INVESTMENT SALE
SECURE RETAIL INVESTMENT OPPORTUNITY PRODUCING A 7.28% YIELD
EDINBURGH LOCATION
The property comprises a well-located retail investment, let to an established newsagent and offered for sale subject to the existing occupational lease.
The subjects comprise a ground-floor, double-fronted retail unit beneath a traditional Edinburgh tenement. Access is through a central recessed entrance. Internally, the accommodation provides an open-planned sales area to the front, with storage, staff facilities and a WC to the rear.
The sales area is fitted for the tenant’s retail use, while the rear accommodation includes storage, tea-preparation facilities and a private office.
The property benefits from Class 1 retail consent.
Location
The property occupies a prominent position on Comiston Road, close to South Morningside Primary School and a short distance from Morningside. The surrounding area is predominantly residential, with a mix of retail, office and café premises serving residents and passing commuters. Comiston Road is a principal arterial route linking the city centre via Morningside Road, Bruntsfield Place, Tollcross and Lothian Road, and providing direct access south to Buckstone, Fairmilehead and the Edinburgh City Bypass. Nearby occupiers include Sunrise Cafe, Braidburn Launderette and Edinburgh Rifles and Sporting Goods.
Accommodation
ACCOMMODATION
According to our recent measurement survey the premises contain the following approximate internal areas:
Gross Internal Area 115 sq m (1,238 sq ft)
Net Internal Area 91 sq m (980 sq ft)
Terms
LEASE
The property is let on full repair and insuring terms under a lease expiring in 2040.
The lease provides rent reviews in 2030 and 2035.
Specification
INVESTMENT SALE
SECURE RETAIL INVESTMENT OPPORTUNITY PRODUCING A 7.28% YIELD
EDINBURGH LOCATION
LOCATION
The property occupies a prominent position on Comiston Road, close to South Morningside Primary School and a short distance from Morningside. The surrounding area is predominantly residential, with a mix of retail, office and café premises serving residents and passing commuters. Comiston Road is a principal arterial route linking the city centre via Morningside Road, Bruntsfield Place, Tollcross and Lothian Road, and providing direct access south to Buckstone, Fairmilehead and the Edinburgh City Bypass. Nearby occupiers include Sunrise Cafe, Braidburn Launderette and Edinburgh Rifles and Sporting Goods.
DESCRIPTION
The property comprises a well-located retail investment, let to an established newsagent and offered for sale subject to the existing occupational lease.
The subjects comprise a ground-floor, double-fronted retail unit beneath a traditional Edinburgh tenement. Access is through a central recessed entrance. Internally, the accommodation provides an open-planned sales area to the front, with storage, staff facilities and a WC to the rear.
The sales area is fitted for the tenant’s retail use, while the rear accommodation includes storage, tea-preparation facilities and a private office.
The property benefits from Class 1 retail consent.
TENANCY
The property is occupied by an established confectionery, tobacconist and newsagent business, which also provides essential groceries, licensed off-sales and related local services. The tenant trades seven days a week from this prominent neighborhood location.
ACCOMMODATION
According to our recent measurement survey the premises contain the following approximate internal areas:
Gross Internal Area 115 sq m (1,238 sq ft)
Net Internal Area 91 sq m (980 sq ft)
LEASE
The property is let on full repair and insuring terms under a lease expiring in 2040.
The lease provides rent reviews in 2030 and 2035.
SALE PRICE AND YIELD
Offers of £220,000 are invited for the heritable freehold interest, subject to the existing lease, at a price reflecting a 7.28% yield. Further tenancy and pricing information is available from the sole selling agent.
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the property has a Rateable Value of £22,700. The uniform business rate for the current year is £0.49 pence in the pound.
Occupiers may be eligible for rates relief through the small business bonus scheme if the combined Rateable Value of all their business premises in Scotland is £35,000 or less.
UTILTIES
The properties are served by mains electricity and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is pending.
A copy of the recommendation report is available on request.
LEGAL COSTS
Each party shall bear their own legal costs in connection with the transaction, with the purchaser liable for any LBTT and registration dues arising.
ENTRY
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole selling agent, Ime Property Agents Ltd.