The subjects occupy the basement, ground and part mezzanine floors of a substantial four storey attic and basement mid terraced building.
The property benefits from a modern fully glazed frontage with central recessed glazed doorway. Internally the subjects are laid out to provide a sales area on the ground floor with office and storage on an upper mezzanine level to the rear. There is an extensive basement level providing further storage accommodation, and a single WC facility.
The ground floor sales area has recently undergone an extensive refurbishment and now benefits from a very high standard of fit out.
Location
Edinburgh has a resident population of in the region of 520,000 and is the largest financial centre in the UK outside London. The city benefits from having a highly educated population and is home to 4 universities. Edinburgh has a very strong tourist industry and hosts the Edinburgh International Festival annually, in addition to numerous concerts and international sporting events.
The property faces Edinburgh Castle and occupies a prime position on Princes Street, close to its junction with Frederick Street. The unit is flanked by Swatch to the east and by Swarovski and the 100 Princes Street Hotel to the west. Other key occupiers in the vicinity include Chrisholm Hunter, North Face, Boots and Primark.
Transport connectivity is exceptional with numerous bus services routed along Princes Street. The tram system lies immediately adjacent to the subjects and provides direct, cost effective connectivity to Edinburgh Airport. Waverley Station is located within a few minutes walk and provides access to the national rail network. Car parking is available on nearby George Street and within multi storey facilities at the St James Quarter to the east and Castle Terrace to the west.
Accommodation
The subjects have been measured in accordance with RICS Code of Measuring Practice - 6th Edition on a Net internal basis and the following areas have been calculated:
Ground Floor - 70.93 sq m (763 sq ft)
Mezzanine Store - 14.09 sq m (152 sq ft)
Basement Store - 72.91 sq m (785 sq ft)
Total - 157.93 sq m (1,700 sq ft)
Terms
ENERGY PERFORMANCE: The subjects have an EPC rating of C. A copy of the Energy Performance Certificate is available upon request.
NON-DOMESTIC RATES: According to the Scottish Assessors’ Association website, the subjects are noted to have a Rateable Value of £73,900. Further information on rates payments can be found at www.saa.gov.uk
TENANCY: The subjects are held on a full repairing and insuring lease to Cool Britannia Retail Ltd (trading as Elgin & Isles) expiring 20th January 2040 with no break options at a passing rent of £135,000 plus VAT per annum. The lease is subject to a 5 yearly rent review pattern. Copies of the lease documentation and tenant deposit agreement are available on request.
PROPOSAL: We are instructed to seek offers in excess of £1,800,000, exclusive of VAT for the benefit of our client’s heritable interest in the subjects. A purchase at this level would reflect a net initial yield of 7.06% after purchaser’s costs.
LEGAL COSTS: Each party will be responsible for paying their own legal costs incurred in any transaction.
VAT: The property is elected for VAT, however, it is anticipated that the transaction will be treated as a T.O.G.C. (Transfer of a Going Concern).
Specification
- Prime position on Edinburgh’s principal retail pitch
- Key national occupiers in close proximity
- In excess of 14 years unexpired lease term