The property comprises an uninterrupted parade of 7 retail units occupying a prominent corner site.
The units are generally regular in shape, providing single storey over basement retail accommodation with the exception of Unit 181 which has first floor storage.
The units benefit from glazed frontage, kitchen and WC facilities.
The property was constructed in the mid 1960’s and is of concrete frame construction under a flat roof.
Car parking and servicing within Corstorphine is generally fairly restricted. The subjects benefit from a dedicated service yard with car parking provision to the rear. There is also public parking and delivery bays to the front and side of the premises.
Location
The subjects are located in the heart of Corstorphine on the prime retail pitch which caters for an extensive local catchment.
The site occupies a prominent position on the corner of St John’s Road and Manse Road. Nearby occupiers include Sainsbury’s, Greggs, Iceland, JD Wetherspoon, Royal Bank of Scotland, Magnet, Co-operative and Dominos.
St John’s Road is located in the affluent suburb of Corstorphine in west Edinburgh. It forms part of the A8, the major arterial route from Edinburgh Airport and South Gyle to the city centre.
Accommodation
Unit 181 - 9,932 sq ft
Unit 183 - 925 sq ft
Unit 185 - 1,662 sq ft
Unit 187 - 1,899 sq ft
Unit 189 - 1,803 sq ft
Unit 191 - 6,547 sq ft
Unit 193/195 - 3,308 sq ft
TOTAL - 26,076 sq ft
Site
The site extends to 0.704 acres (0.285 hectares) with low coverage of approximately 65%.
Terms
Development Opportunity
The retail units are now primarily let on a temporary basis which will allow the purchaser an opportunity to consider redevelopment of this site or reletting the existing parade to strong national tenants on a longer term basis.
The site would suit a number of uses including its existing use as retail with a further element of leisure, residential, hotel, student housing, care home accommodation or assisted living, subject to the relevant consents.
EPC
Unit 181 - E
Unit 183 - G
Unit 185 - G
Unit 187 - G
Unit 189 - E
Unit 193-195 - G
EPC's available on request
Tenure
Scottish Freehold.
VAT
The property is elected for VAT purposes and it is anticipated that the sale will be treated as the Transfer Of a Going Concern (TOGC).
Proposal
Our client is seeking offers in excess of £3,000,000 (Three Million Pounds Sterling) exclusive of VAT for the freehold interest of the property. A purchase at this level will reflect a low capital value of £1,238 per sq m (£115.05 per sq ft).
For a detailed Tenancy Schedule & Market Rental Evidence, please see attached brochure
Specification
Investment Summary
- Multi-let neighbourhood retail parade
- Prime pitch within one of Edinburgh’s most affluent suburbs
- 7 shop units with a dedicated service yard and car parking to the rear
- Low density site coverage
- Freehold opportunity
- Potential to reposition the retail offer and significantly increase rental income
- Potential for redevelopment, subject to relevant consents