Heritable (Scottish Equivalent of English Freehold) Retail Investment
99 year lease let to A Jones & Sons Ltd until 2069
Next rent review August 2010
Well located retail unit within a busy city centre location
Includes first floor dwelling house and separate storage space
Please note that the property adjoins Lot 56 in the catalogue
Lot 1
Auction 8th July 2010
Rent
Status Sold
Price £550,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Estimated District Population
475,000 (Edinburgh city centre)
Nearby
500 metres south of Princes Street (Edinburgh's main retailing street
250 metres from the Exchange District (Edinburgh's prime office district)
Roads
A7, A720, A90, M8
Rail
Waverley Railway Station, Haymarket Railway Station
Air
Edinburgh Airport
Situation
Lothian Road is located at the West End of Edinburgh city centre, linking Princes Street to the north and Tollcross to the south, and forms one of the main arterial routes into the city centre. The property is situated on the east side of Lothian Road and benefits from an excellent footfall. Neighbouring occupiers include Caffé Nero, Baguette Express, Nando's and corporate occupiers such as Standard Life, Lloyds Banking Group and Scottish Widows.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Location
Estimated District Population
475,000 (Edinburgh city centre)
Nearby
500 metres south of Princes Street (Edinburgh's main retailing street
250 metres from the Exchange District (Edinburgh's prime office district)
Roads
A7, A720, A90, M8
Rail
Waverley Railway Station, Haymarket Railway Station
Air
Edinburgh Airport
Situation
Lothian Road is located at the West End of Edinburgh city centre, linking Princes Street to the north and Tollcross to the south, and forms one of the main arterial routes into the city centre. The property is situated on the east side of Lothian Road and benefits from an excellent footfall. Neighbouring occupiers include Caffé Nero, Baguette Express, Nando's and corporate occupiers such as Standard Life, Lloyds Banking Group and Scottish Widows.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Description
The property, part of a traditional tenement building, comprises TWO ADJOINING RETAIL UNITS, currently forming a double unit providing OPEN PLAN SALES ACCOMMODATION on the ground floor with SEPARATE STORAGE AND STAFF ACCOMMODATION at basement level. Additionally the property benefits from RESIDENTIAL ACCOMMODATION on the first floor comprising a two bedroom flat, accessed from 155 Lothian Road, and ADDITIONAL STORAGE SPACE at Bread Street Lane.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, part of a traditional tenement building, comprises TWO ADJOINING RETAIL UNITS, currently forming a double unit providing OPEN PLAN SALES ACCOMMODATION on the ground floor with SEPARATE STORAGE AND STAFF ACCOMMODATION at basement level. Additionally the property benefits from RESIDENTIAL ACCOMMODATION on the first floor comprising a two bedroom flat, accessed from 155 Lothian Road, and ADDITIONAL STORAGE SPACE at Bread Street Lane.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
151-153 Lothian Road Ground Basement Store (Bread Street Lane) (2)
Retail Staff/Storage/WC Storage
120.97 sq m (1,302 sq ft) 100.42 sq m (1,080 sq ft)
A JONES & SONS LTD (1) (T/A JONES BOOTMAKER)
99 years from 19/06/1970 until 01/08/2069
£34,000
01/08/2010 and 10 yearly thereafter
155 Lothian Road First (3)
Residential
2 Bedroom Flat
Totals
221.39 sq m (2,382 sq ft)
£34,000
(1)A Jones & Sons Ltd was established in 1857 and currently trades from over 80 branches throughout the United Kingdom. (Source: www.jonesbootmaker.com) (2)The lease incorporates additional storage space at Bread Street Lane. (3) The property includes a first floor dwelling house (two bedroom flat), separately accessed from 155 Lothian Road. The flat is currently sub-let by the tenant to a private individual.