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Investment Opportunity, 26 & 30 Rodney Street, Cannonmills, Edinburgh, EH7 4EA

2,510 Sq Ft / Retail / General Retail

For Sale - £325,000.00

Available - Last updated: 20 October 2020

The subjects comprise two retail units, corner and mid-terraced, forming part of a larger tenement styled building. Internally both units are arranged over ground floor and basement with the basements interconnecting. Externally both units benefit from modern aluminum framed shopfronts providing excellent display space.

Internally the subjects provide well-fitted sales accommodation at ground floor level with welfare facilities found to the rear of each. The basements of each unit are currently used as a repair and service work shop together with storage and staff WCs / kitchen tea preps.

Both units are capable of being let independently in the future if required. There is also scope, subject to planning and building warrant, to open the frontage onto Herriot Hill Terrace and potentially convert to a residential property. 

Location

Edinburgh is Scotland’s capital with a population of over 500,000 and is the second largest financial centre in the UK outside of London. The capital is a popular tourist destination throughout the year and particularly during the summertime when the city hosts the Fringe Festival.

The subject property is located within the popular residential area of Canonmills which is situated less than ¾’s of a mile north of the city centre immediately next to the New Town. Rodney Street is a main arterial route that connects with Broughton Street to the north and is only a 10 minute walk from the new 1.7 million sq ft St James’s Centre development within the heart of the city centre.

More specifically the subject property is situated the east side of Rodney street at the corner of Herriot Hill Terrace where neighboring occupiers include The Beer Hive, Ravenstone Property and The Marshamllow Lady. Furthermore, there is a large Tesco and Lidl just to the north of the subject property 

Accommodation

We have measured the subjects in accordance with the RICS Code of Measuring Practice (6th Edition) and calculate the following net internal floor areas;

26 Rodney Street

Ground floor - 28.57 sq m (308 sq ft)

Basement - 26.92 sq m (290 sq ft)

Total - 55.49 sq m (598 sq ft)

ITZA - 27.41 sq m (295 sq ft)

30 Rodney Street

Ground floor - 114.41 sq m (1,232 sq ft)

Basement - 63.16 sq m (680 sq ft)

Total - 117.57 sq m (1,912sq ft)

ITZA - 90.05 sq m (969 sq ft)

Combined Net Internal Area – 2,510 sq ft

Combined ITZA – 1,264 sq ft

Terms

Rateable value - The subjects are entered in the Valuation Roll as a single entry with a Rateable Value of £19,100.

Tenancy - The subjects are let entirely to TBC Adventure Ltd from 25 May 2006 with expiry due 24 May 2022 at a passing rent of £29,800 per annum (paid quarterly in advance) on Full Repairing & Insuring terms. There is a rent review due on 25 May 2021 and is to the greater of the OMRV or the rent payable immediately prior to the review date.

Proposal - Offers over £325,000 which reflects a new initial yield of 8.88% after allowing for purchaser’s costs of 3.79%.

Tenure - Heritable Interest, English equivalent to freehold.

VAT - No vat is payable on the purchase price

EPC - E

Specification

  • Let on FRI terms to TBC Adventure and sublet to Edinburgh Cycle Cooperative
  • Lease expiry in May 2022, tenant has been in occupation since 2006
  • Passing rent of £29,800 per annum, open market rent review in May 2021
  • Offers over £325,000 are invited / NIY 8.88% 

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Offers over For Sale Freehold £325,000.00 NA

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Contact agents

Gregor Brown

Gerald Eve LLP (Scotland)

0141 432 0697

Sadik Chowdhury

Gerald Eve LLP (Scotland)

0141 432 1315



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