11 Jeffrey Street

Old Town, Edinburgh, EH1

Description

*** CLOSING DATE NOW SET FOR WEDNESDAY 18th SEPTEMBER ***

11 JEFFREY STREET, EDINBURGH EH1 1DR

LEASE DISPOSAL

Very busy location near the corner adjoining the Royal Mile
Surrounded by prosperous businesses
Close to Waverley Train Station
Benefitting from high levels of footfall
Directly opposite the New Edinburgh Gin distillery site

LOCATION

The subjects are ideally located in the popular Jeffrey Street in between the Waverley Train Station and The Royal Mile, which is Edinburgh's most famous street and tourist destination.
This area is known for its historical past with Edinburgh Castle at the top and Holyrood Palace at the foot along with the Kings Park.

Jeffrey Street provides excellent transport links, with regular bus services connecting the area. The Tram is at Princes Street and Waverley train Station is at the bottom of Jeffrey Street where it joins to Market Street.

The new Edinburgh Gin building https://www.edinburghgin.com/the-arches is going to be directly opposite the unit and the Edinburgh Council headquarters and UK Queen Elizabeth House offices with an accumulation of 10,000 employees are just a short walk away.

DESCRIPTION

The property comprises of a ground floor and basement retail unit situated within a traditional tenement building. With a generous frontage with two display windows flanking a recessed door, the property offers excellent visibility and the opportunity for effective product showcasing with adequate sign space and elegant exterior décor.

Internally, the unit has an open-plan welcoming front shop area with a small reception counter to the rear and some window seating in the right-hand side window. To the rear right of the front shop there is a small room with a sink. The back shop is entered from a doorway on the left that could possibly be opened up to provide a larger open plan area, recently used as a private treatment room.

The basement is accessed from a timber staircase, there are two rooms towards the front and another treatment room and a WC to the rear both with windows, there is an additional large storage cupboard/tanning room also.

ACCOMMODATION

Based on our recent measurement survey, the property offers the following approximate net internal area:

Ground Floor: 50 sq. m (538 sq. ft)
Basement: 42 sq. m (452 sq. ft)

Total: 92 sq. m (990 sq.ft)

RENT & LEASE DETAILS

The sitting rent is £14,000 per annum on Full Repairing and Insuring (FRI) terms a ten year lease term is available.

PREMIUM

A premium of offers over £70,000 is sought for the leasehold.

VAT

No VAT.

SERVICES

The property is connected to mains electricity, and water

ENERGY PERFORMANCE RATING

The Energy Performance Certificate (EPC) rating is currently pending

RATEABLE VALUE

According to the Scottish Assessor's website (www.saa.gov.uk) the subjects have a Rateable Value of £12,700. The threshold for full rates relief under the Small Business Bonus Scheme has changed for the financial year 2024/25. For properties with a RV between £12,001 and £15,000 the award is now 25%. The uniform business rate for the current year is £0.498 pence in the pound.

LEGAL COSTS

Each party will be responsible for their own legal costs incurred in the preparation, negotiation, and completion of the lease documentation, including any applicable LBTT or VAT. Assignor and Assignee will be responsible to cover the landlords costs 50/50.

ENTRY

Access to the property will be granted upon completion of a formal missive under Scots Law.

VIEWING AND FURTHER INFORMATION

To arrange a viewing or for further information, please contact the sole letting agent, Ime DJK Group Ltd.

Please note that all information provided is subject to contract and availability.

EPC rating: Unknown. Council tax band: X,