The offices comprising 45 Grove Street are well located close to Haymarket and with easy access to both The West End, the financial hub around Exchange Square and the busy Lothian Road and Tollcross business hub. Grove Street is a predominantly residential location but has transformed itself in recent years to provide business, hotel and short term accommodation. Grove Street connects Fountainbridge with Morrison Street, Haymarket which forms a busy vehicular and footfall artery between the two busy locations.
Both Fountainbridge and Haymarket have large sites which are due for commercial re-development for leisure, office and retail use which will increase footfall through Grove Street.
45 Grove Street comprises of a ground and lower ground floor of a 4 storey purpose built property under a pitched roof circa 10 year old. There are several display windows onto Grove Street and others above the Western Approach Road. There is a range of short term apartments on the upper floors.
The ground floor comprises of a reception area with two offices whilst on the lower ground floor there is an extensive open plan flexible space which may be suitable for retail, office, leisure or with potential to convert into residential subject to the necessary approvals from City of Edinburgh Council. The lower ground floor was previously used as a retail showroom. A passenger lift connects the two floors as well as a staircase leading from the ground floor reception area down to the larger lower ground floor. There is also a full length terrace accessed from the lower ground floor.
The lower ground floor benefits from a raised floor and suspended ceiling with recessed down light fittings. Located on the lower level there are staff areas, kitchen/ tea preparation, ladies, gents and disabled toilet facilities located at one end leaving a large open plan sales area.
This offers an outstanding opportunity to further develop a business in a great location. The sales area is flexible which could be used for a plethora of uses such as office, retail space, art/ photo gallery; craft shop, a clinic or other ancillary uses.
The unit was formerly a children’s clothes retailer. Other occupiers in Grove Street comprise Fountain Court Apartments, HBOS, a hotel, licensed restaurant and offices as well as residential.
This is an extensive open plan flexible space with potential to convert into residential subject to the necessary approvals from City of Edinburgh Council. Enquirers should contact City of Edinburgh Planning Department to seek advice.
We are advised that 45 Grove Street is Class 2 Use (Financial Professional and other services).
According to our recent measurement survey the premises contain the following approximate net internal area:
Ground Floor 57.18 sq.m. ( 615 sq.ft.)
lower Ground Floor 348.67 sq.m. (3,753 sq.ft.)
Total 405.85 sq.m. (4,368 sq.ft.)
Our Clients are seeking offers around £550,000 to acquire the freehold interest in the property.
We are seeking a rent of £50,000 per annum
The property is being offered on a leasehold basis with a lease term of a minimum of 5 years on a Full, Repairing and Insuring basis incorporating rent reviews.
According to the Scottish Assessor’s website (www.saa.gov.uk) the property has a Rateable Value of £34,800. 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 available to interested parties.
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.
If this property is of interest and you would like further details, or want to arrange a viewing, please contact our property agent on the following details.