The subject property comprises a ground floor retail unit with storage at basement level. The property has been fitted out as a cafe.
Location
The unit is located on the east side of Nicolson Street, which is one of the main arterial routes leading south from the city centre and well serviced by public transport. It is located approximately 0.8 km (0.5 miles) from Princes Street and Edinburgh’s city centre. The property is close to various Edinburgh University campuses and situated within a densely populated area.
Surrounding properties consist of traditional tenement blocks above ground floor retail units. The area comprises both national and local retail occupiers including Sainsbury’s Local, Royal Bank of Scotland, Superdrug, Ladbrokes, Lidl and KFC.
Accommodation
Ground Floor - 368 sq ft
Basement - 224 sq ft
TOTAL - 592 sq ft
- Tiled flooring
- Spot lighting
- Walls clad with mirrors and wood panelling
- Kitchen facilities with extraction fan
- WC
Terms
Tenure
The property is held on a Scottish freehold basis.
Tenancy
The subjects are let to Karim & Ahmed Saleh on a full repairing and insuring lease until 31 August 2021. The current passing rent is £18,000 per annum.
Rateable Value
The subjects are currently listed on the Scottish Assessors website as follows:
Rateable value: £12,300
Proposal
We are instructed to seek offers in excess of £249,700, exclusive of VAT, for our client’s Scottish freehold interest in the property with the benefit of the existing lease.
The purchase at this level would show an attractive net initial yield of 7.00% after allowing for purchasers costs of 2.98%.
VAT
The property is not elected for VAT.
EPC
The property has an Energy Performance Rating of G. A copy of the EPC is available upon request.
Specification
Executive Summary
- Busy retail pitch in a densely populated suburb
- Class 3 use
- Let to Karim & Ahmed Saleh until 31 August 2021
- Passing rent £18,000 per annum
- The property is not elected for VAT
- Offers over £249,700 exclusive of VAT
- Net initial yield of 7% assuming purchaser costs of 2.98%