The subjects comprise 2 interlinking office buildings with accommodation over lower ground, ground and first floor levels.
Location
Broughton House is situated on Dunedin Street and lies approximately 0.8km (0.5 miles) to the north east of Edinburgh City Centre. The area is well served by public transport with excellent bus services nearby. Occupiers in the vicinity included Sixt Car Hire, Vivaldi and James F Kidd & Son.
Accommodation
The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the following Net Internal Areas have been calculated:
Suite 1 - 101.91 sq m (1,097 sq ft)
Suite 2 - 141.03 sq m (1,518 sq ft)
Suite 3 - 130.53 sq m (1,405 sq ft)
Suite 4 - 165.46 sq m (1,781 sq ft)
Suite 5 & 5A - 114.27 sq m (1,230 sq ft)
Suite 6 & 6A - 114.27 sq m (1,230 sq ft)
Suite 7 - 140.28 sq m (1,510 sq ft)
Total - 907.75 sq m (9,771 sq ft)
Terms
We are instructed to seek offers in excess of £600,000 exclusive of VAT, for our clients Scottish freehold interest in the property with the benefit of the existing leases.
A purchase at this level would show a net initial yield of 8.63% and a reversionary yield of 17.79%, after allowing for purchasers costs of 4.68%.
We believe that the property has a total ERV of £111,710 per annum assuming £10 per sq ft, £1,250 per clear car space and £500 per blocked car space.
Tenancies
Suites 1, 2 and 7 are let to Randolph Hill Nursing Homes Group Limited until 31 May 2020. The current passing rent is £43,562 per annum. The rent includes 4 clear car spaces to the front of the building.
Suites 5 & 5A are let to BINAP Limited until 31 May 2020 with a tenant only break option on 11 March 2018. The current passing rent is £10,625 per annum.
Suites 3, 4, 6 & 6A are currently vacant. The total passing rent is £54,187 per annum. Service charge information is available on request. The rent includes 4 clear car spaces to the front of the building.
Specification
- 907.75 Sq M (9,771 Sq Ft)
- Current passing rent £54,187 per annum
- Net initial yield of 8.63% and reversionary yield of 17.79%, assuming purchaser costs of 4.68%
- Low capital value of £61.41 psf
- Carpet covered floors
- Suspended ceilings with integral lighting
- Security and fire alarm systems
- Tea preparation facilities
- Male and female WC's
- 7 car spaces vacant within secure garage (5 clear, 2 blocked)
- Total of 13 car spaces on site