FOR SALE - TWO PRIME WEST END TOWNHOUSES WITH REDEVELOPMENT POTENTIAL 40-42 MELVILLE STREET EDINBURGH, EH3 7HA www.rettie.co.uk/developments/melvillestreet
SUMMARY Prime West End townhouses with outstanding redevelopment potential Superb location in the heart of the city Grade A listed Gross Internal Area (GIA) of approximately 1,152.98 Sq M (12,411 Sq Ft) Most recently occupied by Artemis Investment Management LLP Full vacant possession estimated at the end of April 2019 8 private parking spaces to the rear Available as a whole or in two separate lots 2 www.rettie.co.uk/developments/melvillestreet
LOCATION Edinburgh Edinburgh is the capital city of Scotland and a political, financial, administrative and legal centre (it is the second largest financial centre in the UK after London). It is home to both the Scottish Parliament and the Scottish Government. The population of Edinburgh is approx. 500,000 while the population of the wider Edinburgh City Region stands at approx. 1.3m. (National Records of Scotland, 2014). Edinburgh offers a good quality of life with culture, heritage, open spaces, eight universities and colleges and first class schools. It also has an extensive integrated public transport system including the tram system which runs from Edinburgh City Centre to Edinburgh International Airport. The airport was the busiest in Scotland in 2016 with 12.4 million passengers passing through. The city is consistently ranked as one of the UK s most competitive large cities based on factors such as skills, productivity and qualifications. This has led to Edinburgh being voted the UK s best city for the 3rd year running by The Telegraph in 2016. Melville Street is positioned in one of Edinburgh s most desirable residential areas in the heart of the West End, neighbouring the New Town, Haymarket and Dean Village. It is located within the New Town Conservation Area and the UNESCO World Heritage Site. The street is a prime example of Georgian architecture (Robert Brown - 1814) and within easy walking distance of George Street, Princes Street, Charlotte Square and Lothian Road; the commercial heart of the city. The location is convenient for both Waverley and Haymarket train stations, which provide regular services to Glasgow (approx. 45-minute journey), the Central Belt and the rest of the country. The area benefits from good arterial road links allowing easy access out of the city to Edinburgh International Airport and the surrounding motorway networks. The tram network provides also an efficient service to the airport from Princes Street and Atholl Crescent. In addition, there is an excellent bus service covering the whole city, with the nearest bus stop located on Melville Street itself. Nearby cultural facilities include the Usher Hall, Royal Lyceum Theatre, numerous art galleries, many restaurants, and the riverside walkway along the banks of the Water of Leith. The Galleries of Modern Art, Inverleith Park and the Royal Botanic Gardens are also within easy reach. www.rettie.co.uk/developments/melvillestreet 3
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DESCRIPTION No s 40-42 Melville Street comprise two adjoining Grade A listed stone built townhouses. The properties form a prime redevelopment opportunity which may include residential, senior assisted living, hotel and serviced apartments, subject to necessary planning consents. We have been advised that full vacant possession is expected at the end of April 2019. Collectively, the properties extend to approximately 1,152.98 Sq M (12,411 Sq Ft) - Gross Internal Area. Most recently, 40-42 Melville Street provided office accommodation for Artemis Investment Management LLP. The properties benefit from 8 private parking spaces to the rear which are accessed via William Street North East Lane. Internally, the townhouses contain original period cornicing, wooden floors and fireplaces. Any future redevelopment proposal for the townhouses will require a change of use consent issued by The City of Edinburgh Council. We are not aware of any current or historic planning applications relating to 40-42 Melville Street. Given the nature of the neighbouring area, it is our belief that the Planning Department should be generally supportive of a future change of use into residential or similar use, including hotel, assisted living or serviced apartments. However, please note that interested parties should make their own enquiries with the City of Edinburgh Council Planning Department which can be reached on 0131 529 3550. An information pack containing the following information is available on the website: Measured Floor Plans EPC www.rettie.co.uk/developments/melvillestreet www.rettie.co.uk/developments/melvillestreet 5
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EDINBURGH OFFICE MARKET COMMENTARY In their current form the buildings offer office accommodation of quality with a high level of on street prominence. The Edinburgh office market has performed particularly strongly with key highlights including: Take up H1 2018 occupier take up* - 485,120 sq ft 2017 full year occupier take up* - 1,023,000 sq ft (best year in over 15 years) 2016 full year occupier take up* - 777,000 sq ft Five year annual average - 895,400 sq ft 10 year annual average - 785,500 sq ft Take up commentary 83% of occupier take up in 2017 was in the city centre Above reflective of wider trends towards mixed use, urbanisation and requirement to be close to city centre amenity and transportation links H1 2018 average city centre deal size - 5,111 sq ft Supply: city centre only Excluding space that is under offer the Grade A and B vacancy rate is 1.05% ie 168,395 sq ft City centre Grade A vacancy rate 1.2% ie 192,000 sq ft City centre Grade B vacancy rate 0.56% ie 89,000 sq ft Rents: city centre only Grade A prime rent now firmly established at 34psf Grade B rents now up to 26psf The Edinburgh office market saw a healthy level of take up in the first half of 2018. There are a number of active requirements currently in the market where there is an ongoing supply constraint issue. Requirements that are currently in the market continue to represent a diverse city economy and are derived from a wide cross sector of business to include: technology; creative industries; public sector and finance. While the technology sector continues to receive a lot of focus in the media, active demand is still representative of healthy Financial Services and Public sectors. In a market starved of short term office supply we anticipate that retention of the buildings in their existing use may prove attractive to owner occupiers and investors. www.rettie.co.uk/developments/melvillestreet 9
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FURTHER DETAILS Viewings Strictly by appointment only. Please contact the selling agents to arrange a viewing. Energy Performance Certificates The EPC Rating for 40-42 Melville Street, Edinburgh is F. A copy of the Energy Performance Certificate can be downloaded from the website. Tenure Heritable (Scottish equivalent of English freehold). Rateable Value We have been verbally advised by The Lothian Valuation Joint Board Assessors that the properties have the following rateable values: 40 Melville Street: 54,200 42 Melville Street: 80,800 For more information please contact Lothian Valuation Joint Board on 0131 344 2500 or by email: enquiries@lothian-vjb.gov.uk. VAT We have been advised that the properties are not elected for VAT and as such no VAT will be payable on the purchase price. Offers Our client is seeking offers for the heritable interest in both townhouses on an unconditional basis. Subject to planning offers will also be considered. Legal Costs Each party will be responsible for their own legal costs incurred in any transaction. Max Mills 0131 624 9045 0788 799 4348 max.mills@rettie.co.uk Chris Dougray 07808 479 215 chris@dougraysmith.com Important Notice Rettie & Co. and Dougray Smith, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either in writing or by word of mouth. Any information given is entirely without responsibility on the part of the agents or the sellers. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive and it should not be assumed that the property remains as photographed. Any error, omission or mis-statement shall not annul the sale, or entitle any party to compensation or recourse to action at law. It should not be assumed that the property has all necessary planning, building regulation or other consents, including for its current use. Rettie & Co. have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise and ought to seek their own professional advice. 3. All descriptions or references to condition are given in good faith only. Whilst every endeavour is made to ensure accuracy, please check with us on any points of especial importance to you, particularly if intending to travel some distance. No responsibility can be accepted for expenses incurred in inspecting properties which have been sold or withdrawn. Prepared: October 2018 www.rettie.co.uk/developments/melvillestreet 11
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