Property Description
The subjects comprise a corner retail unit arranged over ground and basement of a three storey and basement stone-built tenement. This category B-listed building is contained beneath a pitched and slated roof with an extension to the rear covered by a flat roof. The adjacent property is commercial in nature with residential to the upper floor serviced by a common stairwell located in the centre of the block.
Internally, the ground floor provides a front sales area, back sales and a bespoke glass framed staircase leading to the basement. The existing glass display cabinets are of bespoke design and may suit an ingoing occupier. The front shop benefits from a striking triple frontage whilst there are further window openings in the rear of the shop.
The basement provides functional space for an office, kitchenette and storage. Within the common stairwell there is a store cupboard.
Location
Thistle Street is located in the heart of Edinburgh’s UNESCO World Heritage New Town and comprises shops, restaurants, bars and residential dwellings.
The subjects are located on the south side of the street at the corner of Thistle Street South West Lane and bordered by Frederick Street to the west and Hanover Street to the east.
George Street and Princes Street are both within a short walk of the subjects with tram, bus connections and metered car parking available.
Nearby occupiers include The Bon Vivant, Fisher’s Restaurant, Café Marlayne, Thistle Street Bar and various other retailers.
Further Information
Accommodation
According to our recent measurement survey we calculate the approximate net internal area to be as follows:
| |
Sq M |
Sq Ft |
| Ground |
62.24 |
670 |
| Basement |
55.29 |
595 |
| Total |
117.56 |
1,265 |
| ITZA |
58.45 |
629 |
Price
Offers over £475,000 are invited.
Our client’s heritable interest in the subjects is being sold with the benefit of vacant possession.
Tenure
Heritable (Scottish equivalent to English freehold).
Rateable Value
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £19,900 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. An air conditioning unit serves the ground floor whilst electric heaters are in the basement.
Energy Performance Certificate
The Energy Performance rating is pending.
VAT
We understand VAT is not applicable.
Legal Costs
Each party shall bear their own legal costs with the eventual purchaser liable for any LBTT or VAT due 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.
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