Piershill Place is situated close to the junction of Portobello Road (A1140) and the A1 at the corner known to many as Jock’s Lodge, approximately 2 miles east of the city centre. Holyrood Park and Meadowbank Stadium are both nearby landmarks.
The available unit sits on the south side of Piershill Place adjacent to the New Restalrig Church of Scotland on the corner of Portobello Road and Willowbrae Road. Neighbouring occupiers include Ladbrokes, Porters Bars and The Salvation Army Charity Shop.
The area is well served by public transport with regular bus services offering city-wide destinations with the districts of Portobello and Leith easily accessible.
The subjects comprise the ground floor of a two storey and attic traditional mid-terrace tenement building.
Internally, the unit is configured with a front sales area with the kitchen, food prep and stores to the rear along with a staff WC. The premises is currently fitted out as a hot food preparation kitchen. We understand the tenant uses the premises to serve external catering contracts.
The exterior of the premises is protected by roller shutters to the entrance door and frontage.
According to our recent measurement survey the premises contain the following approximate net internal area:
44.35 sq m (477 sq ft)
The property is let to Floyd Ltd t/a Peppercorn – Artisanal Indian Cuisine on a full repairing and insuring lease at a passing rent of £10,000 per annum until 24th June 2023.
Offers over £115,000 are sought for our client’s heritable interest in the subjects.
A purchase at this level would reflect a Net Initial Yield of 8.54% allowing for standard purchaser’s costs of 1.80%.
We understand the property is elected for VAT and will be added to the purchase price at the prevailing rate.
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £9,900. The uniform business rate for the current year is £0.94 pence in the pound.
Occupiers may be eligible for 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.
The property is served by mains gas, electricity and water.
ENERGY PERFORMANCE CERTIFICATE
A copy of the recommendation report is available on request.
Each party shall bear their own legal costs with the eventual purchaser liable for any LBTT and Registration Dues.
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole selling agent, Allied Surveyors Scotland plc.
- Class 3 Hot Food Takeaway Investment
- Let to Floyde Ltd t/a Peppercorn – Artisanal Indian Takeaway until 24th June 2023
- Passing rent of £10,000 per annum
- Strong reversionary yield potential
- VAT applicable