Edinburgh - NovaLoca

GVA James Barr
Prime High Street
Retail Investment
139 & 139a
Princes Street,
Edinburgh EH2 4BL
gva.co.uk/8930
gva.co.uk/8930
Investment Summary
• Prime city centre retail investment.
• Princes Street is Edinburgh’s prime retailing thoroughfare with exceptional public transport links.
• Category A listed building comprising 2 retail units.
• Let to Matchurban and The Edinburgh Woollen Mill on leases expiring on the 30th July 2020 and 31st January 2018 respectively.
• Dun & Bradstreet Ratings of 2A1 (Matchurban) and 5A1 (Edinburgh Woollen Mill).
• Current total annual rent of £320,750.
• Offers in excess of £4,171,000, a purchase at this level would reflect a net initial yield of 7.25% assuming LBTT.
139 & 139a Princes Street, Edinburgh EH2 4BL
gva.co.uk/8930
Location
Edinburgh is Scotland’s capital city, it has a population of
approximately 490,000 people, predicted to increase to
600,000 people by 2033 with a regional catchment of 1.6
million.
The city is recognised for its strength in banking, investment
management and asset services and is home to financial
institutions such as Scottish Widows, Standard Life Investments,
Royal Bank of Scotland, Bank of Scotland, Virgin Money and
Tesco Bank.
The city also has a strong educational heritage, boasting 4
universities.
139 &
139a
Edinburgh
Castle
Edinburgh is a global tourist destination and is the second most
visited city in the UK after London, attracting 4 million tourists per
year.
Edinburgh benefits from a world class transport infrastructure.
Edinburgh Airport serves over 10 million passengers per year
with over 40 airlines offering travellers links to more than 100
worldwide destinations. The city has 2 main railway stations,
Waverley and Haymarket, which provide connections to all
the major UK cities and the new tram system provides a direct
connection between Edinburgh Airport and York Place via
Princes Street.
Edinburgh also benefits from excellent road communications
with the M8 and M9 providing access to the west, the M90 from
the north and the A1/A7 from the south/south-east.
Situation
The property occupies a prime location at the west end of
Princes Street looking directly on to Edinburgh Castle. The
property is located in a strong retailing location with surrounding
occupiers such as House of Fraser, Royal Bank of Scotland,
Tesco, McDonald’s, O2 and Santander. Princes Street is
Edinburgh’s prime retailing thoroughfare with exceptional public
transport links including numerous bus and tram stops very close
to the property and both railway stations within short walking
distance.
139 & 139a Princes Street, Edinburgh EH2 4BL
gva.co.uk/8930
7
6
Frederick Street
8
Hanover Street
George Street
Castle Street
9
Princes Street
5
2
4
139 &
139a
1
1 West End
Shandwick Place
2 Charlotte Square
3 Exchange District
4 Princes Street Gardens
Lothian Road
3
5 Edinburgh Castle
6 St Andrew Square
7 St James Shopping Centre
8 Waverley Station
9 Royal Mile
139 & 139a Princes Street, Edinburgh EH2 4BL
gva.co.uk/8930
139 & 139a Princes Street, Edinburgh EH2 4BL
gva.co.uk/8930
Accommodation
139 Princes Street – Matchurban
Floor
139a Princes Street – The Edinburgh Woollen Mill Ltd
sq ft
sq m
Basement
1,690
157.01
Ground
Floor
sq ft
sq m
Basement
1,605
149.11
Ground
1,873
173.96
322
29.91
352.98
1,883
174.97
First Rear
860
79.87
Mezzanine
Second Rear
717
66.60
Total
3,799
Third Rear
725
67.36
ITZA
1120
Total
5,875
545.80
ITZA
1128
Tenancy
Description
The property comprises 2 Grade A Listed, period sandstone
buildings constructed over basement, ground and 3 upper
floors under slate covered pitched roofs. One building fronts
Princes Street and the other Hope Street Lane. The buildings are
connected front to back at ground floor and basement levels
thus providing 2 retail units with barrel vaulted roofs at ground floor.
The upper floors are constructed in 2 sections. The front section
overlooking Princes Street (in separate ownership) is accessed
through an entrance to the left of the subject property. The rear
section is accessed through the retail unit at 139 Princes Street
and via Hope Street Lane.
No. 139 Princes Street benefits from a Sui Generis planning
consent (amusement arcade – currently operating under a
temporary Class 1 Retail consent which was renewed by City of
Edinburgh Council for a further 5 years in July 2014) whilst 139a
benefits from a Class 1 Retail consent.
Unit
Tenant
Floor
Area (sq ft)
Passing Rent
(£pa)
Passing Rent
(£psf)
Lease Start
Lease Expiry
139
Matchurban
Ground, Basement
and Rear Uppers
1,128 sq ft
ITZA
£175,750
£155.81 sq ft
ITZA
31/07/2005
30/07/2020
139a
The Edinburgh
Woollen Mill Ltd
Ground & Basement
1,120 sq ft
ITZA
£145,000
£129.46 sq ft
ITZA
01/02/2008
31/01/2018
Total
£320,750
Tenant Covenants
Matchurban
D&B Rating – 2A1
Representing a minimum risk of business failure
Year
Turnover
31 October 2013
(000’s)
31 October 2012
(000’s)
The Edinburgh Woollen Mill Limited
D&B Rating – 5A1
Representing a minimum risk of business failure
Year
1 March 2014
(000’s)
1 March 2013
(000’s)
168,462
169,713
26,219
23,130
–
4,613
Turnover
(19)
2,645
Pre- Tax Profit/(Loss)
Net Worth
2,095
2,114
Net Worth
105,227
187,301
Net Current Assets
2,095
2,114
Net Current Assets
105,709
188,661
Pre- Tax Profit/(Loss)
Matchurban is a wholly owned subsidiary of the Noble Gaming and Amusement Organisation.
The Edinburgh Woollen Mill (Group) Ltd is now the holding company for three core brands:
Edinburgh Woollen Mill, Jane Norman & Peacocks. The group owns 314 stores in the UK,
comprising 192 Edinburgh Woolen Mill Stores.
139 & 139a Princes Street, Edinburgh EH2 4BL
gva.co.uk/8930
Tenure
Heritable Interest.
EPC
EPC ratings are provided below. Copies of the EPC certificates
can be provided on request.
Property
EPC Rating
139 Princes Street
G
139a Princes Street
G
VAT
The property has been elected for VAT and therefore VAT will
be payable on the purchase price, however, it is anticipated
that the sale will be treated as a Transfer Of a Going Concern
(TOGC).
Proposal
We are instructed to seek offers in excess of £4,171,000
subject to contract and exclusive of VAT. A purchase at this level
would reflect an attractive net initial yield of 7.25% assuming
standard purchaser’s costs and LBTT at the prevailing rate
(approx. 6.07%).
139 & 139a Princes Street, Edinburgh EH2 4BL
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Published by Bilfinger GVA.
65 Gresham Street, London EC2V 7NQ.
©2015 Copyright Bilfinger GVA.
Bilfinger GVA is the trading name of
GVA Grimley Limited and is a principal
shareholder of GVA Worldwide Limited,
an independent partnership of property
advisers operating globally. Bilfinger GVA
is a Bilfinger Real Estate company.
Further information
Viewing is by appointment only.
For further information regarding
this opportunity please contact.
Jamie Thain
jamie.thain@gvajb.co.uk
0131 469 6011
07798 647 620
Disclaimer Notice: The accuracy of any description, dimensions, references to condition, necessary permissions for the use and occupation and other details contained herein is
not guaranteed and is for general guidance only. Prospective purchasers or tenants must not rely on them as statements of fact and must satisfy themselves as to their accuracy.
Neither GVA James Barr nor any of their employees, nor their joint Agents has any authority to make or give representation or warranty or enter into any contract whatever in relation
to the property. Rents or Prices quoted in these particulars may be subject to VAT in addition. The information provided is presumed to be correct at the time of print – June 2015.
0131 255 8000
gva.co.uk/8930
10429
Will Sandwell
will.sandwell@gvajb.co.uk
0131 469 6016
07801 266 373