Hanover House comprises a Category B listed period building within Edinburgh's New Town Conservation Area. The building has been repurposed and adapted over time to provide an impressive combination of retail, leisure (bar/nightclub) and office accommodation.
Location
Edinburgh is Scotland’s capital city. It is home to the Scottish Government and is a globally recognised financial centre. The city has two UNESCO world heritage sites and is a leading European and global centre for tourism.
The city has a population of c.560,000 with a wider catchment of 1.4 million people. It continues to deliver growth, increasing by 10.2% between 2011-2021 and forecast to increase to 587,000 people by 2043. Edinburgh boasts the highest GDV per capita (£56.8K) of any UK major city outside London
Hanover House is located in a thriving position at the heart of Edinburgh city centre. The subjects are on the east side of Hanover Street in the pitch connecting George Street with Princes Street and The Mound. They are in a prime position at the centre of the “Golden Rectangle” Edinburgh’s core retail, leisure and business area. The property is surrounded by an exciting and diverse array of local, national, and international businesses, occupiers, uses and attractions
Accommodation
45A Ground Retail 1,683 sqft
47 Basement 2,747 sqft
49 Ground & Basement 1,913 sqft
51 Ground & Basement 3,415 sqft
1st & 2nd Rear 858 sqft
First Floor 2,090 sqft
Second Floor 2,146 sqft
Third Floorv 2,109 sqft
Terms
Tenure Heritable / Outright ownership interest (Scottish equivalent of English Freehold).
EPCs A full schedule and copies of EPCs is available on request.
Proposal We are instructed to invite offers in excess of £7,250,000 (exclusive of VAT). A purchase at this level would reflect a net initial yield of 6.78% allowing for standard purchaser’s costs including LBTT of 6.64%.
VAT The property is elected for VAT. However, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
AML In accordance with Anti-Money Laundering (AML) regulations, the purchaser will be required to satisfy the vendor on the source of the funds used to complete the transaction.
Specification
1. Exceptionally rare opportunity to purchase an entire mixed-use block within Edinburgh City Centre.
2. Superb location on the East side of Hanover Street between George Street and Princes Street.
3. Impressive tenant line-up providing a diverse mix of income and uses (57% retail, 31% office, 12% leisure).
4. Tenants; Pret A Manger, Jojo Maman Bebe, Paddywax, El Barrio Latino, Mackerel Media, Mekon AIS, Lycetts and Innovate UK.
5. Total passing rent of £524,250 per annum.
6. WAULT of 6.15 years to breaks and 6.8 years to expiries.
7. Offers in excess of £7,250,000 (exclusive of VAT).
8. Net initial yield of 6.78%.
9. Potential for alternative uses on the upper floors and for future development of the air-space over the rear of the ground floor retail units (subject to planning).