Embed Size (px)
Citation preview
prime retail investment opportunity
37 george street edinburgh
PROPERTY INVESTMENT CONSULTANTS
37 george street edinburgh
LOCATIONThe property, occupying a prime retailing pitch, is situated on the
north side of George Street between the junctions with Frederick
Street and Hanover Street.
George Street is Edinburgh’s premier shopping location for high
quality retailers. Numerous national and international retailers have
outstanding requirements primarily for the north side of George
Street, concentrated on the 100% prime section where the subject
units are located.
Adjoining occupiers are Molton Brown and Anthropologie with LK
Bennett, Penhaligon’s, Church’s Shoes, Coast, Karen Millen, Phase
Eight, Hobbs and Jack Wills in close proximity.
DESCRIPTIONThe property comprises part of an attractive, listed, mid terraced,
traditional sandstone building accommodating two retail units
arranged over basement, ground and mezzanine levels with separate
first and second floor offices. The third floor is in residential use and
is outside our client’s ownership.
37a George Street (Brian Drumm) comprises a retail unit arranged
over the ground floor and currently operates as a recently remodelled
hair dressing saloon. A mezzanine level provides additional salon
space and ancillary storage/staff accommodation.
37b George Street (The Kooples) comprises a retail unit providing
ground floor sales accommodation which benefits from a very high
quality fit out. The basement and mezzanine levels provide ancillary
storage/staff accommodation.
The two upper floors are accessed via a separate communal entrance
lobby from George Street and comprise traditional cellular offices of
basic specification. The first floor is currently vacant albeit ‘under
offer’ to the second floor tenant, Lothian Family Mediation Service
who are seeking to relocate.
TENUREHeritable Interest (Scottish Equivalent of English Freehold).
EdinburghEdinburgh is Scotland’s capital city, the seat of the Scottish
Parliament and one of Europe’s largest financial centres. The city has
a population of circa 486,000 persons (2010 Estimate) and a
primary catchment population of circa 903,000 (PROMIS) ranking
the city the 5th top UK retailing destination by Venuescore (Javelin
Group 2011). The city’s population and economy is boosted by the
tourist industry attracting over 4.8m visitors per annum which is the
highest in the UK bar London injecting over £2bn per annum into the
local economy.
Edinburgh is the dominant retail centre for East central Scotland with
the prime trading pitch focussed on Princes Street and George Street.
Investment Summary• Rare opportunity to acquire two retail units upon
Edinburgh’s premier shopping street
• 100% prime location
• HeritableInterest
• Totalcurrentpassingrentof£245,000 per annum
• Estimatedreversionaryrentof£277,000 per annum
• Theopportunitytoconvert vacant floor to residential use subject to planning or dispose of the accommodation with vacant possession.
• Offerssoughtin excess of £4,630,000
• A purchase at this level would show an initial yield of 5.00% and a reversionary yield of 5.66% based on purchaser’s costs at 5.8%.
37 george street edinburgh
TENANCy SChEDULE
Unit Tenant
Floor Area
Lease Start Lease ExpiryUnexpired
Term (years)Next RR
ReviewExpRent (£pa) Rate psf ERV (£pa) Rate psf CommentsFt/Sq ft M/M2
37a George Street Brian Drumm Ltd GF 12'2" 3.7 15/05/1991 28/05/2026 13.73 28/05/2016 £74,000 £149.50 £90,000 £181.50 Established covenant. For year ending 31/3/2011 T/O of £780,175, PTP £81,521 and net worth of £338,634.GFS 653 60.66
Mezzanine 247 22.95
ITZA (Overall) 495 units
37b George Street The Kooples UK Ltd
GF 16'9" 5.1 26/03/2012 25/03/2022 9.55 26/03/2017 £155,000 £181.50 £155,000 £181.50 6 month rental deposit held. Part of Kooples Group/Concorde Finance SPRLGFS 1,099 102.1
Mezzanine 164 15.24
Basement 1,445 134.24
ITZA (Overall) 854 units
1st Floor Vacant 1st 1,204 111.85 £16,000 £13.29 Under offer to Lothian Family Mediation Service. New 5 year FR&I lease subject to a schedule of condition (internal only)
2nd Floor Lothian Family Mediation Service
2nd 1,273 118.26 12/02/1998 12/02/2013 0.44 £16,000 £12.59 £16,000 £12.59 Lease surrender agreed conditional upon re-location to 1st Floor. Potential to convert to residential or dispose to owner occupier on a VP basis.
£245,000 £277,000
TENANCIES The property is subject to three occupational leases with one vacant
office suite in accordance with the tenancy schedule.
• Brian Drumm: an exclusive hair salon operator that opened in 1970. The salon attracts an extensive and varied clientele which has included Princess Margaret and Shirley Bassey.
Further information can be sourced from: www.briandrumm.co.uk
• The Kooples UK Ltd: a French fashion retailer that entered the UK market approximately 12 months ago and now trades from more than 20 unit locations throughout the UK as well as concessions with a number of regional department stores. A six month rental deposit has been provided by the tenant.
Further information can be sourced from: www.thekooples.co.uk
• Lothian Family Mediation Service: a registered charity that was founded in the early 1980’s that helps and support
families and children who are experiencing break up. Family Mediation Lothian is affiliated to the Scottish network of charities working under the title of Relationships Scotland, which includes Family Mediation, Couple Counselling and Child Contact services.
Further information can be sourced from:
www.familymediationlothian.co.uk
CURRENT NET INCOMEThe current net income is £245,000 pax. The weighted unexpired
lease term is circa 10.2 years.
SERVICE ChARgEThere is a service charge in operation at the property. Further details
available on request.
VAT We understand that the property is elected for VAT.
PRICE We are instructed to seek offers in excess of £4,630,000, excluding VAT for our client’s heritable interest.
A purchase at this level would show an initial yield of 5.00% and
reversionary yield of 5.66% based on our ERV allowing for purchaser
costs at 5.8%.
37 george street edinburgh
MISREPRESENTATION ACT AND OTHER MATTERS: MWM Property Investment Consultants Limited (MWM) and Green and Partners (G&P) for themselves and for the vendors or lessors (the “Seller” ) of this property whose agents they are, gives notice that (1) These particulars do not constitute any part of an offer or a contract (2) Whilst every attempt has been made to ensure accuracy, this cannot be guaranteed and, therefore, (a) all statements and descriptions in these particulars as to this property are made without responsibility or liability on the part of MWM/G&P or the Seller, (b) none of such statements or descriptions are to be relied on as statements or representations of fact (c) all measurements are approximate and no responsibility is taken for any error, omission or mis-statement and (d) any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements, descriptions and measurements contained in these particulars (3) The Seller does not make or give, and neither MWM/G&P nor any person in their employment makes or gives or has any authority to make or give, any representation or warranty whatever in relation to this property. (4) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and no statement is made as to the incidence of VAT. (5) No liability is accepted by MWM/G&P or the Seller for any telecoms or computer systems at the property, any software loaded on them, or any related cabling, or any of their condition or usability. Purchasers or tenants should satisfy themselves and rely on their own investigations. Produced September 2012.
ContactFor further information or to make
arrangements to view, please contact the
joint selling agents:
Mark Woodcraft BLE MRICSTelephone: 0131 220 0662
Mobile: 07733 124461
Email: [email protected]
or
David Freeman BSc MRICSTelephone: 020 7659 4830
Mobile: 07785 253055
Email: [email protected]
Ed Smith BScTelephone: 020 7659 4831
Mobile: 07817 771005
Email: [email protected]
P
P
POJO
ULES
GREG
GS
CEX
L.K.BENNETT
TEXM
EXII
SUPERCUBE
TAILORS
THENEW
YORK
STEAMPACKET
ROBERTSO
NS
37BAR
HSBC
CAFFECENTRO
CAFEM
ARLAYNE
LLOYDS TSB
THERO
SEHIP
HOW
IER
NICHOLSBY`S
BHS
YORKSHIRE
FRENCH
CONNECTIO
N
THE AGA SHOP
HOBBS
TEMPUS
SUBWAY
THEBO
N
VIVANT`S
COM
PANION
JANEDAVIDSO
N
THEBO
N
VIVANT
ROYAL
SOCIETY
OF
EDINBURGH
EYES
LEM
ONDE
PRET A MANGER
TRAVELODG
E
PRIDE
THESTANDING
ORDER
WELLING
TON
LE SANDWICH
MURRAY
&CURRIE
SANTANDER
MO
LTON
BROW
N
BIBI`S
I CANDY
CHIQUITO
MILNES OF
ROSE STREET
CROM
BIE
THISTLE
SANDWICH
BAR
ETEAKET
PEPPERBERRY
MO
SS
JOSEPH
BONNAR
OPAL
LOUNG
E
PIZZA HUT
JONES
BOO
TMAKER
DICKSON REID
PENHALIGO
N`S
ANN HARVEY
HARDRO
CKCAFE
KARENM
ILLEN
BRITANNIA
CHARLIE MILLER
LAKELAND
MADO
GS
BROO
KSBRO
THERS
STARBUCKS
CHARLESTYRW
HITT
EAST
NEVISPORT
PATERSON
SA
BRIANDRUM
M
AUBIN & WILLS
RICK`S HOTEL
LADBROKES
HANOVER
ASIMI
THECLUBRO
OM
COAST
BARCLAYS
ALLBAR
ONE
LAING THE JEWELLER
JIGSAW
BRIDGE
THE
WO
RLD
RICK`S BAR
FISHERS
IN THE CITY
THOMAS COOK
CAFE ROUGE
ANTHROPO
LOG
IE
BONKERS
TM
LEWIN
ARRANARO
MATICS
AMERICAN
EXPRESS
LAURAASHLEY
JACKW
ILLS
THE GEORGE
CHURCH`S
CHEYNES
TROTTERS
OPHTHALM
ICO
PTICIANSCATHKIDSTO
N
QUEENS ARMS
PHASEEIG
HT
HENDERSON`S
BAR NAPOLI
GRAND CRU
LIME
IRIS
LA LANTERNA RISTORANTEFINGERS PIANO BAR
THE
HENDERSON`S
GALLERY
WOK & WINE
DUSIT
PAM
JENKINS
THETHISTLE
STREETBAR
NARGILE
BASLER
COVET
YES SUSHI
LA RUSTICANA
LA P`TITE FOLIE
OM
H
THERAPIES ZEN LIFESTYLECACIOPEPE
ALCHEMIA
HENDERSON`S
KAKAOBY
K
NATIONW
IDE
PAPERCHASE
BERKETEX BRIDE
BRORA
BANKO
FSCO
TLAND
EDE & RAVENSCROFT
EATONS
MISS SELFRIDGE
MUSSEL INNCLYDESDALE
THERO
SE
STREET
BREWERY
TRIODOS
MCCOLL`STHE
BLACKRO
SE
TAVERN
SK:N
LOTHIAN BUSES
TRESPASS
NEAL`S YARD REMEDIES
RYDEN LETTINGS
BALFOUR
&M
ANSON
FREDERICK`S COFFEE HOUSE
DICKSON & MACNAUGHTON
TH
DIGITAL
PRINT & DESIGN
SERVICE POINT
CO-OPERATIVE FOOD
CLINTON
BLACK&
LIZARS
DUNCANSON
& EDWARDS
FLO
WILLIAM
HILL
VIRGIN MEDIA
CAMPER
BELLA
HOLLAND
&
BARRETTLAINGTHE JEWELLER
3STO
RE
COTSW
OLD
MCCOLL`S
GO
ODSTEAD
BLACKS
O2
FILLINGSTATIO
N
RESTAURANT
&BAR
GO
URMET
GRUB
JD
COSTA
BAGUETTE
TOG
O
WATCHES
OF
SWITZERLAND
FRASERHART
CRABTREE & EVELYNAULD HUNDRED
QUICKSTITCHBAG
UET
EXPR
SANTANDER
SKIPTON
ERNES
CREATIV
COO
KWAR
GREG
GS
WATERSTO
NE`S
ROHAN
CALISTOGA
NEWS
LINECAFE
ANDALUZ
DRINKIES
ICITORS
PROPERTY
CENTREHEG
GIE
ALEXANDER
COSTA
EDINBURGH
L
CLOTHING
BAKER
COM
PG
AME
SWEATY
BETTY
MEXICAN
REST
NIGHTCLUB
CLOALT
AMERICAN
RESTAURANT
PLACEO
FW
ORSHIP
BANK
CAFE
FRENCH
REST
BANK
BAR&
RESTAURANT
CLOTHING
KOO
PLES
OFFICE
VACANT
OFFICE
LADIESW
EAR
BAR & RESTAURANT
S/W BAR
OFF
LICENCE
CLOTHING
BAR
OFFICE
OPTICIAN
HOTEL
SANDWICH BAR
HOTEL
HAIR
PUBLICHO
USE
CAFE
CAFE
ESTATEAG
ENT
BANKHEALTH
&BEAUTY
BAKER
CONF & BIS
OFFICE
CLOTHING
LADIESW
EAR
CAFE
CLOTHING
MENS
WEAR
JEWELLER
NIGHTCLUB
PIZZA RESTAURANT
SHOES
HAIRDRESSING
HLTH&BEA
LADIES WEAR
AMERICAN
RESTAURANT
LADIESW
EAR
BUILDINGSO
CIETY
HAIRDRESSING
HOUSEHO
LDG
OO
DS
NIGHTCLUBJAM
IE’S ITALIAN
COFF SH
MENS
WEAR
LADIESW
EAR
SPTSG
DS
HAIRDRESSING
HAIRDRESSING
LADIES & MENS WEAR
VARIETYSTO
RE
BETTING
OFFICE
HEALTH FD
JEWELLER
RESTAURANT
LADIESW
EAR
BANK
BAR&
RESTAURANT
BUILDING SOCIETY
LADIESW
EAR
TRAVAG
BAR & RESTAURANT
SEAFOOD REST
TRAVEL AGENT
FRENCH RESTAURANT
LADIESW
EAR
GIFTS
MENS
WEAR
HEALTH&
BEAUTY
BUREAUDE
CHANGE
LADIESW
EAR
LADIES&
MENS
WEAR
HOTEL
SHOES
HAIR
CLOTHING
INTERIOR
DECORATIO
NS
PUBLIC HOUSE
LADIESW
EAR
LADIES&
MENS
WEAR
PUBLIC
HOUSE
MEXICAN RESTAURANT
EDUCATIONAL
ESTABLISHMENT
DOMESTIC APPLIANCES
RESTAURANT
ITALIAN REST
CAFE
EUROPEAN
RESTAURANT
VACANT
THAI REST
SHOES
OFFICE
CLOTHING
ITALIAN RESTBAR & RESTAURANTFRENCH RESTAURANT NATURAL
THERAPY
BEAUTY SALON
JEWELLER
DELICATESSEN
ITALIAN RESTAURANT
CLOTHING
ITALIAN RESTAURANTASIAN RESTAURANT
LACCESS
MID EAST REST
ARTG
AL(RET)
CHINESE RESTAURANT
STATIONER
BRIDAL WEAR
CLOTHING
POST OFFICE
GOVERNMENT BUILDING
MENS WEAR
BUILDING
SOCIETY
ITALIAN RESTAURAN
VACANT
CAFE
BANK
BANK
PUBLIC
HOUSE
TOUR OP
OUTDOOR WEAR &
CAMPING GOODS
ESTATE AGENTNATURAL THERAPY
BEAUTY SALON
CONV STO
LADIES WEAR
PUBLICHO
USESEAFOOD
RESTAURANTOFFICE
OFFICE
OPTICIAN
VACANT
OFFICE
VACANT
SOLICITO
R
COFFEE SHOPBETTING
OFFICE
SPORTS GOODS
PAWNBROKER
BAR&
RESTAU
PRT&PHCPY
CARDS&
GIFTS
SUPERMARKET
SHOES
TELEPHONES
CONV STO
OFFICE
OFFICE
SPORTS GOODS
ITALIAN RESTAURANT
CAFE
HEALTHFO
OD
TELEPHONES
TELEPHONES
OUTDOOR WEAR &
CAMPING GOODSO
UTDOO
RW
EAR
&CAM
PING
GO
ODSLADIES
&
MENS
WEAR
COFFSH
TAKEAW
AY
PUBLIC HOUSE
CLOTHING
ALTERATIONS
JEWELLER
BAKER
JEWELLE
HEALTH & BEAUTY
BUILDING
SOCIETY
BANK
S/W
OFFICE
BOO
KSO
FFICE
OUTDO
OR
WEAR
OFFICE
BAR
AMERICAN REST
CONVENIENCE
STORE
EUROPEAN
RESTAURANT
OFFICE
ESTATEAG
ENT
SAL
E
COFFEE
SHOP
ACANTSO
LICITOR
27
19A
45
67
64
58 - 58A
60
31
37
72- 80
38 - 38A
76
30
39 - 43
48
37B
40 - 42
61
39- 41
47
64
43
5150 - 52
55 - 59 71
63
16
51
37
66 - 68
64
46- 48
68 - 70
51
35
35A
37
38
32
63
67
39
34
43
72
22 - 24
34- 36
32
47- 49
33
47
20
5355
31
55
21 - 25
54
30
52
35
19
60
37A
4957
14
40
40 - 42
14
47B
72 - 74
29
29
49
33
44
54 - 58
52
43- 45
41
54
4846
69 - 69A
51A
65
19 - 25
61A
94
79- 83
61A
25
47A
25A
49A
2
4157
27
39
73- 75
22
84- 86
61
20
35
8987
45
37
92
77
71
48
73 - 75
46
50
40
1
96
20
22
49
2715
- 19
27- 29
61 - 6555 - 57
100102
23- 25
91
84
54- 62
76
32
21- 23
52
28
80
70 - 71
63
34
65
2
3- 5
16 9- 1122
1
3
64
25
74 - 75
4
6
14
24
71
72 - 73
5
1
81
100
79
4
20
17- 19
8183
86
1
70
39
79
39A
2
3
85
18
5
6
B
THISTLE STREET SOUTH WEST LANE
HANOVER
STREET
ROSE S
SOUTH
THISTLE STREET
ROSE STREET NORTH LANE
ROSE STREET NORTH LANE
GEORGE STREET
H
ROSE STREET SOUTH LANE
REET NORTH LANE
THISTLE STREET
ROSE STREET
HANOVER
STREETROSE STREET
ROSE STREET NORTH LANE
THISTLE STREET NORTH WEST LANE
GEORGE STREET
FREDERICKSTREET
STREET NORTH LANE
QUEEN STRE
OVER &
&
UNDER
&UNDER
(2RETAIL
FLOO
RS)
CENTRAL RESERVATION
&&
SERVICEAREA
UNDER
UNDER
&
UNDER
&
UNDER
LOADING
UNDER&
UNDER
BHS
(2 RETAIL FLOORS)
UNDER
&
UNDER&
UNDER&
UNDER
&
RAMP
UNDER
&
UNDER
&
UNDER
(PEDESTRIANS ONLY EXCEPT
ACCESS 11.00PM - 10.30AM)
UND
HANOVER BUILDINGS
&
LOADING
BHS BASEMENT
&
CENTRAL RESERVATION
&
(3RETAIL
FLOO
RS)
(2 RETAIL FLOORS)
(2 RETAIL FLOORS)
(2RETAIL
FLOO
RS) &
&
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENT
GARAG
E
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENT
ENTRANCE
ENT
ENTRANCE
ENTRANCE
GARAG
E
ENTRANCE
ENTRANCE
ENTRANCE
DWELLING
ENTRANCE
ENTRANCE
ENT
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
ENTRANCE
TR
ENTRANCE
ENTRANCE
EXIT
ENTRANCE
ENTRANCEENTRANCE
ENT
ENTRANCE
ENTRANCE
ENTRANCE
ENT
ENTRANCE
ENTRANCE
ENTRANCE
ENT
DWELLING
S
ENTRANCE
CE
ENTR
ENT
51A
36
27
53
47A
43
5137
45A
44
32
50
63
45
67
66
37 18
56
47
39
4559
60A
47
53
7785
43
42
38
44
98
22
95
21
5957A
30
77
26
13
25
26
18
51
77
4
86
87A
JD
WETHERSPO
ON
(60) (ESTIMATED)
(50) (ESTIMATED)
KIEHL’SROX
JEWELLERS
ASSEMBLEY RO
OM
S
