Portobello is a well-known suburb of Edinburgh and is situated approximately 3 miles east of the city centre. The subjects are situated towards the west end of Portobello High Street, close to the junctions of Bridge Street and Pipe Street. It is only a short distance from here to Sir Harry Lauder Road which provides a direct link to the A1.
Following a recent spate of new and ongoing commercial and residential development, Portobello is becoming increasingly popular due to its mix of local, national and artisan retailers. Its proximity to the beach and the promenade make this a favourite destination all year round.
Further residential developments are anticipated for Portobello and the surrounding area. In excess of 2,500 new homes are planned with the majority only a short walk from the subject premises.
A mixture of restricted and unrestricted parking is nearby and there is a bus stop directly outside the property. The nearest train station is approximately 1 mile away at Brunstane.
The subjects form the ground and basement of a five-storey tenement building. Until very recently it has traded as Mike’s Tackle Shop but would now make a fabulous restaurant premises.
With the exception of six Corinthian style columns, an attractive feature, the ground floor is an extensive open plan space with a generous floor to ceiling height. Two large windows to the front flood the space with natural light.
It is capable of accommodating 60 or more covers depending on layout. The back shop area currently contains a WC and staff kitchen but would accommodate male and female toilet facilities for a restaurant.
Stairs to the rear of the ground floor lead to a usable basement area currently used for storage but also suitable for fitting the kitchen facilities.
According to our recent measurement survey the premises contain the following approximate gross internal areas:
Ground Floor: 204 sq m (2,196 sq ft)
Basement: 58 sq m (624 sq ft)
Total GIA: 261 sq m (2,280 sq ft)
Our client is seeking offers over £35,000 per annum for the leasehold interest in the property based on a restaurant use.
Alternatively, our client will consider selling their heritable interest in the property with offers over £350,000 sought.
The subjects are offered on the basis of a new full repairing and insuring (FRI) lease for a term to be agreed.
The subjects have previously traded as a Class 1 (Shop) but have recently been granted planning consent for Class 3 (Food and Drink) suitable for a restaurant. Interested parties should make their own enquiries with City of Edinburgh Council and refer to Application Number: 16/05756/FUL.
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £16,200. The uniform business rate for the current year is £0.484 pence in the pound.
Occupiers may be eligible for rates relief through the small business bonus scheme if the combined rateable value of all their business premises in Scotland is £35,000 or less.
The property is served by mains electricity and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is E.
A copy of the recommendation report is available on request.
Each party shall bear their own legal costs in the preparation of the lease with the eventual tenant liable for any Registration Dues or LBTT thereon.
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole letting agent, IME Property Ltd.