Property Description
The subjects comprise a retail unit situated on the ground floor of a five-storey tenement building. Internally, the accommodation provides an open plan sales area, a designated kitchenette area and WC facilities.
The premises are accessed directly from the pavement on Dundas Street, with a short internal flight of two steps leading into the unit.
The property is located within the New Town Conservation Area.
Location
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 south side of the street between Great King Street and Cumberland 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 Enliven Massage & Beauty Therapy, Quadrant Antiques, S1 Developments, Archipelago Bakery and various other independent businesses.
Further Information
Accommodation
According to our recent measurement survey the premises contain the following approximate Net Internal and ITZA areas of NIA/ITZA: 24.90 m2 (269sqft)
Price
Offers Over £230,000 are invited for our client’s heritable interests in the subjects.
A purchase at this level would indicate a NIY of 6.38%, after allowing for purchaser’s costs of 1.8% plus LBTT (Land and Building Transaction Tax).
Rateable Value
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £8,000 effective 1 April 2026. The uniform business rate for the current year is £0.481pence 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.
Tenancy Information
The subjects are let to Marcin Wagner on a Full Repairing and Insuring (FRI) lease commencing in May 2018 and expiring on 13 May 2023, with rent reviews at five-yearly intervals. The rent review due on 14 May 2023 has not been implemented. The lease continues on a tacit relocation basis.
The passing rent is £12,000 per annum.
VAT
We understand the property is not elected for VAT.
Energy Performance Certificate
The Energy Performance Certificate rating is G.
The report is available on application.
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.
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