The subjects comprise a ground floor retail/café unit as part of a larger 3 storey traditional stone built terraced property surmounted by a pitched and slated roof.
The unit itself is a double fronted style property benefiiting from large timber framed display windows, with access taken from the right hand side through a recessed timber framed and glazed entrance door.
The main sales area/café is laid out to provide an open plan section that accommodates approximately 20 covers and is well presented internally. The floors are of a solid concrete nature with laminate overlay finish. The walls are solid with a mix of paint, wallpaper and timber clad finish and this section also benefits from high ceiling with artificial lighting by hanging pendants.
The back of the unit is currently utilised as a kitchen and is again is of a good size with further natural daylighting being afforded by the 2 large single glazed sash and case windows to the rear of the unit. Flooring in this section is also of solid concrete nature with commercial composite flooring, with a mix of solid and stud walls with PVC. Artificial lighting is by way of pendant lighting.
The subjects also have a wc facility to the left hand side of the unit with a low level cistern sink and natural daylighting afforded through a frosted glass single timber glazed window to the rear of the subjects.
Location
The subjects are located on Portobello High Street, on the south side within a small retail parade of other similar style units with local occupiers.
Portobello itself is a popular suburb of Edinburgh located approximately 3 miles North East of the city centre and lies on the shores of the Firth of Forth with a popular promenade and beach. Portobello High Street itself is a main thoroughfare forming part of the A199.
More specifically the subjects sit in between the junction of Brighton Place and Rosefield Avenue within one of the main retailing sections on Portobello High Street.
The property is set back slightly from the main road itself albeit still offer good visibility and offer a high volume of pedestrian footfall. The subjects also benefit from great transport links with regular bus services passing through Portobello.
Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice – 6th Edition on a net internal area basis as is as follows:
53.18 sq m (572 sq ft)
Terms
PRICE: Our client is seeking offers in excess of £XXX for their heritable interest reflecting a Net Initial Yield of 6.73%
RATEABLE VALUE: According to the Scottish Assessors Association website the subjects are noted to have a rateable value: £XXX This therefore means that the tenant does not need to pay any rates under the Small Business Bonus Scheme.
DATE OF ENTRY: Upon completion of legal formalities.
ENERGY PERFORMANCE: A copy of the Energy Performance Certificate (EPC) for the subjects is available on request.
VIEWING: Strictly by arrangement with the agents.
VAT: All prices quoted are exclusive of VAT which may be chargeable.
LEGAL EXPENSE: Each party will be responsible for the payment of their own legal costs in this transaction.
Specification
- Good quality VAT free retail/café investment
- Property benefits from Class 3 consent
- Approximately 12 years remaining until lease expiry with t/o break option on 31st October 2027
- Passing rent £XXX per annum
- Next rent review is due on 1st November 2022 and is on an upward only basis to the higher of open market rent or RPI increases
- Asking terms offers over £XXX reflecting a net intial yield of 6.73%