FOR SALE George IV Bridge, Edinburgh LANDMARK BUILDING IN THE CENTRE OF EDINBURGH S OLD TOWN

Transcription

1 FOR SALE LANDMARK BUILDING IN THE CENTRE OF EDINBURGH S OLD TOWN RARE CLASS 3 INVESTMENT AND DEVELOPMENT OPPORTUNITY George IV Bridge, Edinburgh New FRI leases to The Elephant House Limited and Stonebeach Ltd t/a Patisserie Valerie Three vacant upper floors benefiting from street level access Available separately or as a whole

2 Edinburgh Castle Princes Street Royal College of Art Grassmarket Royal Mile National Library of Scotland Quartermile George IV Bridge National Museum of Scotland University of Edinburgh University of Edinburgh Festival Theatre

3 9 & & & Landmark Building In The Centre of Edinburgh s Old Town Location Edinburgh is the capital of Scotland and widely recognised as a key financial, political, administrative, legal and judicial centre within Europe. The city has a population in the order of 476,600 people and a broader city region population of approximately million (Scotland s census 2011). It is home to major financial institutions such as Scottish Widows Group Ltd, Standard Life plc and Tesco Personal Finance plc. Edinburgh has also been chosen by the UK Government as the location of the headquarters of the world s first Green Investment Bank and was recently awarded the Best Large European City of the Future and Best Large European City: Foreign Direct Investment Strategy by the Financial Times fdi Magazine. The Edinburgh city region also boasts a significant educational heritage and is home to four universities and three colleges including the historic University of Edinburgh. In 2011/12 the number of students enrolled in higher education was approximately 57,580 and in Edinburgh s colleges, 37,041 (Higher Education Statistics Agency and Scottish Funding Council). The subject property sits in close proximity to many of the University of Edinburgh s buildings such as the School of Law (Old College), South Bridge; the School of Architecture on Chambers Street, the School of Divinity (New College) on the Mound and a number of other facilities based around Bristo Square / George Square and Potterrow. Edinburgh is also a major tourist destination attracting 2.35million domestic and 1.34million overseas tourists in 2011 (VisitScotland). The subjects lie on the principle route between Scotland s two most popular visitor attractions. The National Museum of Scotland (the most popular visitor attraction in the UK outside London) and Edinburgh Castle, received 1.89million and 1.23million visitors respectively in 2011 (Moffat Centre Visitor Attraction Monitor 2012). The city is also a well established festival location and the subjects are ideally positioned for the Edinburgh Festival Fringe, an event which attracted some 2.38million attendees last year (City of Edinburgh Council, Edinburgh Festival Survey). Edinburgh benefits from excellent domestic and international transport links. The subjects are a short distance from Waverley Railway Station, Edinburgh s principal station and Edinburgh International Airport lies just 8 miles west of the city centre. O R C HA R D B RAE UE ENSFERRY RD ONTH AVE TH GROV E ATES HAYMARKET TERRACE N K AV E LEARMONTH G DNS S LE A RM ONTH GDNS LEARMONTH T LN CHESTER STREET Haymarket Station DWEL D E A N PA R K CR E SCE NT WEST MAITLAND ST COWGATE MORRISON ST QUEENSFERRY ST TORPHICHEN ST OACH ROAD MELVILLE ST GROVE ST SHANDWICK PL MORAY PLACE G LO U C E ST E R L A N E CHARLOTTE SQUARE LOT H I A N ROAD SEMPLE ST PON ST ST E P ALBYN PL C I R CU S L A N E H E R IOT ROW C A STLE ST CASTLE TERR BREAD ST ST VINCENT ST C U M GREAT KING ST HOWE ST N O RTH U M B E R L A N D ST Q UE E N ST R E E T FREDERICK ST G EO R G E STR E E T ROSE STR E E T Edinburgh Castle LADY LAWSON ST DUNDAS ST WEST PORT H A N OVE R ST HILL ST THISTLE ST THISTLE ST P R I NCE S STR E E T L A U R I STON P L ACE THE MOUND EDINBURGH SHERIFF COURT & CROWN OFFICE GOVERNMENT BUILDING GRASSMARKET ST ANDREW SQUARE GEORGE IV BRIDGE YO RK P L ACE Bus Station Waverley Station MARKET STREET HIGH STREET O UG H TO N ST ST JAMES CENTRE NORTH BRIDGE CHAMBERS STREET CHAMBERS STREET REVOLUTION BAR & 30 31A OFFICE R E E T NICOLSON STREET CALTON RD LO N D ON R D CALTON HILL PLEASANCE ST LEONNARDS CANONGATE REGENT RD HOLYROOD ROAD Situation The property sits on the west side of George IV Bridge, in the heart of Edinburgh s Old Town. George IV Bridge is an elevated street constructed between 1829 and 1832 and designed by the architect Thomas Hamilton. It is home to a number of significant buildings including the National Library of Scotland, Edinburgh Central Library and more recently the Missoni Hotel. The National Museum of Scotland is also located at the southern end of George IV Bridge on the corner of Chambers Street. George IV Bridge connects the Royal Mile, and in turn Edinburgh Castle, at its northern end with Lindsay Place to the south. Lindsay Place in turn leads up to the main Edinburgh University Campus at Bristo Square/George Square and to Quartermile. The subjects occupy a prominent position on the Bridge at the southern side of its crossing of Merchant Street below. The property thus benefits from unobstructed views to Edinburgh Castle and Greyfriars Kirkyard through the back of the building. Candlemaker Row and Merchant Street bound the property to the rear and side. In recent times, George IV Bridge has become an increasingly established restaurant and leisure destination with nearby occupiers including the Outsider Restaurant, The Villager Bar and Restaurant, Nando s and Vittoria s. PIZZAEXPRE Ryden LLP 30/4/ THE NATIONAL LIBRARY OF SCOTLAND DINGS 1-2 GEORGE IV BRIDGE COUNCIL OFFICES 1-7 YARD (FROM 10.00PM AM EXCEPT CYCLES) CENTRAL LIBRARY SNEAKY PETE`S NIGHTCLUB BASE MENS WEAR OPIUM NIGHTCLUB UNDER BAR KOHL UNCLE`S COFFEE & SANDWICH BAR 9 54 CHILDREN`S LIBRARY NATIONAL MUSIC & AUDIO LIBRARY COWGATEHEAD UNCLE`S PIZZA & KEBAB HOUSE VACANT TAKE AWAY VILLAGER BAR & REST 13 THE GLOBAL DELICATESSEN TOURIST ATTRACTION MEDITERRANEAN GATE ET BACKPACKERS HOTEL 15 THE OUTSIDER BRITISH FRENCH THE CELLAR DOOR T/A 48 NEWSAGENT PAPER RACK DROPKICK MURPHY`S 45 BAR VITTORIA ITALIAN PLACE OF WORSHIP PT CYCLES) UNDER VOID 19 DWELLINGS HANNAH ZAKARI JEWELLER ANALOGUE BOOKS THE ELEPHANT HOUSE BAR & MERCHANT STREET CAFFE LUCANO ITALIAN 25 PATISSERIE VALERIE NANDO`S PORTUGUESE FRANKENSTEIN PUBLIC HOUSE MACDONALD FRAMING POPIC FRM CAFE FLORENTINE 28 AVIZANDUM BOOKS BRIDGE EXPRESS NEWS STILL LIFE ANTIQUES VENUS FLYTRAP TATTOO PIZZAPARADISE CANDLEMAKER ROW TRANSEAL FICTION BOOKS 44 TANG`S ASIAN REST (2 RET FLRS) 42 JOYCE FORSYTH CLOTHING 40 OFFICE LINDSAY P 34 GREYFRIARS` BOBBY`S BAR GRE

4 Description The subjects form the lower ground, ground and 3 upper floors of George IV Bridge. Basement accommodation accessed from Merchant Street / Candlemaker Row is not included in the sale. The building is Category B Listed, of traditional sandstone construction with a pitched and slated roof and Jacobean detailing. It is estimated to have been constructed in & 25 George IV Bridge - Retail / Restaurant Units Ground and lower ground floor accommodation is divided into two separate demises. No 21 George IV Bridge on the north side of the building at ground floor level trades as The Elephant House and No 25 George IV Bridge on the southern side of the building at ground floor level trades as Patisserie Valerie. Both units have prominent glazed frontages onto George IV Bridge. Patisserie Valerie benefits from class 3 consent. The Elephant House benefits from coffee shop and hot food consent, it is also a licensed premiss. The Elephant House extends over ground floor only and encompasses an extension to the rear of the building which spreads across the width of the tenement providing window seating and views onto Edinburgh Castle. Patisserie Valerie comprises ground floor seating and sales area together with the entire lower ground floor of the property. This area is reserved for production and preparation. 23 George IV Bridge - Vacant Upper Floors Access to the upper floors is provided at street level between The Elephant House and Patisserie Valerie. This dedicated entrance leads to a common stairwell to first and second floors. The first floor comprises selfcontained former office accommodation with floor to ceiling windows onto George IV Bridge to the front and also views to Edinburgh Castle at the rear. At second floor level, the accommodation is divided in two with separate entrances accessed from the common stairwell. The accommodation is split through the centre of the building with access to the third floor provided by internal staircases. The accommodation is largely cellular in nature, unrefurbished and ready for redevelopment. Accommodation Address Tenant/Occupier Demise Net Internal Area (sq.ft) 21 George IV Bridge 23 George IV Bridge 25 George IV Bridge The Elephant House Ltd Vacant Stonebeach Ltd t/a Patisserie Valerie Net Internal Area (sq.m) Ground Floor 1, First: Second: Third Floor: TOTAL: Ground Floor: Lower Ground Floor: TOTAL: 1,510 1,377 1,322 4, ,314 2, First Floor Second Floor Third Floor Comments Total GIA (less common stair to 1st + 2nd Floors) approx sq m / 5,834 sq ft.

5 Tenure Rare Class 3 Investment and Development Opportunity Outright ownership/heritable (Scottish equivalent of English freehold). Tenancy Address Tenant Accommodation Lease Start Lease Expiry Options Current Passing Rent Rental Rate Rent Reviews Comments 21 George IV Bridge The Elephant House Ltd Ground Floor 28/2/ /2/2033 Tenant break 28/2/2023 (6 months prior written notice required). 65,000 pa psf (based on overall NIA) 5 yearly OMRV FRI terms. 23 George IV Bridge Vacant First, Second & Third Floors (Street Level Access) n/a n/a n/a n/a n/a n/a n/a 25 George IV Bridge Stonebeach Ltd t/a Patisserie Valerie Ground & Lower Ground 29/4/ /4/2028 Tenant break 29/4/2023 (6 months prior written notice required). 45,000 pa psf (based on NIA and applying 50% discount to LG) 5 yearly OMRV FRI terms. Tenant Covenant The Elephant House opened in 1995 and has since become a well established and renowned Gourmet Tea & Coffee House and Restaurant. Made famous for its association with Scottish writers such as Ian Rankin, Alexander McCall Smith and J K Rowling, the venue claims to be the birthplace of Harry Potter. The Elephant House Ltd have a Creditsafe rating of 78 out of 100 for their latest accounts filed in September Patisserie Valerie (Stonebeach Ltd) The first Patisserie Valerie was opened on Frith Street in Soho, London in 1926 by Madam Valerie with the aim of introducing fine continental patisserie to the British. The company was acquired by Risk Capital Partners in 2006 and has been steadily expanding since increasing it s estate by over 50% in the last two years and now trading from over 100 stores. Stonebeach Ltd (trading as Patisserie Valerie) have a Creditsafe rating of 91 out of 100 for their latest accounts filed in September Over the year they reported a turnover in excess of 49M and a net worth of over 14M.

6 Planning The upper floors were previously in office use and may be considered for alternative uses. Interested parties are invited to make their own enquiries with the City of Edinburgh Planning Department. Proposal We are instructed to invite offers for the whole property. Our client will also consider offers for the retail / restaurant investment and the upper floors separately. VAT We understand the property has been elected for VAT. We therefore anticipate VAT will be payable on the purchase price. EPC Ratings 21 George IV Bridge: G 23 George IV Bridge: G 25 George IV Bridge: F Viewing and Further Information Strictly by appointment with sole selling agents, Ryden LLP. Selling Agents: Nick Armstrong nick.armstrong@ryden.co.uk Tel: Ford Swanson ford.swanson@ryden.co.uk Tel: Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for 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 intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property. June 2013.