Heritable (Scottish Equivalent of English Freehold) Retail Investment
Rent subject to note 2
Let to D G A D J Victor Scott (t/a Victor Scott Kilt Makers
Excellent city centre location close to the landmark hotels, The Carlton and The Scotsman
Nearby occupiers include Argos, Boots the Chemist, Specsavers, Pizza Express and Royal Bank of Scotland
Lot 18
Auction 8th July 2010
Rent £53,500 per Annum
Status Sold Prior
Price
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
Miles
400 metres south of Princes Street (Edinburgh's main retailing street)
Roads
A1, A7 and A720 (City By-pass)
Rail
Waverly Train Station (400 metres)
Air
Edinburgh Airport (8 miles)
Situation
The property is situated on the east side of North Bridge, one of Edinburgh's main arterial routes and an extremely busy thoroughfare benefiting from its close proximity to the Royal Miles and Edinburgh Castle. Nearby occupiers include Schuh, Boots the Chemist, The Royal Bank of Scotland and Argos along with two of Edinburgh's premier hotels: The Scotsman and The Carlton.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Location
Estimated District Population
475,000 (Edinburgh city centre
Miles
400 metres south of Princes Street (Edinburgh's main retailing street)
Roads
A1, A7 and A720 (City By-pass)
Rail
Waverly Train Station (400 metres)
Air
Edinburgh Airport (8 miles)
Situation
The property is situated on the east side of North Bridge, one of Edinburgh's main arterial routes and an extremely busy thoroughfare benefiting from its close proximity to the Royal Miles and Edinburgh Castle. Nearby occupiers include Schuh, Boots the Chemist, The Royal Bank of Scotland and Argos along with two of Edinburgh's premier hotels: The Scotsman and The Carlton.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Description
The property comprises RETAIL ACCOMMODATION on the ground floor with STORAGE AND STAFF ACCOMMODATION at basement level, The upper floors are under separate ownership and currently provide OFFICE ACCOMMODATION.
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 comprises RETAIL ACCOMMODATION on the ground floor with STORAGE AND STAFF ACCOMMODATION at basement level, The upper floors are under separate ownership and currently provide OFFICE ACCOMMODATION.
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
Reviews
Ground Basement
Sales Area Staff and Storage
186.6 sq m 67.6 sq m
(2,009 sq ft) (727 sq ft)
D G A D J VICTOR SCOTT(t/a Victor Scott Kilt Makers)
5 years from 01/07/2009 (1)
£53,500 (2)
30/06/2014
Totals
254.2 sq m
(2,736 sq ft)
£53,500
(1)The existing lease is subject to a tenant only break option on 30th June 2012 (subject to six months' written notice). (2)The vendor has currently provided the tenant with a back letter (not annexed to the lease) detailing that the rent will be reduced to 52,500 per annum exclusive until completion of on-site works. The tenant's repairing obligation is limited until these works are complete. Furthermore, the rental deposit of 10,000 will be topped up to 13,375 when the works are complete.