For Sale,Broughton House, 31 Dunedin Street, Edinburgh ... - NovaLoca
For Sale Multilet Office Investment
Offers over £600,000 Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG
• 907.75 Sq M (9,771 Sq Ft) • Current passing rent £54,187 per annum • Net initial yield of 8.63% and reversionary yield of 17.79%, assuming purchaser costs of 4.68% • Low capital value of £61.41 psf Lambert Smith Hampton 93 George Street, Edinburgh EH2 3ES T +44 (0)131 226 0333
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG
Location Broughton House is situated on Dunedin Street and lies approximately 0.8km (0.5 miles) to the north east of Edinburgh City Centre. The area is well served by public transport with excellent bus services nearby. Occupiers in the vicinity included Sixt Car Hire, Vivaldi and James F Kidd & Son. Description The subjects comprise 2 interlinking office buildings with accommodation over lower ground, ground and first floor levels finished to the following specification: • • • • • •
Carpet covered floors Suspended ceilings with integral lighting Security and fire alarm systems Tea preparation facilities Male and female WC's 7 car spaces vacant within secure garage (5 clear, 2 blocked) • Total of 13 car spaces on site Accommodation The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the following Net Internal Areas have been calculated: Suites Suite 1 Suite 2 Suite 3 Suite 4 Suite 5 & 5A Suite 6 & 6A Suite 7 Total
Sq M 101.91 141.03 130.53 165.46 114.27 114.27 140.28 907.75
Sq Ft 1,097 1,518 1,405 1,781 1,230 1,230 1,510 9,771
VAT The property is not elected for VAT. Tenure The property is held on a Scottish freehold basis. Tenancies Suites 1, 2 and 7 are let to Randolph Hill Nursing Homes Group Limited until 31 May 2020. The current passing rent is £43,562 per annum. The rent includes 4 clear car spaces to the front of the building. Suites 5 & 5A are let to BINAP Limited until 31 May 2020 with a tenant only break option on 11 March 2018. The current passing rent is £10,625 per annum. Suites 3, 4, 6 & 6A are currently vacant. The total passing rent is £54,187 per annum. Service charge information is available on request. The rent includes 4 clear car spaces to the front of the building.
Proposal We are instructed to seek offers in excess of £600,000 exclusive of VAT, for our client’s Scottish freehold interest in the property with the benefit of the existing leases. A purchase at this level would show a net initial yield of 8.63% and a reversionary yield of 17.79%, after allowing for purchasers costs of 4.68%. We believe that the property has a total ERV of £111,710 per annum assuming £10 per sq ft, £1,250 per clear car space and £500 per blocked car space. EPC Broughton House has an energy performance rating of D+. A copy of the EPC is available on request. Viewing and Further Information Viewing strictly by prior appointment with the sole agent: Ian Davidson Lambert Smith Hampton 0131 226 0328 07720 055 655 [email protected]
Kirsty Henderson Lambert Smith Hampton 0131 226 0336 07736 620 999 [email protected]
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG Office Suite
Image Copyright reproduced by Lambert Smith Hampton
Rear of Building
Image Copyright reproduced by Lambert Smith Hampton
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG Promap
Image Copyright reproduced by Lambert Smith Hampton
May 2016 © Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
Offers over £600,000 Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG
• 907.75 Sq M (9,771 Sq Ft) • Current passing rent £54,187 per annum • Net initial yield of 8.63% and reversionary yield of 17.79%, assuming purchaser costs of 4.68% • Low capital value of £61.41 psf Lambert Smith Hampton 93 George Street, Edinburgh EH2 3ES T +44 (0)131 226 0333
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG
Location Broughton House is situated on Dunedin Street and lies approximately 0.8km (0.5 miles) to the north east of Edinburgh City Centre. The area is well served by public transport with excellent bus services nearby. Occupiers in the vicinity included Sixt Car Hire, Vivaldi and James F Kidd & Son. Description The subjects comprise 2 interlinking office buildings with accommodation over lower ground, ground and first floor levels finished to the following specification: • • • • • •
Carpet covered floors Suspended ceilings with integral lighting Security and fire alarm systems Tea preparation facilities Male and female WC's 7 car spaces vacant within secure garage (5 clear, 2 blocked) • Total of 13 car spaces on site Accommodation The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the following Net Internal Areas have been calculated: Suites Suite 1 Suite 2 Suite 3 Suite 4 Suite 5 & 5A Suite 6 & 6A Suite 7 Total
Sq M 101.91 141.03 130.53 165.46 114.27 114.27 140.28 907.75
Sq Ft 1,097 1,518 1,405 1,781 1,230 1,230 1,510 9,771
VAT The property is not elected for VAT. Tenure The property is held on a Scottish freehold basis. Tenancies Suites 1, 2 and 7 are let to Randolph Hill Nursing Homes Group Limited until 31 May 2020. The current passing rent is £43,562 per annum. The rent includes 4 clear car spaces to the front of the building. Suites 5 & 5A are let to BINAP Limited until 31 May 2020 with a tenant only break option on 11 March 2018. The current passing rent is £10,625 per annum. Suites 3, 4, 6 & 6A are currently vacant. The total passing rent is £54,187 per annum. Service charge information is available on request. The rent includes 4 clear car spaces to the front of the building.
Proposal We are instructed to seek offers in excess of £600,000 exclusive of VAT, for our client’s Scottish freehold interest in the property with the benefit of the existing leases. A purchase at this level would show a net initial yield of 8.63% and a reversionary yield of 17.79%, after allowing for purchasers costs of 4.68%. We believe that the property has a total ERV of £111,710 per annum assuming £10 per sq ft, £1,250 per clear car space and £500 per blocked car space. EPC Broughton House has an energy performance rating of D+. A copy of the EPC is available on request. Viewing and Further Information Viewing strictly by prior appointment with the sole agent: Ian Davidson Lambert Smith Hampton 0131 226 0328 07720 055 655 [email protected]
Kirsty Henderson Lambert Smith Hampton 0131 226 0336 07736 620 999 [email protected]
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG Office Suite
Image Copyright reproduced by Lambert Smith Hampton
Rear of Building
Image Copyright reproduced by Lambert Smith Hampton
Broughton House, 31 Dunedin Street, Edinburgh, EH7 4JG Promap
Image Copyright reproduced by Lambert Smith Hampton
May 2016 © Lambert Smith Hampton Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
