to Princes Street, Edinburgh’s prime retail destination. The Old Town is an extremely popular destination for visitors to the city with Edinburgh being the second most popular destination for visitors to the UK behind London and with some of the highest hotel occupancy rates in Europe.
Market Street is undergoing major redevelopment with a new 98 bed four star hotel being constructed directly across from the subject property. At the east end of Market Street a large mixed use development known as New Waverley is currently on site providing three new hotels (Premier Inn and Hub by Premier Inn opened spring 2016), 180,000 sq ft of new Grade A office space and a variety of retail, leisure and living space.
Surrounding occupiers to the subject property include Edinburgh Dungeon, Edinburgh Royal Military Tattoo, Fruitmarket Gallery, City Arts Centre and a variety of hotel, hostel, restaurant, public house, and nightclub premises.
Description
The subjects are formed over ground and first floor. Ground floor provides substantial and bright retail space with large store room to the rear, staff room / kitchen area, accessible WC and three offices. First floor provides a variety of office and meeting rooms with male and female toilets and ancillary storage. Both ground and first floor have separate entrances from Market Street.
Accommodation
We have measured the accommodation in accordance with the RICS Code of Measuring Practice (6th Edition) and we calculate the Net Internal Areas as follows: Ground Floor: 304 sq m/3,273 sq ft
First Floor: 378 sq m/4,069 sq ft Total: 682 sq m/7,342 sq ft
Rateable Value
We understand that the subjects have a current rateable value of £XXX The 2016/2017 UBR of £XXX (including large property supplement) provides a rates payable liability of £XXX per annum. Further information on rateable value, UBR and rates payable can be found at www.saa.gov.uk or 0131 344 2500
Planning
The property is Category B listed and is located within the Old Town Conservation Area and the UNESCO World Heritage Site. The property has been used for office and retail purposes since circa 1995, however, may now be suitable for a variety of uses subject to the required statutory consents.
Interested parties should satisfy themselves as to any planning requirements for their proposed use by contacting the Planning Department at Waverley Court, 4 East Market Street, Edinburgh, EH8 8BG on 0131 529 3550 or planning@edinburgh.gov.uk
Terms
The premises will be offered on a Full Repairing and Insuring (FRI) lease for a negotiable period of time. The Council will insure the structure and the premium will be recovered from the tenant. The tenant will be responsible for contents, public liability and all other insurances.
Services
Mains gas, electricity, water and drainage is connected and all charges for such services will be the responsibility of the tenant.
Rent
Rental offers in excess of £XXX are invited per annum exclusive of VAT, Non Domestic Rates, service charge and insurance.
Energy Performance Certificate
The property has been assessed and has been given an F rating.
Fees
In accordance with the standard practice, the ingoing tenant will be responsible for the Council’s reasonable legal fees and expenses in connection with the transaction, as well as LBTT, if applicable, and Registration dues. In addition, the tenant will be responsible for the Council’s Corporate Property expenses.