The subjects comprise an opportunity to acquire two secure, private off-street parking spaces, located on Cumberland South West Street Lane, Edinburgh. The subjects are accessed via the Eastern side of Cumberland Street with the protection of two secure bollards.
Location
The subjects are located on Cumberland South West Street Lane, situated within the heart of Edinburgh’s New Town.
Cumberland South West Lane lies perpendicular to Dundas Street, which leads Southwards to George Street within 400m. The surrounding area hosts a mix of affluent residential and commercial office units with Tanfield 600m to the South, which offers over 80,000 sq. ft of office space, making the location a sought after site for both residents and office workers seeking secure, private, accessible parking, within the City Centre.
Nearby occupiers include Staran Architects, Burns and Shaw, Freja Designer Dressmaking, Grooming Marvellous and Take Note Tattoo Shop.
Accommodation
Two secure parking spaces.
Terms
PRICE - Offers over £40,000 per space or £75,000 for the pair (heritable interest with vacant possession)
RATING - We have been verbally advised by the Rates Authority that the rateable value of the subjects with effect from 1 April 2023 is £1,300. (Each new occupier has the right of appeal against this figure).
Based on the basic property rate of 49.8p, this rateable value will result in an estimated rates liability in financial year 2025/26 of £647.
The spaces qualify for 100% rates exemption when occupied under the small business bonus rates relief scheme.
DATE OF ENTRY - Upon conclusion of the missives.
AML REGULATIONS - Under HMRC and RICS regulations and The Proceeds of Crime Act 2022, as property agents facilitating transactions, we are obliged to undertake AML due diligence for both the purchasers/tenants and vendors/landlords involved in a transaction. As such, personal and/or detailed financial and corporate information may be required before any transaction can conclude.
LEGAL COSTS - Each party to be responsible for their own legal costs incurred during the transaction. The purchaser will be liable for the LBTT and registration dues if applicable.
Specification
- 2 private and clear parking spaces
- An opportunity to purchase the heritable (freehold) interest
- Situated in Edinburgh’s established New Town district, in the heart of the city centre
- Offers over £40,000 for 1 space; £75,000 for 2 spaces