The subjects comprise a self contained ground floor retail unit with fully operational ATM machine operated by HSBC. The subjects comprise a four storey, traditional stone mid terraced tenement building held under a pitched and slated roof.
Internally, the retail unit is cellular in nature with two rooms and a WC located to the rear.
Location
The subjects are located on the south east side of Leith Walk close to its intersection with Arthur Street and Balmoral Street within the Leith district of Edinburgh, lying approximately 1 mile to the north east of the city centre.
Edinburgh comprises Scotlands capital city and boasts a population of some 480,000 persons which is significantly enhanced during the summer months as a result of the Edinburgh International Festival.
More precisely, the subjects lie within a parade of similar type retail units within a mixed commercial and residential locality. Commercial occupiers within the vicinity are generally of a mixed local and national nature.
Accommodation
In accordance with the RICS Code of Measuring Practice 6th Edition, we estimate the subjects extend to the following net internal area: - 26.20 sq m (282 sq ft)
This equates to a Zone A rental rate of £XXX per sq ft.
Terms
Lease Terms:
The salient points of the existing lease can be summarised as follows:
Landlord - SRA Ventures
Tenant - Note Machine UK Ltd (t/a HSBC)
Term - 10 years from 1st December 2015
Expiry - 30th November 2025, however if neither party exercise a notice to quit the lease continues on a month to month rolling basis until either party serves the appropriate notice.
Rent - £XXX per annum (paid quarterly in advance).
Repair - Full repairing and insuring, subject to a photographic schedule of condition and a capped common repair liability of £XXX per annum.
Alienation - No provision for the assignation/sub-let in whole or in part.
Rent Review - 5 yearly patterns on an upward only basis.
Price - Offers in the region of £XXX are sought, which represents a net initial yield of 6.20% assuming standard purchasers costs.
Legal Expenses - Each party to pay their own legal expenses in connection with this transaction.
EPC - Rating G
Specification
- Prominent Leith Walk frontage
- ATM machine
- Passing rent of £XXX per annum
- Offers in the region of £XXX (6.20% net initial yield)