The subjects comprise a well-positioned double windowed Class 1A premises arranged over the ground and lower ground floors of traditional 4-storey mid terraced tenement. The accommodation has been recently refurbished and benefits from a glass façade frontage which captures an abundance of natural light. The configuration comprises an open plan main sales area at ground level with tea preparation facilities. The lower ground floor, comprises of ample storage, staff area and WC facilities. The premises would suit a variety of retail, office or café uses, subject to planning consents.
Location
The property is situated on the east side of Ratcliffe Terrace within the Newington district of Edinburgh, approximately 2 miles south of the city centre. Ratcliffe Terrace forms a continuation of Causewayside, a prominent vehicular route carrying large volumes of footfall and traffic in & out of the city centre. The premises occupies a prominent position on a wellestablished secondary retail parade which offers a good mix of local & national occupiers. The nearby commercial occupiers include, Jewsons Builders Merchants, BP Petrol Station, Old Bell Pub, Coffee Point Café and Tesco Express.
Terms
PRICE Our client is seeking offers in excess of £140,000 reflecting a NIY of 7.37%, assuming purchaser's costs of 1.75%
TENANCY The subjects are let on an FRI basis to Heatsource Plumbing and Heating Limited at a rental of £10,500 per annum. The lease began in February 2023 and expires February 2028. The next rent review is in February 2026.
LEGAL COSTS Each party to bear their own legal costs in the documentation of this transaction; however the in-going tenant will be responsible for any LBTT, Registration Dues and any VAT incurred thereon.
VAT Unless otherwise stated, all prices, premiums and rentals are quoted exclusive of VAT.
RATEABLE VALUE The subjects are entered in the current Valuation Roll at a rateable value of £7,500 which qualifies for 100% rates relied under the Small Business Rates Relief. Please note, a new owner or occupier of a commercial property has the right to appeal this rateable value within 4 months of beginning the tenancy.
ANTI MONEY LAUNDERING REGULATIONS The money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase, before the transaction can proceed.
Specification
- ARRANGED OVER GROUND AND BASEMENT FLOORS
- PASSING RENT £10,500 PER ANNUM
- OFFERS OVER £140,000
- NET INITIAL YIELD OF 7.37%
- FRI LEASE EXPIRING FEBRUARY 2028
- CURRENTLY LET TO HEATSOURCE PLUMBING AND HEATING LIMITED