For Sale

The subjects comprise a shop premises arranged over lower ground floor of a five storey, category A listed tenement.

The premises is accessed directly off Dundas Street down a short flight of steps leading into a front shop set out with a customer counter and food prep area. Café seating is located to the rear with a disabled WC at the mid-point.

There are French doors leading to a small patio area to the rear of the premises.  Externally, to the front of the shop, beneath the street, are two cellars which are dry lined and provide good storage space.

Dundas Street is located in the heart of Edinburgh’s UNESCO World Heritage New Town and is approximately 10 minutes’ walk north of Princes Street.

The subjects are situated on the east side of the street between Northumberland Street and Great King Street with a mixture of residential, office and retail units in the immediate area.

Metered car parking is available on surrounding streets whilst public transport options are widely available.

Nearby commercial occupiers include: Tesco Express, Birch Tree Gallery, NOIRouge and GP Plus.

Tenancy Information

The subjects are let on a head lease to Archipelago Provisions Ltd effective from 6^th October 2020 to 5^th October 2030, subject to a tenant only break option at the fifth anniversary of the date of entry. The premises are currently sub-let to Rotonda Café who are due to vacate.

The passing rent is £15,400 per annum with index linked rent reviews every two years to a minimum of 3% uplift.  Remaining reviews are due in 2026 and 2028.

Price

Offers Over £245,000 are invited for our client’s heritable interests in the subjects.

A purchase at this level would show a reversionary yield of 7.16% after allowing for purchaser’s costs of 2.58% 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 £9,900 effective 1^st 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 pending.

VAT

We understand the property is not elected for VAT.

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 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.