The subject premise is located in Comiston Road, Edinburgh in close proximity to South Morningside Primary School. The location constitutes a reasonably high footfall area throughout the day with commuters and local residents. The premise is located in a mainly residential area yet in a parade of similar styled retail, office and cafe premises on a main road close to Morningside. Comiston Road is a direct route in and out of town converging into Morningside Road, Brunstfield Place, Tollcross and then Lothian Road. Comiston Road also leads directly out of town towards Buckstone, Fairmilehead and The Edinburgh City Bypass. Other retailers in close proximity include Marie’s Delices, Pie Not and Henderson Wine.
We are instructed to dispose of the lease of a popular newsagent with the addition of a very profitable business with excellent trading figures. This is a well-established, busy and thriving business but still leaves opportunity for a new occupier to develop the business further to suit their tastes.
The subjects comprise a double fronted retail unit with a central recessed door on a busy route into Edinburgh. The premise is situated solely on the ground floor beneath a traditional Edinburgh tenement. Internally, the unit is split between a double front-shop open plan retail area and a back-shop storage and staff areas. Toilets are located within the rear of the property.
The front area is given over to retail, confectionery, stationery and newspaper sales whilst the rear has ample storage, tea prep are and private office to suit the current use. The unit is well fitted and is well laid to suit our clients’ needs but there is flexibility in the layout to create something unique to match the new occupiers if required.
The subjects benefit from a Class 1 Retail Consent.
The business is doing well and is in walk-in condition.
This is a thriving and well established confectionary, tobacconist and newsagent along with basic essential groceries business. The business is well known, is in a great location and has an enviable reputation built up over 11 years of trading. The business trades 7 days a week.
The turnover for the year ending June 2016 amounted to £473,292 with a gross profit of 32.2%. The turnover has been on an upward trend over the past few years. The overall business make up comprises confectionery, tobacco, stationers and newspapers including newspaper deliveries locally, there is a basic grocery stock, U.P.S parcel service access point and is also an agent for William Munro Dry Cleaners.
There is an array of sandwiches and snacks to service locals, tradesmen and is close to a school. There is also a well-used photocopying service. The business is very much a local business to service local needs and is therefore flexible in its approach.
Copies of certified accounts are available and can be made available to prospective buyers once they have viewed the business.
This offers an outstanding opportunity for a retailer to expand their existing business or for someone moving into business.
According to our recent measurement survey the premises contain the following approximate internal areas:
Gross Internal Area 115 sq m (1,238 sq ft)
Net Internal Area 91 sq m (980 sq ft)
Currently the property is held on a 15 lease with 4 years remaining of the lease.
The Landlord is willing to grant a new long-term lease at £15,000 per annum
Our client is seeking a goodwill value of £70,000 to include the goodwill of the business and inventory. A separate agreement regarding the stock will be agreed between parties at such times.
According to the Scottish Assessor’s website (www.saa.gov.uk) the property has a Rateable Value of £14,600. The uniform business rate for the current year is £0.466 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 properties are served by mains electricity and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is pending.
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 selling agent, IME Property Ltd.