Shandwick PlaceEdinburgh EH2 4RG23BFOR

SALE

CITY CENTRE BAR & NIGHT CLUB INVESTMENT

PRIME CITY CENTRE LEISURE DESTINATION

POPULAR LOCAL OPERATOR

LET TO POLMEX EDINBURGH LTD TRADING AS PLEASE DON’T TELL (P.D.T.)

RECENTLY REFURBISHED RETRO THEMED VENUE

CURRENT PASSING RENT OF £35,000 PER ANNUM

LEASE EXPIRY 29 JANUARY 2030

OFFERS IN EXCESS OF £500,000

NET INITIAL YIELD OF 6.71% (ASSUMING PURCHASERS

COSTS OF 4.35%)

LAURISTON PLACE

EDINBURGH CASTLE

PRINCES STREET

HAYMARKET STATION

WAVERLEY STATION

LOTH

IAN

RO

AD

MANO

R PLACE

MELVILLE STREET

ROTHESAY PLACE

QUEENSFERRY ROAD

BELFORD

ROA

D

A90

A90

A90

PALMERSTO

N PLACE

A700

LAU

RISTO

N G

AR

DEN

S

SEMPLE ST

GR

OV

E STREET

BREAD STREET

GRASSMARKET

GILMORE PLACE

GILMORE PLACETARVIT STLOCHRIN PL

A70

2

GILMORE PARK

VIEWFO

RTH

MO

NTPELIER PA

RK

DORSET PLY

EAM

AN

PLAC

E

POLWARTH GDNS

LEAMINGTO

N TERRACE

GEORGE STREET

HA

NO

VER

STREET

THISTLE STREET

HO

WE

STRE

ET

GLO

UC

ESTER LN

DEAN P

ARK CRES

CENT

YOUNG ST CA

STLE ST

ALBYN PLACE

QUEEN STREETHERIOT ROW

A9

00

A8

A70

A8

W COATES

GARDE

NE

R’S C

RES

PLE

ASA

NC

E

CHAMBERS ST

CLERK

ST

BUCCLEUCH PL

MELVILLE DR

SYLV

AN

PL

SCIENNES RDHATTON PL

AR

GY

LE P

L

GRANGE RD

S CLER

K ST

MIN

TO ST

HO

LYRO

OD

PA

RK R

D

A70

W APPROACH ROAD

WARRENDER PARK TERRACEE PRESTON ST

DALKEITH RD

BU

CC

LEUC

H ST

NICO

LSON

ST

POTTER

RO

W

ABERCROMBY PLACE

DEA

N PATH

AT HOLL C

RE

S

CASTLE TERRACE JOHNSTON TERRACE

A1

A1

E MARKET STNO

RTH

BR

IDG

E

NE

W ST

THE ROYAL MILEMARKET ST

MORRISON STREET

LOCATION

Edinburgh is Scotland’s capital city. It is recognised as the administrative, judicial and financial centre of the country and is home to the Scottish Parliament.

The 2014 mid-year population estimate according to the National Records of Scotland was 492,680 people in the Local Authority Area. The larger city region has a population of 1,330,480 people by reference to statistics produced by the City of Edinburgh Council. The city’s population is expected to increase at more than three times the rate for Scotland as a whole. The population is now forecast to grow to 618,978 people in 2037. These statistics have been interpreted as evidence of Edinburgh’s vibrant economy.

Edinburgh’s population is comparatively young (61.6% is aged 44 or under which compares to 55.2% for Scotland). Unemployment is lower and economic activity higher than the respective national averages. In surveys Edinburgh regularly ranks as one of the UK’s top locations for quality of life. Home to 4 universities with more than 60,000 students and 26,000 employees; the University of Edinburgh is one of the UK’s top 5 research universities and is ranked 19th in the world (QS World Universities Ranking 2016/2017);

Edinburgh is the second most visited tourist location in the UK.

SITUATION

The subjects occupy a city centre location close to the intersection of three of Edinburgh’s busiest arterial streets of Princes Street, Queensferry Street and Shandwick Place as well as being in close proximity to Edinburgh’s Central Business District (The Exchange District). The property is well served by public transport being equidistant to both of Edinburgh’s major train stations, Haymarket and Edinburgh Waverley, and also benefits from a nearby tram stop on Shandwick Place (Princes Street West End).

The location is well served by a number of Edinburgh’s best known hotels. This includes the Waldorf Astoria, Caledonian Hotel

as well the The Rutland and the 269 bed Sheraton Grand Hotel and Spa. In addition, the 115 bedroom Cityroomz Hotel is situated immediately above the subject property. To the east lie Edinburgh’s prime retail thoroughfares, Princes Street and George Street.

The micro-location provides a cluster of well-established restaurants, bars and nightclubs that includes the Ghillie Dhu, The Huxley, ASK Italian, The Rat Pack, Ryan’s Bar, Angels Share Hotel & Bar, Whighams Wine Cellars and Edinburgh Gin Distillery to name a few.

223B, SHANDWICK PLACE, EDINBURGH

Please Don’t Tell

N

323B, SHANDWICK PLACE, EDINBURGH

DESCRIPTION

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 directly between the two retail units occupied by Optical Express and Coral.

Internally, the street level entrance leads down to a well configured open plan entrance/gaming space leading and on to a prominent corner bar area. Adjacent to the bar is a dance floor and DJ booth surrounded by seating. The premises benefits from male and female WC facilities as well as ancillary storage.

The property was substantially upgraded by the tenant in 2015 and has a capacity of approximately 177 people.

ACCOMMODATION

We understand the accommodation extends to a gross internal area of 2,037 sq ft.

GROUND FLOOR ENTRANCEBASEMENT

423B, SHANDWICK PLACE, EDINBURGH

TENURE

Outright ownership/heritable (Scottish equivalent of English freehold).

TENANCY

The subjects are leased to Polmex Edinburgh Ltd for a period of 15 years from 30 January 2015 expiring 29 January 2030 at a current passing rent of £35,000 per annum. The lease provides for upward only open market rent reviews on 30 January 2020 and 2025. The lease is subject to a schedule of condition.

TENANT COVENANT

Trading as Please Don’t Tell (P.D.T.). The subjects have been running since early 2015 and comprise a 80s/90s themed retro bar and night club especially popular with students and weekend crowds. Further information is available on their Facebook page.

More information on Polmex Edinburgh Ltd can be provided on request.

PRICE

We are instructed to seek offers in excess of £500,000 exclusive of VAT reflecting a net initial yield of 6.71% (assuming purchasers costs including LBTT of 4.35%).

VAT

We understand the property has been elected for VAT. It is anticipated the transaction could be treated by way of Transfer of Going Concern (TOGC).

EPC RATING

A new EPC has been instructed and a copy certificate and recommendation report will be made available on request.

VIEWING & FURTHER INFORMATION

Strictly by joint selling agents.

Ryden LLP

Nick Armstrong nick.armstrong@ryden.co.uk 0131 473 3223

Finlay Miller finlay.miller@ryden.co.uk 0131 473 3210

Shepherd Commercial

Ian Hannon ian.hannon@shepherd.co.uk 0131 225 1234

Steven Clarke steven.clarke@shepherd.co.uk 0131 225 1234

The Agents for themselves and for the vendors or lessors of this property whose agents they are give notice that: (1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of the Agents has any authority to make or give representation or warranty whatever in relation to this property. It should be noted that the CGI images contained within this brochure are for illustrative purposes only. They may not accurately reflect the planning consent achieved and should not be relied upon for bid analysis purposes. Date of Publication: November 2018.