**FOR SALE BY LIVE STREAMED ONLINE AUCTION 22ND JUNE 2023**
The subjects comprise a double windowed Class 1A premises arranged over the ground floor of a 4 storey traditional end terraced tenement building.
Internally, the accommodation comprises open plan retail space and a W C to the rear. This attractive investment offers a rare opportunity to acquire a freehold property in the highly sought after commercial and residential Murrayfield district of Edinburgh.
Location
Edinburgh is the capital city of Scotland with a resident population of approximately 500,000 and is home to the Scottish Parliament. The city is situated on the south shores of the Firth of Forth, approximately 50 miles to the east of Glasgow and is a very well established tourist destination and financial centre.
The property is situated on the north side of Roseburn Terrace between the junctions of Murrayfield Avenue to the west and West Coates Terrace to the east within the Roseburn district of Edinburgh.
Roseburn Terrace forms part of the main vehicular route which leads a high volume of traffic into the city centre from Edinburgh Airport and the west. With a high level of vehicular and pedestrian passing traffic, the highly sought after established secondary retail parade is well represented by local and national traders.
Accommodation
From measurements taken on site and in accordance with the RICS code of measuring practice 6 th edition), we calculate the Net Internal Area of the subjects to extend as follows:
Ground Floor - 44.15 sq m (475 sq ft)
Terms
TENANCY - The subjects are let on an FRI basis to myideals limited at a rental of £XXX per annum. A new lease was agreed from 1st August 2022 to 31st July 2037 with a tenant break option on 1st August 2027 & 5 yearly rent reviews. Myideals have successfully traded from the unit since 2018.
GUIDE PRICE - The subjects are being offered on a freehold basis at a guide price of £XXX
RATING - The subjects are entered in the current Valuation Roll with a rateable value of £XXX
The rate of poundage for 2022/2023 is 0.498 to the pound.
PLANNING - The subjects are currently being used as a retail unit and therefore benefit from Class 1A consent, all in terms of the Town and Country Planning (Use Classes) (Scotland) Order 1997.
EPC - Available on request.
LEGAL COSTS - Each party is to bear their own legal costs relating to this transaction however, the purchaser will be responsible for any LBTT, Registration dues and any vat incurred thereon.
ANTI MONEY LAUNDERING REGULATIONS - The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase, before the transaction can proceed.
AUCTION DATE - The auction will be held on 22nd June 2023 at 2.30 pm and interested parties should register at www.shepherd.co.uk/commercial-auctions.
Buyers will be required to pre register prior to approval of their bid.
DEPOSIT - At the end of the auction, if the reserve price has been met, a 10% deposit (subject to a minimum deposit of £XXX will be payable.
RESERVE PRICE - The reserve price is the minimum price for which the property can be sold and is confidential between the auctioneer and the vendor and cannot be disclosed.
If the reserve price isn’t met, the property will remain unsold. You can contact our team and at this point you’ll be able to make an offer which will be referred to the sellers for their consideration.
GUIDE PRICE - Properties advertised with a guide price is within 10% above or below the reserve price when a single figure is stated.
If the guide price is a bracket figure, the reserve price cannot exceed the top end of the bracket price.
BUYER FEES - Details of the buyer fees associated with this property can be found on the individual property page.
LEGAL PACK - The legal packs are available to view online.
VAT - The legal packs are available to view online.
ENERGY PERFORMANCE CERTIFICATE - Available upon request.
Specification
- RETAIL INVESTMENT
- LOCATED IN THE HEART OF MURRAYFIELD, EDINBURGH
- PASSING RENT £XXX PA
- NET INITIAL YIELD OF 7.77%
- GUIDE PRICE £XXX
- FRI LEASE EXPIRING 31ST JULY 2037
- CURRENTLY LET TO MYIDEALS LIMITED