166 High Street comprises a 1st floor self-contained office, lying within a substantial mid terraced stone built tenement building, held under a pitched timber and slated roof. The property is accessed directly off the Royal Mile via a secure door and entry system.
The subjects are self-contained in nature providing front and back office rooms, together with 2 toilet cubicles, one containing a shower facility. Open plan tea preparation facilities are provided within the front office area. The property recently received a significant refurbishment, which includes; new toilets, shower and an integrated sound system.
The property is held within a residential stairwell, therefore are well suited to residential conversion (subject to planning).
( Agency Pilot Software ref: 53095 )
Location
The subjects are located in the heart of Edinburgh’s Old Town, More specifically on Edinburgh’s High Street or most commonly referred to as The Royal Mile. The Royal Mile is a bustling historical heritage centre containing many of Edinburgh’s main tourist attractions, bars and restaurants. During the Edinburgh Fringe Festival held in August almost every year, the Royal Mile is transformed into the epicentre for the World’s biggest Arts Festival with over 2.5 million tickets sold in 2023. 166 High Street is in the immediate vicinity of St Giles Cathedral, Tron Kirk and around a 5 minute walk (0.3 miles) from Edinburgh Castle, Scotland’s number one tourist attraction. Nearby occupiers include Starbucks, Filling Station, Bella Italia, Radisson Blu, Edinburgh Fringe Shop and Cafe Nero
Accommodation
64.5 sq m (694 sq ft)
Terms
LEASE TERMS Tenant: Aspect Reputation Management Limited (Registered Number 488283) Landlord: 166 TRM (Edinburgh) Limited Date of Entry: 1st of October 2023 Expiry: 1st of October 2028 Passing Rent: £24,000 on rent commencement date until 1st of October 2026. £26,000 thereafter until 1st of October 2028. Rent Review: N/A Break Option: 1st of October 2026 (Tenant only) Repairing: Full repairing and insuring lease (FRI)
PRICE Our client would consider offers in excess of £450,000 (VAT Exempt). The property is held in an SPV and therefore the preference is to sell the company with the benefit of the property.
RATEABLE VALUE According to the Scottish Assessors website, the subjects have a rateable value of £10,600. Therefore, any prospective tenant could benefit from 100% rates relief in line with the Small Business Bonus Scheme.
EPC Available upon request
VAT AND LEGAL COSTS The above price is exclusive of VAT which may be charged at the prevailing rate. Each party shall be responsible for their own legal costs incurred in this transaction
Specification
- Recently refurbished to a high standard
- Directly facing the Royal Mile
- Let until October 2028
- Offers over £450,000 (VAT Exempt)
- Net Initial Yield of 5.12% / Reversionary Yield of 5.54%