An opportunity to acquire a core, multi-let office, situated in the heart of Edinburgh’s city centre.
Extending to 2,004.92 sq m (21,581 sq ft) across 5 levels of open plan office accommodation, together with secure parking for 8 vehicles.
Let to 4 strong tenants with Experian ratings of “Very Low Risk”.
Weighted average unexpired lease term of 4.70 years to expiry and 4.20 years to breaks.
Total gross passing rental of £398,300 per annum and net passing rental of £358,494 per annum following deduction of non-recoverable income.
Non recoverable income will reduce in November following completion of the 2020/2021 service charge budget.
Opportunities to add value via active asset management including:
• Refurbishment and letting of the vacant lower ground floor.
• Increasing rental tone following refurbishment of the reception and common areas.
• Increasing net income via service charge reduction and removal of caps at regears/new lettings.
• Longer term alternative use potential
Offers in excess of £5,600,000 are sought for the benefit of our clients heritable interest (Scottish equivalent of English Freehold).
A purchase at this level would produce a net initial yield of 6.00% and a reversion of 7.36% if let at MRV assuming capital expenditure on the lower ground floor.