For Sale

New Listing
Office Investment
1 & 2 Lauderside, Lauder Place, East Linton, EH40 3DB
Tenure: For Sale
Size: 1,097 sq ft (102 sq m)
Price: Offers Over £195,000

Key Features

  • Attractive VAT free investment located in the picturesque village of East Linton
  • Let to Watson Seeds Ltd and Chris Rhodes Architect
  • Low passing rent of £9,960 per annum
  • Active asset management/lease re-gear opportunities
  • May suit alternative use, subject to planning
  • Offers over £195,000 reflecting a reversionary yield of 9.11%

The subjects comprise a two-storey detached traditional building of red sandstone construction with a pitched pantile roof.  To the front of the property is a shared yard area providing car parking for up to 3 cars.

The office accommodation is arranged off a shared entrance hall and stairwell.  The ground floor office is open plan with a kitchen, storage and WC facilities within the entrance lobby. The first-floor office is open plan with one partitioned office.  Within the entrance lobby there is a separate kitchenette and WC facilities. Both offices have large timber framed window openings.

The office accommodation is generally in good order with carpet floor coverings, electric heating, wall mounted data trunking and a mixture of LED and fluorescent light fittings.

East Linton is an attractive and popular commuter village located in East Lothian approximately 25 miles east of Edinburgh.

It benefits from close proximity to the A1 trunk road situated some 6 miles west of the village. East Linton’s recently opened train station offers regular services to Edinburgh Waverley.

The subjects are located at the north end of Lauder Place close to its junction with Mill Wynd. At the south end of Lauder Place is the A199 Pencraig Brae connecting Dunbar and Haddington.

The immediate area is residential in nature with the nearest commercial occupiers, such as Night Owl Books, Crown & Kitchen and Co-op, found in Bridge Street.

Accommodation

According to our recent measurement survey the premises contain the following approximate net internal areas:

Area Sq M Sq Ft
Ground Floor 51.47 554
First Floor 50.52 543
Total Net Internal Area 101.91 1,097

Tenancy Information

  Tenant Rent (p.a) Lease Commencement Lease Expiry Comment
1 Lauderside Place (GF) Mrs Elizabeth Dorrian and Mr Donal O’Sullivan and Mr Chris Rhodes t/a Chris Rhodes Architect £4,560 1 February 2017 1st August 2017 Lease in tacit relocation
2 Lauderside Place (FF) John Watson Seeds Ltd £5,400 1st August 2017 1st August 2023 Lease in tacit relocation
    £9,960      

Price

Offers Over £225,000 are invited for our client’s heritable interests in the subjects.

A purchase at this level would show a reversionary yield of 9.11% after allowing for purchaser’s costs of 2.47% plus LBTT (Land and Building Transaction Tax).

Tenure

The property is held on a Heritable title (Scottish equivalent of English freehold).

Rateable Value

According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £2,800 and £2,900 for 1 and 2 Lauderside respectively effective 1st April 2023. The uniform business rate for the current year is £0.498 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 and water.

Energy Performance Certificate

The Energy Performance Certificate rating is B.

VAT

We understand the property is not elected for VAT.

Legal Costs

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

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 dilligence 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.

Iain W. Mercer

Director of Commercial Agency
Bernadetta Majewska

Commercial Surveyor - Agency and Valuation

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