FOR SALE 100-101 PRINCES STREET EDINBURGH EH2 3AB Landmark Redevelopment Opportunity • Significant refurbishment/redevelopment opportunity PROPERTY • Rare Princes Street non-retail address • 100% prime location SUMMARY • Stunning views of Edinburgh Castle • Arranged over 7 storeys, extending to 19,281 sq ft • A combination of Heritable & Long Leasehold Interests
2 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB 100-101 PRINCES STREET
CHARLOTTE EDINBURGH SQUARE WEST END
QUEEN STREET
CASTLE STREET GEORGE STREET
FREDERICK STREET ST ANDREW SQUARE
PRINCES STREET HANOVER STREET EDINBURGH CASTLE
PRINCES STREET GARDENS
EDINBURGH WAVERLEY
3 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB I N V E R L E I T H
R D P ROYAL BOTANIC O A O IL W R R GARDENS N IG
O S ST T RI R R E A E W T M h C Leit D r of TON RD O ate BROUGH N W A K T L L S D A R T W O N R D O O H B N M A T R E E D I A Y R E A L N S L D CE T C PLA R T O OAD YRE E S GLENOGLE R N E E A T E LOCATION SITUATION S GRANGE T The subjects lie within the heart of PrincesROW Street is only developed on the Princes Street comprises predominantly CRICKET ON Edinburgh is Scotland’s capital ERS Edinburgh’sCLUB city centre being situated on END northern side, thus affording views over traditional buildings and plays host to a ST COME H DON LY BA the northern side of Princes Street which Princes Street Gardens to the south and variety of commercial uses. SurroundingLON W NK ST O city. It is home to 507,000C people R OW EA R O R is theA Ecapital’sBU most famous street and toward the world famousES Old Town. By occupiers include Boots, Zara, Russell & L M RN ETT E P F U M E L A which has traditionallyA been regarded as virtue of their position on Princes Street, Bromley and Next. The Street also plays L L N L R and is one of the fastest growingY C I E E M O B E A the prime retail and hotel destination. The the subjects enjoy uninterrupted views of host to two of the City’s 5 star hotels, The N D O A R ST N N T D BROUGHTON ST A M K S N S T subjects are within the block bounded by Edinburgh Castle. LA Balmoral at the East end and the Waldorf D T O populations in the UK. H N ER O A B E S R M U R G V H U E N NE T C E P LA R Frederick Street to the East and by Castle N Astoria Edinburgh (The Caledonian) at the E E T S R O T V T H S D U E K V T I R Street to the West. C A West End. A E N P The medieval Old Town and GeorgianA New Town are S R T H O ST S T V I C G S I N E R C KI L E E T S IG recognised by UNESCOC as a World Heritage Site. The city REA LO A A N G T N CR H DO E A T T N R has a strong economyR balancing financial and business N D E S ST D S C G T D GDN S AN services with software,B biotechnology and TcreativeH E L RL ON O E R EARM R MB L C U U A H TH industries. Edinburgh is also the most visited cityH G DinNS the UK K C OR E NT O N S LEARMO R E A S W after London with over 4 million visitors a year.H TourismT LN P T CE ONT E LA M N E EAR R P L A RK E L provides a boost to the local economy of approximately £1 S YO D A T N E Q billion annually. U LACE ST JAMES EE Y P NS A W FE R RO CENTRE CALTON HILL The city has a strong educational heritage, boasting 4 O T RRY ERIO RD M H ROAD universities,QUEENSFER creatingRY an attractive highly skilled labour pool. T REE ST THISTLE ST ST ANDREW There has been recent significant investment in city EN HANOVER ST QUE amenities and visitor attractions such as the £47m THISTLE ST L STFREDERICK refurbishment of the National Museum of Scotland, which in YN P ALB HILL ST SQUARE 2014 became the most visited attraction outside London. CASTLE ST T D REE REGENT R ST E N HOLYROOD G O CE Edinburgh benefits from a world class transport OR A E R PALACE TERR G T N infrastructure. Edinburgh airport serves over 100 million REE T TO T H VELS S CALTON RD RA passengers per year, making it the 5th busiest airport in the Q CHARLOTTE U E B E S R EN RO THE SCOTTISH UK, with over 40 airlines serving more than 130 worldwide I SF D E THE MOUND PARLIAMENT RR G destinations. The city has 2 main railway stations, Waverley E Y Waverley ST SQUARE and Haymarket, which provide connections to all the major Station REET UK cities. S ST CANONGATE ST CE RIN WALKER STREET E P The city also benefits from excellent road communications LL VI with the M8 and M9 providing access to the west, the M90 EL M L O L from the north and the A1/A7 from the south/south-east. T P K H EET HOLYROOD ROAD MANOR PLACE C STR I I IGH CHESTER STREET W A H PALMERSTON PLACE D N G N E A O
H R S R G E O Edinburgh Castle
I C V A A
S B D T R P L I D L E E G A TE E T R ET EE S T R K R A S AR S ST M ER N D SS MB N A HA C A R C E L TORPHICHEN ST G IT A N M I L C AD RT O ROS Y ST PO L EBU MORRISON S LA WE S D R WEST COATES T W O A N HAYMARKET TERRACE S O N E R TER 4 galbraithgroup.com S 100-101 Princes Street | Edinburgh | EH2 3AB T IN R O
PH A C L STOR E N S R E CO BREAD ST S T O S T R E E N M E N Haymarket P T A L R E D
S Station S T ON PLACE G RIST R LAU D O A V O E R
H S C T P A O O N R T PP O D A N A T S O ES T R W E Y G MURRAYFIELD R ID RUGBY L BR A IN MEADOWS STADIUM D TA UN FO OAD WEST APPROACH R T CE E S LA e M E P c ELVILLE DRIVE ND RE a BRUNTSFIELD U L rr D O E le Te LM A Glengy LINKS GI M IN G Rd T Park O r M N e d V T A I E n E E e R C W R r R r C A F A a R O C W H R W E R E M T T H H RK IT O A E N P H LE O T G U E R N C SE A A D AD L L RO P O IE D A RG L N GO FIE S S EN M NT D E U AR R R G C B TH H AR IS T LW O PO N
RR A E V T E TH N AR U OAD LW E EARN R PO STRATH D OA L R EARN P D STRATH OR EF AT SL
CHURCH HILL DESCRIPTION
100 Princes Street The property was originally designed as the Windsor Hotel by Robert Paterson in 1879 and is a Category B Listed Building. The frontage is of decorative ashlar sandstone surmounted by slate covered pitched and mansard roofs with decorative ironwork crowning the flat roofed sections. The accommodation itself is arranged over basement to fifth floors. The basement level largely comprises storage, cellar and plant accommodation with the ground floor offering a glazed entrance vestibule leading to the main cantilevered dog-leg stairwell with barley twist bannisters and lift access to the upper floors. The upper floors provide a mixture of larger open plan rooms on the first and second floors, whilst the third to fifth floors are arranged to provide bedroom accommodation. There is a small roof terrace which can be accessed via and external stair from the fifth floor.
101 Princes Street This element of the property is of more modern steel frame construction. Built in the mid-1970s along with the remainder of the Boots building at 101 to 103 Princes Street, the frontage is of a marble panel form finish and the property is topped by a flat roof, part of which forms an element of the building’s rooftop car park. The accommodation within this building is split across the second and third floors. The second floor currently comprises a restaurant, kitchen and function facilities, whilst the third floor accommodation is configured as 4 bedrooms.
5 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB Historic image - all fittings and furniture now removed Historic image - all fittings and furniture now removed
6 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB TENURE ACCOMMODATION The property comprises two elements, as follows: 100 Princes Street is held by way of the heritable interest (Scottish equivalent of English Freehold). BASEMENT GROUND FLOOR FIRST FLOOR 101 Princes Street is held on a 99 year leasehold interest from Boots The Chemist Limited. The lease commenced on 10 November 1975 and expires on 9 November 2074, leaving approximately 56 years unexpired. The rent is £0.01 p.a. if asked and there is no provision for review.
FLOOR SQ FT SQ M
Basement 1,452 134.85
Ground 969 90.05
First 2,784 258.62 Plant Room
Second - Heritable 2,761 256.53
Second - Leasehold 3,713 344.97
Staff Room
Reception Third - Heritable 2,501 232.31 Club Room
Third - Leasehold 1,400 130.05
RL Stevenson Room Fourth 2,209 205.2 Drawing Room
Fifth 1,583 147.05
Total Heritable 14,259 1324.61
Total Leasehold 5,113 475.02
Combined Total 19,372 1799.63 PRINCES STREET PRINCES STREET PRINCES STREET Areas stated are approximate Gross Internal Areas.
KEY Heritable Leasehold
7 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB ACCOMMODATION
SECOND FLOOR THIRD FLOOR FOURTH FLOOR FIFTH FLOOR
Plant Room
Bedroom 6 Bedroom 5
Bedroom 7 Bedroom 14 Bedroom 16 Bedroom 8 Bedroom 18 Tank Room
Bedroom 1
Bedroom 15 Bedroom 17
Bedroom 10 Bedroom 9 Bedroom 12 Bedroom 11 Castle Suite Bedroom 4 Bedroom 3 Bedroom 2 Pentland Suite Ramsey Suite
PRINCES STREET PRINCES STREET PRINCES STREET
PRINCES STREET KEY Heritable Leasehold
8 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB HISTORY PLANNING 100 Princes Street, formerly the Windsor Hotel, a temperance The subjects, which are B Listed, were originally establishment, was designed in 1879 by Robert Patterson and built as the Windsor Hotel in 1879 and we formed part of the significant Victorian building programme along believe the existing use (established in 1929) Princes Street. The building occupies a wonderful site, directly i.e. Licenced Club Premises did not require a opposite Princes Street Gardens and the Castle above. change of use at the time. We are therefore of the opinion that the property currently benefits The site was also of interest historically, with an earlier building from Class 7 (Hotels & Hostels) under The Town being occupied by Lady Clerk of Penicuik, a Jacobite hostess and & Country Planning (Use Classes) (Scotland) supporter, whose wearing of the White Cockade proclaimed her Order 1997. loyalty to Bonnie Prince Charlie. The house had been visited by many members of the Scottish Enlightenment in the eighteenth century The building offers potential for a number and early nineteenth century. of uses going forward. Parties interested in considering alternative uses are advised to Bought by the Royal Over-Seas League (ROSL) in 1929, the former speak directly to the local planning authority. hotel required renovations, so Winifride Wrench, sister of ROSL founder Evelyn Wrench, spent a year in Edinburgh initiating a drive to increase membership and promote the club generally. In 1930 the new club premises were opened by the Duke of York. It was the first mixed club in the city and boasted 20 bedrooms, a bar RATING and restaurant and other club facilitates. All the furnishings were produced and made in Scotland. The subjects are entered in the current Valuation Roll at a Rateable Value of £162,750. From 1930 onwards the club became a popular centre for The property will require to be reassessed Commonwealth visitors, with the prime ministers of Canada, Australia following reconfiguration or redevelopment. and New Zealand all staying there. At present, because the property is listed, it Rebuilding plans began in 1971 as a result of an initiative by Boots benefits from 100% vacant rates relief. the Chemist, which bought part of the old building at 101 Princes Street, demolishing it and occupying the ground and first floors of the new building while leasing the upper floors back to ROSL to provide for a new much larger restaurant and bar. The new wing was opened by the Duke of Gloucester in 1975.
P P D
Windsor Hotel (a temperance establishment) Constructed. New club premises was opened in 1930 by the Duke of York and Designed by Robert Patterson from then onwards became a popular centre for Commonwealth visitors with prime ministers of Canada, Australia and New Zealand all staying there
Earlier Building Occupied by Jacobite Bought by ROSL in 1929 and reburbished under the direction Rebuilding plans began demolishing, part of the original supporter Lady Cerk of Penicuik of Winifride Wrench, sister of ROSL founder Evelyn Wrench building demolished and the upper floors leased back to ROSL and was the first mixed club in the city. to provide a new larger restaurant and bar. The new wing was opened by the Duke of Gloucester in 1975.
9 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB EPC FURTHER The property has an EPC rating of F. A copy of the EPC report can be provided upon request. INFORMATION Interested parties are advised to note interest with the selling agents. Viewings are by appointment only. For VAT additional information please contact: Jamie Thain The property is elected for VAT and therefore VAT will be payable on the 0131 240 6994 / 07798 647 620 purchase price. [email protected] Harry Trotter 0131 240 2288 / 07812 038 264 DATA ROOM [email protected] Jamie Addison-Scott Our clients have instructed the creation of a Data Room which 0131 240 2287 / 07824 435 094 contains CAD plans and other additional information. For access to the [email protected] Data Room, please contact the sole selling agents. 59 George Street Edinburgh EH2 2JG LEGAL COSTS T: 0131 240 6960 galbraithgroup.com Each party will be responsible for their own legal costs incurred in the transaction. The purchaser will be responsible for any LBTT incurred. TERMS Offers are invited in respect of our client’s interest in the property. It is likely that a closing date will be set in due course and as such interested parties are advised to note their interest with the Sole Selling Agents.
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The Agents 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 the 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 the Agents has any authority to make or give any representation or warranty whatever in relation to this property. Galbraith is a trading name of CKD Galbraith LLP registered in Scotland number S0300208 with registered address 59 George Street, Edinburgh, EH2 2JG 10 galbraithgroup.com 100-101 Princes Street | Edinburgh | EH2 3AB Date of publication: November 2018