The subjects comprise a ground floor retail unit forming part of a larger 5 storey stone built terraced tenement. The subjects benefit from full height aluminium double glazed display windows and access is taken via an aluminium glazed sliding doorway. Internally the subjects are laid out to provide an attractive open plan sales area with ancillary storage/office accommodation, tea preparation area and wheelchair accessible wc at the rear.
Location
The subjects are located within the capital city of Scotland with a population of approximately 485,000 people and regional population of over 1.6 million.
Edinburgh City Centre is a vibrant and bustling area attracting tourists and visitors all year round, and is easily accessible via various public transport links including bus, tram, rail and air. The location also benefits from easy access to major road networks with the M90 located to the north, M8 & M9 to the west and the A1 trunk road to the south, providing connectivity to all major cities within the UK.
The subjects are located on Shandwick Place in Edinburgh’s West End which forms a continuation of Princes Street, one of the main thoroughfares within the city centre. The street is a popular retail and leisure pitch with a number of local and national operators in close proximity to the subjects including Tacobell, Sainsbury’s Local, Starbucks, Café Nero, Superdrug and Specsavers. The West End is home to numerous bars and restaurants as well as many traditional style offices resulting in a high local footfall and passing trade.
Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition on a net internal area basis and the following area has been calculated:
61.22 sq m ( 658 sq ft)
Terms
RATEABLE VALUE: According to the Scottish Assessors Association website the property has a current rateable value of £XXX
TENANCY:
The subject property is let to CCHG Limited
Lease term - Commenced 17th January 2020 with expiry on 1st June 2028
Tenant only break option - 17th January 2025
Repair – Full repairing and insuring basis
Rent Review – upward only to open market rent on the 17th January 2025.
Passing Rent - £XXX per annum paid quarterly in advance.
PRICE: Offers in excess of £XXX are sought for the benefit of our client’s heritable interest equating to a net initial yield of 8.19% taking into consideration purchasers costs of 4.31%.
DATE OF ENTRY: Upon completion of formal legal missives.
ENERGY PERFORMANCE: The EPC will be available upon request.
VIEWING: Strictly by arrangement with the joint selling agents.
VAT: All prices are quoted exclusive of VAT of which maybe chargeable.
LEGAL COSTS: Each party will be responsible for the payment of their own legal costs involved in any transaction. The purchaser will be responsible for any LBTT, registration dues and VAT included theron.
Specification
- Rare opportunity to acquire prime retail investment within sought after West End location
- Situated on Shandwick Place one of the main arterial routes into the City Centre
- Benefitting from great transport links and high footfall.
- Let to CCHG Limited (trading as VPZ)
- Passing rent of £XXX per annum
- Offers over £XXX equating to a net initial yield of 8.19% assuming purchasers costs of 4.31%