The subjects comprise a stand alone single storey Class 3 restaurant/hot-food takeaway which has recently undergone an extensive refurbishment programme at the tenants expense.
In 2014 the subjects were granted Class 3 consent along with external decking and seating over the Water of Leith. Internally, the space has been sub-divided for a fully operational hot-food takeaway counter, kitchen, 25 covers as well as WC facilities and other storage facilities located to the rear.
Location
The property is located within the Gorgie district of Edinburgh, approximately 2½ miles west of the City Centre.
More specifically, the subjects lie close to the junction of Chesser Avenue on the north side of Gorgie Road (A71) a major thoroughfare linking the City Centre to all major road networks including the A1, M8 and Edinburgh City Bypass.
Gorgie is a popular region of the city within a mixed residential and commercial locality supported by a high population of both students and young professionals.
The surrounding occupiers include William Hill, Royal Bank of Scotland, Kwik-Fit, So Rice Asian Cuisine, LA Davis Hair and Flowers by McDowall.
Accommodation
We have measured the subject premises in accordance with the RICS Code of Measuring Practice 6th Edition and estimate the subjects extend to the following approximate area:
Total: 85.45 sq ft / 919 sq ft
Terms
Tenancy - The subjects are let to Mohammed Asim Arain personally, trading as Eatarea with a lease expiry due 17 May 2033 on five yearly open market value rent reviews on an upward only basis and a passing rent of £14,400 per annum.
Price - Offers in the region of £165,000 are invited which reflects at Net Initial Yield of 8.55% after allowing for standard purchasers costs.
Tenant Covenant - The tenant has been in occupation since April 2012 and previously traded the premises as a convenience store. The tenant relocated his convenience store business to another unit in the same parade and has significantly fitted out the premises at a cost of around £50,000.
Legal Expenses - Each party to bear their own legal costs in connection with this transaction.
VAT - VAT has been elected therefore the sale will be treated as to TOGC.
Specification
- Full Class 3 consent
- Prominent roadside frontage
- Tenant fit out spend in excess of £50,000
- Extends to 85.45 sq m (919 sq ft)
- Offers in the region of £165,000 (8.55% NIY)
- We are instructed to seek offers around £165,000 (ONE HUNDARED AND SIXTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. Which reflects at Net Initial Yield of 8.55% after allowing for standard purchasers costs