Description
Lease Disposal
Rent - £13,000 per Annum
Premium - £55,000
Location
The retail unit is located on South Clerk Street, which is in the popular Newington area of Edinburgh, just a mile or so south of the City Centre. South Clerk Street forms part of the main arterial road into Edinburgh from the south leading onto the Bridges and subsequently Princes Street. The surrounding area is densely populated with a large student population due to the various Edinburgh University Campus’. The premises are located adjacent to a pelican crossing and busy bus stops.
The property is situated in a parade of similar styled retail units with three storeys of residential properties located above. Other retailers close by include Sainsbury’s, the Co-op, a wide selection of local artisan retailers, delicatessens, bars, restaurants, cafes and services.
Description
This premise is class 3 licensed café/bistro/restaurant now with a late liquor licence in place in the Newington area. It has undergone renovations and is fully fitted. Internally, the café/bistro is well presented and looked after. Two spacious seating areas are featured at the front and back of the premises with an open kitchen in between. The premise has a lot of character with high ceilings and beautiful Victorian style cornice.
The cooking facilities are currently behind the bar like an open kitchen, there is scope to form a kitchen in the back room/seating area.
The property has extra storage in the basement which can be accessed from the adjacent common stair.
Alcohol serving hours are between 10am - 1am Sun – Thurs, 10am—2am Fri-Sat
Rent Price
Rent will be £13,000 per annum on full repairing and insuring terms, currently 18 years left on lease.
Premium
A Premium of £55,000 is sought for the leasehold, business, fixtures and fittings.
Rateable Value
According to the Scottish Assessor’s website (www.saa.gov.uk), the subjects have a rateable value of £11,600. The uniform business rate for the current year is £0.498 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.
Entry
Upon completion of a formal missive under Scots Law.
Legal Costs
Each party is responsible for their own legal and costs incurred in the preparation, negotiation and settlement of the documentation pertaining to the lease or sale including LBTT or VAT applicable.
Viewing and Further Information
By appointment through the sole letting agent, ime DJK Group Ltd.
EPC rating: E. Council tax band: X,