The subjects comprise a unique opportunity to acquire a sought-after piece of street furniture. Originally designed and constructed in 1930s, this iconic feature of Edinburgh’s history provides an ideal opportunity for a Coffee Kiosk, or any other suitable retailing use. The Box benefits from ducting in place to facilitate utility connections, but no services are currently connected to the box.
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 subjects are located on the west side of Pleasance, immediately off the Cowgate/Pleasance crossroad, within the popular Old Town district of Edinburgh. This vibrant location benefits from high levels of vehicular & pedestrian traffic as a popular student & professional route into the City Centre.
Accommodation
From measurements taken on-site and in accordance with the RICS code of measuring practice (6th edition), we calculate the Net Internal Area of the subjects to extend as follows:
Total - 2.71 sq m (29 sq ft)
Terms
TENURE - The Box is offered on a heritable basis, but the site of the box is not for sale and a purchaser must liaise with City of Edinburgh Council regarding entering into a Ground Lease.
The successful purchaser must apply for all relevant council permits, consents, planning permission and ground lease to keep the box in its current location. Contact information for the council can be provided on application.
RATING - The subjects are not entered in the current Valuation Roll and therefore will require assessment.
The rate of poundage for 2023/2024 is £0.498 to the pound.
PLANNING - The subjects do not currently have a commercial use class in terms of the Town and Country Planning (Use Classes) (Scotland) Order 1997.
GROUND LEASE - Standard ground leases can be issued for a duration of up to 10 years. Approval from the Council Committee would be necessary for any period exceeding this limit. Further details upon 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.
AUCTION DATE - The auction will be held on the 17th October 2024 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 £5,000) 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 is not 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 - The subjects are being offered on vacant basis at a guide price of £5,000 plus VAT.
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 - The buyer’s fee is 1.5% plus VAT subject to a minimum of £1,500 plus VAT.
LEGAL PACK - The legal pack is available to view online.
VAT - See legal pack.
ENERGY PERFORMANCE CERTIFICATE - No EPC available.
Specification
- LOCATED IN THE COWGATE DISTRICT OF EDINBURGH
- UNIQUE OPPORTUNITY TO ACQUIRE SOUGHT AFTER STREET FURNITURE
- POPULAR STUDENT AREA -OFFICE, UNIVERSITY, RETAIL, SPORT AND LEISURE FACILITIES IN CLOSE PROXIMITY
- GROUND LEASE WITH CITY OF EDINBURGH COUNCIL
- GUIDE PRICE £5,000 PLUS VAT