Property Description
The subjects comprise the ground floor of a large, modern development known as The Oval Building. The first floor is in commercial use with the 6 floors above that all residential flats.
The premises, trading as Crolla’s Gelateria, benefit from an extensive glazed frontage overlooking the Water of Leith. Internally, the unit is open plan and arranged as an ice cream café with booth seating set around the perimeter with a staff servery and display cabinet in the centre. To the rear and side of the unit are toilet facilities, storage and a kitchen/prep area.
Free on-street car parking is available outside the property and in a number of the surrounding streets. The nearest tram stop to the subjects will be at The Shore, only a short walk away.
Location
The Leith area of Edinburgh is located approximately 4 miles to the north-east of the city centre and enjoys excellent transport links.
Coalhill, situated in an area known as The Shore, is bordered at either end by Sandport Place and Parliament Street. The Shore is in the heart of Leith and is a highly popular and diverse, commercial and residential district. The Short tram halt is within a 10-minute walk of the property and there is metered parking nearby.
Locals and tourists are attracted to the eclectic range of bars, restaurants and cafes which include Martin Wishart, Victor Hugo, Toast and Mimi’s Bakehouse.
Further Information
Accommodation
According to our recent measurement survey the premises contains the following approximate net internal area:
140 sq m (1,507 sq ft)
Tenancy Details
| Tenant |
The Crolla Ice Cream Company Ltd (SC033156) |
| Lease Start |
17/7/2017 |
| Lease Expiry |
16/7/2027 |
| Current Rent |
£25,000 per annum payable monthly in advance |
| Repairing |
FRI subject to a Schedule of Condition |
Tenant Covenant Information
In its financial statement year ending December 2023, the company showed a net asset position of £644,000. This was an improvement of 15.24 % on the previous year.
Price
Offers over £280,000 are sought for our client’s heritable interest in the subjects.
A purchase at this level would reflect a Net Initial Yield of 8.69% allowing for standard purchaser’s costs of 3.05%.
VAT
We understand the property is elected for VAT and will be added to the purchase price at the prevailing rate.
Rateable Value
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £28,700 effective 1st April 2023. The uniform business rate for the current year is £0.498 pence in the pound.
Utilities
The property is served by mains electricity and water.
Energy Performance Certificate
The Energy Performance Certificate rating is E.
Legal Costs
Each party shall bear their own legal costs with the eventual purchaser 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 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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