14-17 ATHOLL CRESCENT

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1 FOR SALE ATHOLL CRESCENT EDINBURGH EH3 8HA

2 ATHOLL CRESCENT EDINBURGH EH3 8HA Investment Summary Outstanding townhouse office investment with connected mews building Outstanding category A listed townhouse office investment with connected mews building Superb city centre location Significant underlying vacant possession value NIA of c. 30,753 sq ft 22 unrestricted and 5 restricted car spaces FRI lease to Brodies LLP expiring 10 November 2019 Scottish Law Firm of the Year for the last six years Creditsafe rating of 98/100 Very Low Risk Current passing rent of 580,000 pa rising to 615,000 pa on 11 November 2018 Offers over 8.5m (exclusive of VAT) Net initial yield of 6.43% rising to 6.81% (based on purchasers costs of 6.19%) Capital rate of approximately per sq ft exclusive of car parking.

3 FOR SALE 02 Location Superb city centre location Edinburgh is Scotland s capital city and its principal financial and administrative centre housing both the Scottish Parliament and the Scottish Government. It is recognised as a globally important business centre and is the UK s second largest and Europe s fourth largest financial centre by equity assets under management. The city has a population of 487,500 increasing to 1.3million within the Lothians, Fife and Scottish Borders catchment area. It is the most prosperous regional city in the UK and its workforce is one of the most highly educated ATHOLL CRESCENT EDINBURGH EH3 8HA Edinburgh is consistently ranked as one of the UK s most competitive large cities based on factors such as skills, productivity and qualifications. These factors have led to Edinburgh being voted the UK s best city for the 2nd year running by The Telegraph. There are 8 universities and further education colleges in Edinburgh with almost 80,000 students in the city. In the past 5 years more than 80 spin out companies have come from The University of Edinburgh, 95% of which are still active. Edinburgh is the most visited tourist and commercial destination in the UK after London with an exceptional transport and communications network connecting it both internationally and with other cities throughout the UK HOWE ST SCOTTISH NATIONAL PORTRAIT GALLERY A90 A90 DEA N PATH A90 GLOUCESTER LN GEORGE ST THISTLE ST ALBYN PLACE QUEEN STREET CASTLE ST YOUNG ST HILL ST HANOVER ST A900 Waverley Station A1 BELFORD RD DRUMSHEUGH GARDENS MELVILLE ST PRINCES STREET Edinburgh Castle SCOTTISH NATIONAL GALLERY MARKET ST NORTH BRIDGE Haymarket Station PALMERSTON PL A8 MANOR PL A8 ATHOLL CRES EICC B700 LOTHIAN ROAD SEMPLE ST KING S STABLES RD CASTLE TERR LYCEUM THEATRE BREAD STREET JOHNSTON TERR GRASS MARKET GEORGE IV BRIDGE NATIONAL MUSEUM OF SCOTLAND GEORGE HERIOT'S SCHOOL CHAMBER ST FESTIVAL THEATRE POTTERROW NICOLSON ST LAURISTON PL George Square

4 ATHOLL CRESCENT EDINBURGH EH3 8HA Situation Aerial View The stunning Category A listed Atholl Crescent in the West End of Edinburgh city centre The subjects are situated on the stunning Category A listed Atholl Crescent in the West End of Edinburgh city centre, an area of predominantly high quality commercial and residential use. Atholl Crescent forms part of the principal approach to the city centre from the west and is ideally placed in terms of connectivity to the local transport system with a tram stop situated directly opposite and bus stops on Atholl Place and Shandwick Place. Haymarket Station is an 8 minute walk to the west and Waverley Station a 19 minute walk to the east. The area is well catered for in terms of local amenities with numerous shops, bars and restaurants based around Queensferry Street, William Street and Stafford Street, known as The West End Village with more national operators based along the main arterial route of Shandwick Place and continuing along to the primary retail thoroughfares of Princes Street and George Street. Tram Stop The Exchange Business District is a short distance to the south with easy access provided by a pedestrian walkway linking Rutland Square and Exchange Crescent Indicative title plan

5 FOR SALE Edinburgh St James 2. George Street 3. Queensferry Street 4. Melville Street 5. The Balmoral 6. Waverley Station 7. Princes Street 8. The Caledonian - Waldorf Astoria 9. Shandwick Place 10. The Royal Mile 11. Edinburgh Castle 12. Standard Life HQ ATHOLL CRESCENT EDINBURGH EH3 8HA 13. Rutland Square 14. Usher Hall 15. The Exchange District 16. Exchange Crescent 17. The Sheraton Grand Hotel 18. Lothian Road 19. The University of Edinburgh 20. Quartermile 21. Edinburgh International Conference Centre 22. Port Hamilton Scottish Widows

6 ATHOLL CRESCENT EDINBURGH EH3 8HA Description The property comprises three distinct interconnected office premises fully occupied by Brodies LLP. The accommodation is arranged in an H-shaped plan and consists of four Thomas Bonnar designed Georgian townhouses dating from 1825 to the Atholl Crescent elevation, a mews building facing Atholl Crescent Lane and a link building between the two, both of which were constructed in The four inter-connected townhouses are of traditional sandstone construction with pitched and slated roofs and provide accommodation over basement, ground and three upper floors. The buildings provide traditional cellular space retaining a number of impressive period features. Two 8-person lifts are situated within No 15 which also provides the main pedestrian access and reception to the property. Thomas Bonnar designed Georgian townhouses dating from 1825

7 FOR SALE 06 Containing a number of impressive period features The mews building facing Atholl Crescent Lane provides accommodation over ground and two upper floors and is of blockwork construction with a reinforced concrete frame to first floor level and steel frame to second floor level. The space is largely open plan in nature albeit much of it has been sub-divided using demountable partitions. Two pends are positioned at either end of the mews building providing access to and egress from a rear car park. The link building provides access between the Georgian townhouse and the mews, at ground and first floor levels. It is constructed using a reinforced concrete frame and is supported by six reinforced concrete stilts, exposed externally at basement level. The building is clad in a prefinished aluminium curtain walling system at ground and first floor levels. Internally the link building is open plan but has again been sub-divided by demountable partitioning to provide smaller office suites and meeting rooms. In total the property benefits from 22 clear car parking spaces and an additional 5 restricted spaces.

8 ATHOLL CRESCENT EDINBURGH EH3 8HA Accommodation The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and we estimate the net internal area of the accommodation to be approximately as follows: Atholl Crescent Link Building Atholl Crescent Lane Lower Ground 3,124 sqft Ground Floor 654 sqft Ground Floor 2,902 sqft Lower Ancillary 387 sqft First Floor 839 sqft First Floor 3,862 sqft Ground Floor 3,498 sqft Second Floor 3,409 sqft First Floor 4,080 sqft First Floor Kitchen Second Floor Third Floor 134 sqft 4,047 sqft 3,817 sqft Sub-Total 19,087 sqft Sub-Total 1,493 sqft Sub-Total 10,173 sqft Total 30,753 sqft Basement Ground Floor Ground Floor - Link and Mews Buildings First Floor

9 FOR SALE 08 Energy Performance Certificate A copy of the Energy Performance Certificate and Action Plan can be provided upon request. Tenure Outright ownership (Scottish equivalent of English freehold). First Floor - Link and Mews Buildings Second Floor Second Floor - Mews building Third Floor

10 ATHOLL CRESCENT EDINBURGH EH3 8HA Tenancy The subjects are let on full repairing and insuring terms to Brodies LLP expiring 10 November 2019 at a current passing rent of 580,000 per annum. The rent is subject to a fixed increase on 11 November 2018 to 615,000 per annum. Brodies have been in occupation of the building for in excess of 30 years. Tenant Covenant Brodies LLP is Scotland s largest law firm, with offices in Aberdeen, Edinburgh, Glasgow and Brussels. The firm offers legal advice to private and public sector clients through its core service areas including mergers & acquisitions, business disputes, commercial property, banking & financial services, employment, pensions & benefits and trust & tax. Its clients include large corporates, small and medium sized enterprises, entrepreneurs, business people and individuals from all backgrounds who are active in almost every sector of the Scottish economy. The firm currently employs over 600 people, including 93 partners. In 2017 Brodies was named Scotland Law Firm of the Year at the Who s Who Legal Awards for the sixth consecutive time and UK National/Regional Law Firm of the Year at the Legal Business Awards, the second time it has won the award in the last three years. In its latest published accounts to 30 April 2016 Brodies reported turnover of M (12.4% increase from the previous year), pre-tax profit before partner distributions of M (14.2% increase from the previous year), and a net worth of M (12.5% increase from the previous year). Brodies LLP has a Creditsafe rating of 98 out of 100 indicating Very Low Risk. Proposal We are instructed to seek offers in excess of 8.5M exclusive of VAT. A purchase at this level would reflect a net initial yield of c.6.43% rising to 6.81% in November 2018 (based on purchasers costs including LBTT of 6.19%). Attributing a value of 25,000 per unrestricted car parking space and 12,500 per restricted space, this represents a capital rate in the order of per sqft. VAT The subjects are elected for VAT and accordingly VAT will be payable on the purchase price. It is anticipated the sale can be treated by way of a Transfer of a Going Concern (TOGC).

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12 14-17 ATHOLL CRESCENT EDINBURGH EH3 8HA Viewing and Further Information Please contact the sole selling agents: Ryden LLP 7 Exchange Crescent Conference Square Edinburgh EH3 8AN Nick Armstrong nick.armstrong@ryden.co.uk Tel: Ford Swanson ford.swanson@ryden.co.uk Tel: Ryden for themselves and for the vendors or lessors of this property whose agents they are give notice that: (I) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of an offer or contract; (II) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (III) no person in the employment of Ryden have any authority to make or give any representation or warranty whatsoever in relation to this property. Date of preparation of details: May 2017.