The subjects comprise a hot food takeaway premises arranged over ground and basement levels. The subjects are held within a four storey Edinburgh tenement building of traditional stone built construction. Internally, the property offers a spacious front takeaway area with a modern fully ventilated commercial kitchen located to the rear. At basement level the property comprises generous storage space, which could be utilised for alternative uses with a WC, kitchen preparation area and rear exit leading out onto a communal garden area.
Location
The property is located within the Gorgie region of Edinburgh approximately 1 mile to the west of the city centre. More specifically, the subjects lie towards the north side of Gorgie Road, a major thoroughfare linking the city centre to all major road networks including the A1, M8 and Edinburgh City Bypass.
The property benefits from a high level of passing trade with excellent public transport links to and from the city centre. Gorgie itself lies in a popular region of the city within a mixed residential and commercial locality supported by a high population of both students and young professionals. The area attracts a diverse mix of both regional and national operators.
Accommodation
We have measured the subject premises in accordance with the RICS Code of Measuring Practice (6th Edition) and estimate the subjects extend to the following areas:-
Ground: 53.81sq m (579 sq ft)
Basement: 59.04 sq m (635 sq ft)
Total: 112.85 sq m (1,214 sq ft)
Terms
Tenancy Details - The property is let to TRPF Gorgie Edinburgh Limited trading as the The Real Pizza Factory with lease expiry due 23rd May 2031 and tenant only break due on the 5th and 10th anniversaries, at a passing rent of £XXX per annum. The rent review provisions within the lease are on a 5 yearly upwards only to open market value, whilst a 3 month rental deposit (£XXX) is to be held for the duration of the lease.
Tenant Covenant - The tenant is an experienced operator and already runs premises trading as The Real Pizza Factory. This is the second branch of The Real Pizza Factory in Edinburgh with the company trading very well and benefitting from a 4 ½ star rating from the 456 reviews left on the Just Eat website. The subjects have undergone substantial refurbishment at the tenants expense.
Price - Offers in the region of £XXX are invited which reflects a net initial yield of 9.26% after allowing for purchasers costs.
EPC - Available on request
VAT - VAT has been elected and therefore it is anticipated that the transaction will be treated by way of a transfer of a going concern.
Specification
- Extensively refurbished Class 3 Hot Food Takeaway
- New 15 year lease
- Prominent roadside frontage
- Established tenant
- Price £XXX (9.26% NIY)