Public House Investment
In the heart of Edinburgh city centre
The subjects are located on the south side of Shandwick Place close to its junctions with Queensferry Street and Princes Street. Shandwick Place is a continuation of Princes Street and is situated within the Edinburgh West End business district, approximately a quarter of a mile from the city centre. The subjects also benefit from being in close proximity to Edinburgh’s tram system as well as major bus routes leading south and west from the city centre. Directly opposite the premises is the new Johnnie Walker Experience building which is set to increase footfall in the west end of the city centre significantly over the coming years.
The subjects comprise a lower ground floor licensed premises within a Category B Listed Building. Specifically the premises are located at 23b Shandwick Place accessed from a main street entrance. Internally, the street level entrance leads down to a well configured open plan entrance/ gaming space leading on to a prominent corner bar area. Adjacent to the bar is a dance floor and DJ booth surrounded by seating. The property was substantially upgraded by the tenant in 2015 and has a capacity of approximately 177 people. The subjects comprise the following approximate net internal area:
Lower Ground Floor: 2,037 sq ft / 189 sqm
The subjects are let on an FRI basis to Polmex Edinburgh Ltd a rental of £40,000 per annum. The lease commencement date was 30th January 2015 with expiry on 29th January 2030 with no further tenant break options. There is an open market rent review on 30th January 2025 and there is a £17,500 deposit in place for the duration of the lease. The lease is full repairing and insuring subject to a schedule of condition which can be provided on request.
Rental offers of £40,000 pa exclusive of VAT. Purchase price of offers over £535,000.
Rateable Value: £37,500
UBR (2021/22): £0.49
Rates Payable: £18,375 pa
The premises benefit from having Class 11 consent. An EPC report is available on request.
Each party to be responsible for their own legal and professional costs incurred in 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 tenant will be required to provide certain identification documents. The required documents will be requested at the relevant time.
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.