Clerk Street is in the Newington district of Edinburgh and is a continuation of South Clerk Street. Edinburgh’s historic Old Town and tourist attractions are less than 1 mile from here. The subjects are situated on the north side of the street opposite Montague Street.
The area is very popular with students and there is a cosmopolitan range of commercial occupiers including convenience store operators, bars, restaurants and cafes. The open spaces of The Meadows are close by as well as numerous other location attractions and amenities.
Public transport is widely available and there is plenty of on street metered car parking.
The subjects are configured over ground and basement and form part of a traditional Edinburgh tenement building.
A large glass frontage provides plenty of natural light into the main shop area and the high ceilings throughout add to the sense of space. To the rear of the premises are stairs leading to an extensive basement where there are three rooms suitable for a mixture of storage or staff accommodation. There is also a WC.
The property has recently been refurbished to a high standard and the basement has been fully tanked.
The shop benefits from class 3 restricted use.
According to our recent measurement survey the premises contain the following approximate net internal area:
97 sq m (1,044 sq ft)
RENT & PREMIUM
A rental of £20,000 per annum is sought for the subjects.
A premium of £20,000 is required to acquire a 10 year lease.
Some fixtures and fittings are available to purchase separately from the former tenant.
The subjects shall be let on the basis of a new full repairing and insuring (FRI) lease for a term to be negotiated 10 years or more.
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £8,300. The proposed Rateable Value effective from 1st April 2017 is £9,600. 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 .
A copy of the recommendation report is available on request.
Each party shall bear their own legal costs with the eventual tenant liable for any LBTT and Registration Dues.
Upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
By appointment through the sole letting agent, IME Property Ltd.