• Office Investment in Leith area of Edinburgh
• Let to Zest Energy Ltd until 10th March 2024
• Passing rent of £20,304 per annum
• Offers Over £260,000 invited reflecting NIY 7.63%
• Approximately 158 sq m (1,700 sq ft)
DESCRIPTION
The subjects are on the second floor of a former warehouse building constructed of traditional stone with a pitched and slated roof.
Access to the office is via a shared stairwell off Mitchell Street. The premises are largely open plan but have been fitted out to accommodate two private offices, a boardroom, large kitchen/break out area and WCs.
Other tenants in the building are Muckle Hen Productions and Geared App.
Location
Mitchell Street is situated approximately two miles north of Princes Street in the popular Leith district of Edinburgh. 23/2 is located at the east end of Mitchell Street close to its junction with Elbe Street.
The area is mixed residential and commercial with nearby occupiers including Nu Trend, Denholm Associates and Clean Digital. Constitution Street, meanwhile, is only a short distance away offering a wide range of cafes, coffee shops, bars and restaurants.
Street parking without restrictions is available directly outside the property and on surrounding streets. There are also regular public transport connections which will be enhanced further with the anticipated Newhaven extension to Edinburgh Trams.
Accommodation
According to our recent measurement survey the premises contain the following approximate net internal areas:
158 sq m (1,700 sq ft)
Terms
PRICE
Our client is seeking offers over £260,000 for the heritable interests. This reflects a net initial yield of 7.63%.
VAT
There is no VAT applicable to the purchase price.
Specification
TENANCY INFORMATION
The subjects are currently let to Zest Energy Limited on Full Repairing and Insuring terms from 11th March 2019 until 10th March 2024 at a passing rent of £20,304 per annum. The lease is subject to a tenant only break option as at 11th March 2022.
A copy of the lease can be provided to interested parties on request.
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £11,900 effective 1st April 2017. The uniform business rate for the current year is £0.49 pence in the pound.
Occupiers may be eligible for 100% rates relief through the Small Business Bonus Scheme if the combined rateable value of all their business premises in Scotland is £35,000 or less.
UTILITIES
The property is served by mains electricity, gas and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is D.
A copy of the recommendation report is available on request.
LEGAL COSTS
Each party shall bear their own legal costs with the eventual purchaser liable for any LBTT and Registration Dues.
ENTRY
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole selling agent, Allied Surveyors Scotland.