Prime Retail / Class 1A Opportunity
Edinburgh is Scotland’s capital city and the historic, administrative and financial centre of the country, as well as the home of the Scottish Parliament. The city has a resident population of approximately 520,000 persons and is one of the strongest retailing centres in the UK. The subjects occupy a prominent position on Princes Street, one of the most sought-after destinations in the city centre with an annual footfall in excess of 15 million people. The subject property occupies a prime position between its junctions with South Charlotte Street to the west and Castle Street to the east.
Nearby occupiers include Sports Direct, Waterstones, Urban Outfitters, Pret A Manger, Mountain Warehouse and Bar + Block Steakhouse.
The property occupies the ground floor of a traditional 4 storey Grade B Listed Building. Externally, the unit boasts a strong frontage onto Princes Street and benefits from high footfall year round. The floors above the unit are currently used as office space and separately let. The unit lends itself to both retail use as well as F&B subject to the relevant planning consents.
The premises are arranged over ground floor only and comprise the following approximate net internal area:
Ground Floor: 3,673 sq ft / 341.23 sqm
The premises are available on a new FRI lease, subject to a minimum term of 5 years.
Offers in excess of £250,000 pa are invited.
Proposed Rateable Value: £191,000
UBR (2023/24): £0.524
Proposed Rates Payable: £100,084 pa
The premises benefit from having Class 1A consent. Other uses may be available subject to change of use from the local planning authority. An EPC Report is available on request.
Each party will be responsible for their own legal costs incurred in connection with this transaction. For the avoidance of doubt, the ingoing tenant will be responsible for Land & Buildings Transaction Tax (LBTT), registration dues and any VAT payable thereon.
In order to comply with anti-money laundering legislation, the successful purchaser/tenant will be required to provide certain identification documents. The required documents will be requested at the
ORINSEN, their clients and any joint agents give notice that:
They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It is assumed that the property has all necessary planning, building regulations or other consents and ORINSEN have not tested any services, equipment or facilities.
Purchasers must satisfy themselves by inspection or otherwise.Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction.