The subjects comprise two interconnected attractive modern stand-alone trade counter units of steel frame construction clad in facing brick to dado height with insulated profile sheeting to the walls and roof. The property is situated on a secure / prominent corner plot with an extensive concrete yard and mono blocked car parking for approximately 30 cars.
Unit 1A (south most) benefits from a substantial Mezzanine providing additional floor space. There is also double glazing to the south and east elevations providing natural day light whilst units 2 & 3 have translucent roof panels. There are offices and showroom areas contained within units 2 & 3 with WC’s facilities provided in both units.
Location
Newhailes Industrial Estate is situated to the south east of Edinburgh within a popular and established industrial location, which benefits from excellent transport links to the A1 connecting the Estate to the Edinburgh City Centre and to the south. The A720 Edinburgh City Bypass is also situated within close proximity as per the location map. More specifically, the subjects are located in a prominent position at the entrance to Newhailes Industrial Estate benefitting from an excellent frontage / visibility to Newhailes Road (A6095).
Accommodation
The subjects benefit from the following gross internal areas:-
Unit 1 - (5,080 sq ft)
Unit 1 Mezzanine - (2,497 sq ft)
Units 2 and 3 - (10,256 sq ft)
Total - (15,336 sq ft) – excludes Mezzanine
The site extends to approximately 0.97 acres
Terms
RATEABLE VALUE
The subjects have a current Rateable Value of £87,300, while the unified business rate is presently set at £0.471, excluding water and sewerage which are levied separately. The property is classified as a Warehouse.
LEASE TERMS
Sub Tenant - Howden Joinery Properties Ltd
Lease Guarantor - Howden Joinery Ltd (Units 2 and 3 only)
Lease Expiry - 15 July 2023
Passing Rent - £96,100 per annum
Net Rent - £84,660 per annum
Repair Provision - Full Repairing & Insuring
Rent Reviews - Five yearly next review 16th July 2018
The subjects are held on a ground lease from East Lothian Council at a current passing rent of £11,440 per annum payable quarterly in advance (effective from 15 April 2012). The current lease is for a term of 99 years from 15 April 2002, expiring 14 April 2101. The rent was reviewed from £10,864 pax to £11,440 at the previous review.
COVENANT INFORMATION
Howden Joinery Properties Ltd have a D&B rating of 1A2. Howden Joinery Ltd have a D&B rating of 5A1.
EPC
Available on request
PRICE
Based on the net rent of £84,660 per annum our client is seeking offers over £1,130,000 reflecting a net initial yield of 7% allowing for purchasers costs at 5.8%.
LEGAL COSTS
Each party to bear their own legal costs incurred in this transaction.
Specification
- Trade Counter / Warehouse Premises
- Passing Rent £96,100 pax
- 9 Years Unexpired
- Net Rent £84,660 pax (after ground lease rent deduction)
- Offers Over £1.13million
- Net Initial Yield 7%