Description
107-109 MORRISON STREET, EDINBURGH EH3 8BX
LEASE DISPOSAL/BUSINESS SALE
· Very busy location opposite Edinburgh International Conference Centre
· Surrounded by many other businesses looking for coffee/lunch
· Close to Haymarket Train Station
· Benefitting from high levels of footfall
· Hours of opening 7:30am – 2pm, 5 days a week currently
· 2-year lease remaining with guaranteed extension of lease for a further 10 years from landlord
LOCATION
The business is ideally located in the popular Morrison Street in between the Haymarket and Tollcross areas of Edinburgh near Lothian Road and Semple Street.
This area is known for its vast amount of offices which is a good place to have a coffee shop/eatery with workers passing by for breakfast, lunch and snacks.
Morrison Street provides excellent transport links, with regular bus services connecting the area to the city centre and surrounding areas. The Tram is at the bottom of the street at Haymarket as well as Haymarket train Station.
DESCRIPTION
The property comprises of a ground floor retail unit situated within a traditional tenement building. With a generous frontage with two nice picture windows, the property offers excellent visibility and the opportunity for effective product showcasing with adequate sign space and minimal exterior décor.
Internally, the unit has an open-plan welcoming front shop area with service counter to the rear and some window seating upon entry from the left side entrance. Behind the counter is the coffee and food preparation areas, all fully fitted to suit the business.
The right-hand side of the unit has more seating to the front and a handy storage/staff area with staff WC to the rear.
THE BUSINESS
‘Wee Coffee Bar” as mentioned is ideally located. The current owner is retiring after running the shop for 6-7 years. All the equipment is bought and paid for and up to date (fairly new).
This is an excellent opportunity for a good operator to move straight in and get going from the off.
All the similar shops in the area do well and there is scope to push this business further.
Accounts can be discussed and shared with proper interested parties after viewing.
ACCOMMODATION
Based on our recent measurement survey, the property offers the following approximate net internal area:
Ground Floor: 50 sq. m (538 sq. ft)
RENT & LEASE DETAILS
The sitting rent is £11,400 per annum on Full Repairing and Insuring (FRI) terms with 4 years remaining. We are looking for a good covenant with a good business acumen and the landlord will consider extending the lease.
PREMIUM
A premium of £44,000 is sought for the leasehold, business and fixtures and fittings.
VAT
No VAT.
SERVICES
The property is connected to mains electricity, and water
ENERGY PERFORMANCE RATING
The Energy Performance Certificate (EPC) rating is currently G,
This can be viewed on the EPC register Scotland website.
RATEABLE VALUE
According to the Scottish Assessors website https://www.saa.gov.uk/ the property has a Rateable Value of £11,700. The uniform business rate for the current year is £0.49 pence in the pound (as of April 2023).
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.
LEGAL COSTS
Each party will be responsible for their own legal costs incurred in the preparation, negotiation, and completion of the lease documentation, including any applicable LBTT or VAT. Assignor and Assignee will be responsible to cover the landlords costs 50/50.
ENTRY
Access to the property will be granted upon completion of a formal missive under Scots Law.
VIEWING AND FURTHER INFORMATION
To arrange a viewing or for further information, please contact the sole letting agent, Ime DJK Group Ltd.
Please note that all information provided is subject to contract and availability.
EPC rating: G. Council tax band: X,