For Sale

59 High Street, EH39 4HG

 The subjects form a retail premises arranged over ground and basement floors set within a two storey and attic tenement building, occupying a prominent corner position.  The first floor and attic comprise a residential flat.

The ground floor is arranged as an art gallery with a front sales area benefitting from two large display windows.  To the rear is a small workshop, WC and kitchenette.

The basement is hatch accessed in the front shop and provides an element of storage.  The Clarty Burn runs under the basement and there is an automatic pump to prevent flooding.

Area	Sq M	Sq Ft
Ground	40.13	432
Basement	13.44	145
Total Net Internal Area	53.6	577
ITZA	41.47	446

2 Law Road, EH39 4PL

The subject is a retail premises forming the ground floor of a two-storey building contained beneath a pitched pantile roof.  The building was altered and extended in 2018/2019.  The first floor comprises an office.

The premises is laid out as a cycle repair shop with customer counter and bike displays in the front shop and display windows facing Law Road.  The rear extension provides additional display space with storage and a WC to the side.

Area	Sq M	Sq Ft
Ground	67.3	724
Total Net Internal Area	67.3	724
ITZA	67.3	724

2A Law Road, EH39 4PL

The subject comprises a first-floor office contained beneath a pitched, pantile roof.   The building is two storey with a retail shop (Law Cycles) forming the ground floor.  Access is via a glazed entrance shared with the occupier of 2B Law Road.

The premises was refurbished in 2019 and fitted out to a good standard by the current tenant.  It is open plan with a tea prep area and WC.

Area	Sq M	Sq Ft
First Floor	41.7	449
Total Net Internal Area	41.7	449

North Berwick is located on the north coastline of East Lothian overlooking the Firth of Forth and lying approximately 25 miles east of Edinburgh.  It enjoys good communication links with a regular rail service to Edinburgh Waverley and is 15 minutes’ drive from the A1 trunk road.

The town, voted a Regional Winner in The Sunday Times Best Places to Live in the UK – 2025, is highly sought after by residents, businesses and investors largely due to its proximity to Scotland’s capital city, outdoor lifestyle and desirable living environment.

The high street is home to many independent shops, boutiques, galleries, coffee houses, bars and restaurants, whilst there are two large supermarkets on the periphery of the town.

The surrounding area offers a wide range of outdoor activities with beaches, world renowned golf courses and scenic walks giving a year-round appeal to tourists and local visitors alike.

SITUATION

The properties are centrally located on the south side of the town’s high street opposite its junction with Market Place.  Law Road is located immediately to the south of the High Street.

The Law Road properties are independent of each other but are physically connected to the subjects on 59 High Street.

 

Tenancy Schedule

 

Address	Tenant	Rent (p.a)	Lease Start	Rent Review	Lease Break	Lease Expiry	Comment
2 Law Road, North Berwick	David McHardy t/a Law Cycles	£13,800	1/3/11	28/2/26	28/2/26	28/2/31	Minute of Variation to extend the Lease. Tenant has intimated their intention to exercise the break option. Quarterly rent payments.
2A Law Road, North Berwick	Greystone Financial Services t/a Trident Financial Planning	£11,300	10/2/20	10/2/28	9/2/28	9/2/30	Lease assigned and varied 9th February 2025.  Mutual break option. Monthly rent payments.
59 High Street, North Berwick	Greens & Blues Fine Art Gallery	£14,100	01/3/25	1/3/30	28/2/30	28/2/35	Tenant agreed a new 10-year lease 1st March 2025 and granted 3 months’ rent free settled by 50% rent reduction for 6 months.  Quarterly rent payments.
		£39,200

 

 

Tenant Information

 

David McHardy t/a Law Cycles	Established in 2001, Law Cycles is East Lothian’s finest cycle repair centre providing a range of services from sales of new bikes to repairs and hiring.  www.lawcycles.co.uk
Greystone Financial Services (02584903)	Greystone Financial Services is an integrated wealth management group offering financial planning and in-house management.  It manages over £1billion of assets on behalf of its clients. www.greystonefs.co.uk and www.tridentfp.co.uk
Greens & Blues Fine Art Gallery (SC315758)	Greens & Blues Fine Art Gallery has been an ever present in North Berwick High Street recently celebrating their 25th anniversary. The business has a global reputation for displaying some of the finest local artists. www.greensandblues.co.uk

 

Price

Offers Over £685,000 (SIX HUNDRED AND EIGHTY-FIVE THOUSAND POUNDS STERLING) are invited for the portfolio in its entirety. Consideration will be given to individual asset sales.

Tenure

Heritable (Scottish equivalent to English freehold).

Rateable Values

According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects carry the following Rateable Values effective 1^st April 2023. The uniform business rate for the current year is £0.498 pence in the pound.

Address	Tenant	Rateable Value
2 Law Road, North Berwick	David McHardy	£9,700
2A Law Road, North Berwick	Trident Financial Services	£3,400
59 High Street, North Berwick	Greens & Blues	£9,900

Town Planning and Listed Buildings

We understand the properties are all compliant with Class 1A (shops and financial, professional and other services).

According to Historic Scotland, 59 High Street and sections pertaining to 2 Law Road are Category C- Listed.

Energy Performance Certificates

The Energy Performance Certificate ratings of the properties are as follows:

59 High Street:  D

2 Law Road:       D

2A Law Road:    C

VAT

We understand all of the properties are opted to tax, however it is anticipated a transaction may proceed as a TOGC (Transfer of a Going Concern).

Legal Costs

Each party shall bear their own legal costs with the eventual tenant liable for any LBTT, VAT and Registration Dues thereon.

Anti-Money Laundering

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 any transaction can proceed.

Entry

Upon completion of a formal missive under Scots Law.