INVESTMENT FOR SALE
89-93 Rose Street
Edinburgh
EH2 3DT

Prime Retail / Office Investment
Total Passing Rent of £89,150 pa

Total Size: 3,477 sq ft
Purchase Price: Offers over £1.2m sought
Location

Edinburgh has a population of 507,000 and is one of the strongest retailing centres in the UK, dominating its catchment of 1.6 million. Edinburgh is the second most visited city in the UK with over 4 million visitors a year. The premises occupy a prime location on Rose Street, within the block bounded by Castle Street and Frederick Street in the heart of the city centre. Rose Street is fully pedestrianised benefiting from a vibrant mix of retail, leisure and office uses with strong pedestrian flows. Nearby retailers provide a mix of both national and local operators including Rogerson Shoes, Timpson, Tiso, Goodwins, Greggs, Viva Bar and Co-op Food.

Description

The subjects comprise a prime multi-let commercial property in the heart of Edinburgh’s New Town. The premises are planned over 4 floors of a traditional Georgian-style tenement building. Bird & Blend and Great Scot occupy the ground floor retail units whilst The Edinburgh & Lothian Council On Alcohol occupy the upper two levels accessed separately via their own entrance from street level. There is also a basement which is occupied by Bird & Blend. Internally both retail units have been fitted out to a high standard whilst the office accommodation is split into multiple rooms to facilitate its current use as a counselling centre. The office levels also offer the opportunity for future development (subject to planning) for residential conversion / short term lettings.

Accommodation

The premises comprise the following approximate net internal areas:
89 Rose Street – 1,350 sq ft / 125 sqm
91 Rose Street – 1,534 sq ft / 143 sqm
93 Rose Street – 593 sq ft / 55 sqm

Purchase Price

We are instructed to seek offers over £1.2m exclusive of VAT for our client’s heritable interest. A purchase at this level would reflect a Net Initial Yield of 7% assuming purchaser’s costs of 5.84%.

Tenancy

89 Rose Street – Currently let to Bird & Blend Tea Ltd T/A Bird & Blend on a FRI lease expiring 11/08/2028 at a rent of £33,650 pa. There is a tenant break option on 11/08/2026 where the tenant will benefit from 6 months at half rent if the break option is not exercised. The service charge is capped at £5,000 pa.
91 Rose Street – Currently let to Edinburgh & Lothian Council On Alcohol on a FRI lease expiring 31/10/2027 at a rent of £23,000 pa.
93 Rose Street – Currently let to Great Scot Ltd T/A Great Scot on a FRI lease expiring 15/12/2038 at a rent of £32,500 pa. The tenant will benefit fit from half rent until 15/09/2024.

Legal Costs

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.

Anti-Money Laundering Regulations

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.

INVESTMENT FOR SALE

89-93 Rose Street
Edinburgh
EH2 3DT
Viewing strictly by appointment through ORINSEN

Andy Bain
T. 0131 374 1111
M. 07770 524 977
E. abain@orinsen.com

Anna Hansen
T. 0131 374 1111
M. 07717 411 668
E. ahansen@orinsen.com

Important Notice

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.

Published 30.09.20

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