146 PRINCES STREET, 1 HOPE STREET, 11 HOPE STREET LANE & 3 HOPE STREET / EDINBURGH INVESTMENT SUMMARY
• Edinburgh, the capital city of Scotland, is a major administrative, retail and tourist destination with a growing and affluent catchment population
• Unique opportunity to acquire one of the city’s 6 key retail department stores
• Prominently located, overlooking Edinburgh Castle, at the west end of Princes Street, the focal point for retailing in the city centre
• Iconic building extending to 6,647 sq m (71,553 sq ft) over lower ground, ground, and five upper levels
• Let in isolation on 2 leases to House of Fraser (Stores) Limited until 2058 (Just over 40 years unexpired)
• Ability to subdivide / redevelop subject to vacant possession and planning
• Substantial reversionary investment with main store valued to approximately 50% of rental value
• Total current rent passing is £729,945 per annum equating to £10.20 per sq ft overall 02 • Outstanding rent review, which upon settlement is expected to increase to an estimated annual rent of £743,200 per annum
• Offers in excess of £13,700,000 (Thirteen Million, Seven Hundred Thousand Pounds) exclusive of VAT. Assuming usual purchaser’s costs and LBTT, a purchase at this level would reflect an attractive net initial yield of 5.02%, increasing to 5.11% assuming settlement of the outstanding rent review at £743,200 per annum
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH LOCATION
Edinburgh is Scotland’s Capital The city has a population of 487,500 City and its principal financial and people and a regional population of over administrative centre, housing both 1.6 million within the Fife and Scottish the Scottish Parliament and the Borders catchment area. It is the most Scottish Government. prosperous regional city in the UK and its workforce is one of the most highly Edinburgh is recognised as a globally educated. important business centre and is the UK’s second largest and Europe’s fourth Edinburgh is consistently ranked as one of largest financial centre, by equity assets the UK’s most competitive cities, based under management. It is the capital city on factors such as skills, productivity and of Scotland, located approximately 400 qualifications. As a city, it has the second miles north of London and 45 miles highest gross value added per resident east of Glasgow. Edinburgh is one of of any of the 133 regions of the UK, at the six cities categorised by Property £38,000 per resident compared to the Market Analysis as a major city and, average of £20,699. Edinburgh has been consequently, benefits from a significant voted the UK’s best city for the second catchment population. year running by The Telegraph.
While traditionally recognised as a city of history and heritage, Edinburgh is now at the forefront of a rapidly expanding TMT sector, having recently been voted the UK’s second most most tech-savvy 03 city, and home to established TMT businesses, such as Rockstar North, FanDuel, Cirrus Logic, and Skyscanner.
There are eight universities and further education colleges in Edinburgh, with almost 80,000 students in the city. The University of Edinburgh was ranked 24th in the World University Rankings by The Times in 2015/16. In the past five years, more than 80 spin- out companies have come from The University of Edinburgh, 95% of which are still active.
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH Rail Tr a m The city centre is served by Edinburgh Waverley The City’s new tram system began operating and Haymarket rail stations, with House of in May 2014, directly connecting Edinburgh Fraser equidistant between the two. Edinburgh Airport with the city centre. The tram route Waverley is Scotland’s second busiest rail station directly passes the entrance to the store, with with in excess of 21 million entries/exits in the the West End (0.2 miles) and Princes Street year to December 2015. (0.3 miles) stops both in the immediate vicinity. CONNECTIVITY In its second full year of operation 5.38 million Both Edinburgh Waverley and Haymarket rail passenger journeys were recorded on Edinburgh stations have benefited from recent multi- trams, representing an increase of over 9% on million pound refurbishments and upgrading the previous year. Edinburgh is the most visited Road programmes to keep pace with increased tourist and commercial Edinburgh benefits from access to the passenger demand. Edinburgh Waverley provides Air destination in the UK after national motorway network. The City is served direct train services to and from London via the Edinburgh Airport is located only 8 miles from London, with an exceptional by the M8 and M9 from the West (Glasgow East Coast main line and also provides easy the city centre and is Scotland’s busiest airport transport and communications and Livingston), the M90/A9 from the North access to and from other key English towns and and the UK’s sixth largest. Passenger numbers network connecting it both (Aberdeen and Inverness) and the A1/A7 cities, as well as providing services to all major in 2015 increased by 9.4% to 11.13 million internationally and with other from the South/South East (East Lothian, the Scottish cities. representing an average of 30,495 passengers cities throughout the UK. Borders and Newcastle). per day.
Key: Tram Stop Train Station Bus Station YORK YORK PLACE PLACE QUEEN STREET
BUS STATION
FREDERICK STREET FREDERICK STREET HANOVER
House STREET CASTLE
of FraserHOUSE OF CHARLOTTE GEORGE STREET ST ANDREW ST ANDREW FRASER SQUARE SQUARE SQUARE QUEENSFERRY
STREET CALTON LEITH STREET HILL PRINCES STREET TRAMLINE
WEST END PRINCES STREET PRINCES STREET PRINCES STREET MOUND THE GARDENS SHANDWICK PLACE TO GLASGOW, WAVERLEY 04 < NORTH, SOUTH AND WEST TO EAST COAS T AND SOUTH > STATION
< TO EDINBURGH AIRPORT
HAYMARKET ROAD LOTHIAN TORPHICHEN ST BRIDGE NORTH KING’S STABLES ROAD EDINBURGH < TO EDINBURGH AIRPORT CASTLE
MORRISON ST HAYMARKET ROYAL MILE STATION EXCHANGE DISTRICT
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH BRITISHEXCHANGE TELECOM
ROSE & CROWN PUBLIC RESTAURANT HOUSE PUBLICDICK’S DOUGH HOUSE DIRTY PIZZA 1780 BAR & PLAYERS ZARA’S LOUNGE TURKISH CUISINE THOMPSONS THE DENTAL SURGERY SOLICITOR DANCE WEAR GARS MIRO CANTINA
DANIEL HENDERSON JEWELLER TRAILFINDERS WILDFIRE REST & ROSE STREETGRILL HAKATAYA VACANT JAPANESE
ROBERT GRAHAM RESTAURANT MAIL BOXES OFFICE WOLFITS CAFÉ
SCOTTS OF ROSE STREET PUBLIC HOUSE
PLACE OF WORSHIP JESSOPS
ROSE STREET SOUTH LANE CARPHONE WAREHOUSE HIGH & OFFICE MIGHTY CHARLOTTE SQUARE SOUTH CHARLOTTE STREET CURRYS PC WORLD
ENT CARD FACTORY
H SAMUEL
OFFICE & VACANT BANK
STARBUCKS ENT
PREMIER INN ENT
GIN 71 & CUP TEA OUTFITTERS LOUNGE & CAFÉ ORVIS WAREHOUSE URBAN SPORTS MOUNTAIN GOODS ENT WATERSTONES HOPE STREET
ENT OFFICE ENT
FOUNDRY 39 ENT BAR & REST
HALIFAX ANGELS NATIONWIDE SHARE HOTEL HOPE STREET LANE WARHOUSE & BAR CARPHONE ENT QUATTRO ZERO SHANDWICK’S ITALIAN REST PUBLIC HOUSE QUEENSFERRY STREET ENT
VACANT PRIDE OF SCOTS GIFTS SANTANDER
ENT THE EDINBURGH MCDONALD’S PRINCES STREET
WOOLLEN MILL
VACANT
HOME RYAN’S PUBLIC HOUSE AND House BAR & REST USQUABAE MAXIMEBAKER BAR & REST PATISSIMER of Fraser ODDBINS
VACANT
SCOTBET BETTINGOFFICE
BAR
MATHERS
GREGGS
BARBURRITO
The city centre has a very compact prime and jewellers. Again, there is almost
ENT BANK OF SCOTLAND retail core, comprising Princes Street, 100% occupancy on George Street and QUICKSILVER ENT RUTLAND KYLOE George Street, Multrees Walk and two Multrees Walk, with occupiers including PLACE BAR ENT BAR & REST shopping centres, although the St James Anthropology, LK Bennett, Hobbs,
RUTLANDHEADS HOTEL & TAILS ENT Centre has recently been closed in order Armani, Louis Vuitton and Mulberry. UND ALT ENT GHILLIE-DHU to allow demolition and the creation of a SHUROPODY SUBWAY PUBLIC OPTICAL new scheme, Edinburgh St James. Located at the east end of Princes Street, EXPRESS HOUSE ENT RUTLAND STREET TH Real Estate are currently undertaking ENT Retailing in the city centre is focussed on an £850m redevelopment of the VACANT OFFICE Princes Street, which is home to a wide St James Centre, which upon completion OFFICE variety of major occupiers. There are five in 2020 will comprise a new, state of the other department stores in the city centre, art shopping centre. Anchored by the including Jenners, Marks & Spencer and existing John Lewis department store, it 05 Debenhams on Princes Street, Harvey will comprise more than 850,000 sq ft of RETAILING IN Nichols in St Andrew Square, and John retail, dining, and leisure space along with Lewis which forms part of the St James a hotel and residential accommodation. EDINBURGH Centre. It is expected to extend Edinburgh’s shopper catchment by 20% and boost the Supporting the retail offer on Princes City’s retail sector to 8th in the UK from Street, George Street to its north and the current position of 13th. The leisure Edinburgh is one of the strongest retailing centres in the UK and being the Multrees Walk to the east of St Andrew offer will incorporate a 214 bedroom W Capital City, dominates its catchment, generating an estimated £2.56bn of Square, are now considered to be the Hotel, 6 screen Everyman Cinema and in-store comparison retail expenditure. This is further enhanced by tourist preferred destination for upmarket over 20 restaurants. expenditure which is estimated at over £1bn annually, equating to an average boutique retailers, high end fashion spend of £334 per visitor. retailers, licensed leisure operators
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH THE The subject property is an iconic Grade B listed department store, with a history dating back well BUILDING over 100 years.
1877 1928 1953 1981 The previous tenements on the The business became a PLC and House of Fraser took over the The store was fitted with 12 corner of Princes Street and Hope expanded to take in 145 and 145A Binns group and the shop, which elevators and the top floor Street were re-modelled to form Princes Street. by then comprised 50 departments restaurant that stands today, and the Osborne Hotel, and then on seven floors. the business was branded ‘Frasers’. the Scottish Liberal Club in 1879 following fire damage.
1894 1931 1960 2017 The property was converted, and Following the death of Sir Robert The famous clock was added to the Today, the property continues for the first time began trading as the Maule, the business was acquired shopfront. to trade as ‘Frasers’ department 06 well renowned department store, by H Binns & Son Co Ltd and store over basement, ground, Robert Maule & Sons, supported by the original turreted premises and five upper levels, with a the popular advertising slogan ‘Meet demolished in favour of the 1930s restaurant on the top floor and me at Maules.’ The reputation has façade still there today. Caffè Nero concession fronting continued in the generations since, the pedestrian section and remains one of the City’s most of Hope Street. popular meeting points.
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH Edinburgh St James (Currently under redevelopment)
Tram Stop
St Andrew Square Waverley Mall
Waverley Station
Scottish National Gallery
Tram Stop George Street Queen Street
Princes Street
Edinburgh Castle
Charlotte Square Gardens Charlotte Square Princes Street Gardens
Hope Street
Queensferry Street Waldorf Astoria
NCP Castle Terrace (Multi Level Parking)
Lothian Road 07 Shandwick Place
Usher Hall
Sheraton Grand Hotel & Spa
Tram Stop *the above aerial shows an approximate building footprint provided for guidance only and should not be relied upon
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH 146 Princes Street ACCOMMODATION 3 Hope Street
3 Hope Street comprises approximately 23,122 sq ft and 146 Princes Street provides 46,066 sq ft of retail accommodation. Both stores are arranged over basement, ground and five upper floors. BASEMENT
An overall measurement survey has been carried out by Square Foot Media as part of the marketing process. The survey calculated an overall Gross Internal floor area of the two buildings of 6,647 sq m (71,553 sq ft). LIFT
LIFT LIFT LIFT Detailed plans and elevations are available in the data room. LIFT
From previous measurement exercises, we understand from our clients that the floor area split between the two properties, is as follows on an approximate gross internal (GIA) basis:
3 Hope Street
FLOOR SQ FT SQ M HALL Basement 4,766 443 Ground 3,441 320 WC First 3,634 338 Second 2,340 217 WC Third 2,340 217
Fourth 2,340 217 Hope Street Fifth 2,340 217 Sixth (plant room) 1,921 178 TOTAL 23,122 2,148
HALL 146 Princes Street
FLOOR SQ FT SQ M 08 Basement 6,805 632 HALL Ground 6,081 565 First 5,614 522 Second 6,852 637 Third 6,853 637 Fourth 6,853 637 Fifth 7,008 651 Princes Street
TOTAL 46,066 4,280 HALL LIFT STORE STORE STORE
LIFT LIFT LIFT LIFT FIRE EXIT
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH
STAFF ROOM HALL
WC
WC
WC WC
HALL HALL LIFT STORE ROOM LIFT LIFT LIFT
PLANT ROOM
HALL LIFT
LIFT LIFT LIFT LIFT
HALL
WC
WC
HALL
HALL LIFT
LIFT LIFT LIFT LIFT HALL LIFT STORE STORE STORE
LIFT LIFT LIFT LIFT FIRE EXIT
HALL
WC
WC STAFF ROOM HALL
HALL 146 Princes Street ACCOMMODATION 3 Hope Street WC HALL
WC
GROUND FLOOR FIRST FLOOR WC WC
HALL HALL HALL LIFT STORE STORE STORE LIFT STORE
LIFT ROOM LIFT LIFT LIFT LIFT LIFT LIFT FIRE EXIT
PLANT ROOM
HALL
STAFF ROOM HALL Hope Street Hope Street
WC 09
WC
WC WC
Princes Street HALL HALL Princes Street LIFT STORE ROOM LIFT LIFT LIFT
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH PLANT ROOM
HALL LIFT
LIFT LIFT LIFT LIFT
HALL
WC
WC
HALL 146 Princes Street ACCOMMODATION 3 Hope Street HALL
SECOND FLOOR THIRD FLOOR
HALL LIFT LIFT STORE STORE STORE LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT FIRE EXIT
HALL
WC STAFF ROOM HALL
WC Hope Street Hope Street
HALL WC 10
WC HALL
WC WC
Princes Street HALL Princes Street HALL LIFT STORE ROOM LIFT LIFT LIFT HALL LIFT STORE STORE STORE
LIFT LIFT LIFT LIFT FIRE EXIT
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH PLANT ROOM
HALL
STAFF ROOM HALL
WC
WC
WC WC
HALL HALL LIFT STORE ROOM LIFT LIFT LIFT
PLANT ROOM
HALL LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT
HALL HALL
WC WC
WC WC
HALL HALL
HALL HALL LIFT
LIFT LIFT LIFT LIFT HALL HALL LIFT LIFT STORE STORE STORE STORE STORE STORE LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT FIRE EXIT FIRE EXIT
HALL
WC
WC STAFF ROOM STAFF ROOM HALL HALL
HALL 146 Princes Street ACCOMMODATION 3 Hope Street WC WC HALL
WC WC
FOURTH FLOOR FIFTHWC WC FLOOR WC WC SIXTH FLOOR
HALL HALL HALL HALL HALL LIFT STORELIFT STORESTORESTORE LIFT STORE ROOM LIFT ROOM LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT LIFT FIRE EXIT
PLANT ROOM PLANT ROOM Hope Street
HALL HALL
STAFF ROOM HALL Princes Street Hope Street Hope Street
WC 11
WC
WC WC
HALL Princes Street HALL Princes Street LIFT STORE ROOM LIFT LIFT LIFT
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH PLANT ROOM
HALL COVENANT
House of Fraser was established approximately 4,950 House in Glasgow in 1849 and currently of Fraser staff with a 100,000 trades from 59 locations global workforce and over 100 throughout the UK and Ireland. subsidiaries. They are one of the leading premium, multi-branded retailers House of Fraser is trading well, in the UK and Ireland. with like for like sales increasing by 2.7% over the Christmas In April 2014 an 89% stake of the period and record sales figures business was sold to the Chinese in the two weeks leading up to conglomerate, San Power 31st December 2016. Group, via the acquisition vehicle Nanjing Xingiekon Department The most recent financial Store Co. Ltd, a leading chain accounts for House of Fraser of Chinese Department stores. (Stores) Limited are summarised The group has in excess of below. £1.3bn annual sales and employs TENURE Year 30th Jan 31st Jan 25th Jan Heritable (Scottish equivalent of English Freehold). Ending 2016 2015 2014 Turnover £814,700,000 £772,000,000 £717,200,000 Profit Before £13,100,000 £23,100,000 £25,700,000 Tax TENANCIES Tangible (-£46,800,000) £47,600,000 £60,900,000 Net Worth The property is held on two leases have worked off this figure for the to House of Fraser (Stores) Limited. purposes of our yield profile.
3 Hope Street is held on a Full 146 Princes Street, 1 Hope Street Repairing and Insuring lease for and 11 Hope Street is let to House a term of 77 years and 8 months of Fraser (Stores) Limited on a Full from 2nd June 1980, let to House of Repairing and Insuring lease for a Fraser (Stores) Limited at a current term of 99 years from 30th January 12 rent of £267,745 per annum. 1959 at a rent of £462,200 per annum, subject to a rent review on This lease is subject an outstanding 30th January 2029 only. rent review from 15th May 2015 and 5 yearly thereafter. The tenant The current total rent passing is has previously offered to settle the therefore £729,945 per annum, outstanding rent review at £281,000 which will increase to a rent of per annum, subject to documentation £743,200 per annum assuming and without prejudice, but this has settlement of the outstanding rent not yet been agreed. review.
The vendor’s agent is confident that The WAULT is 40 years. a higher figure will be agreed, but we
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH RENTAL ANALYSIS
Both leases contain rent review of £462,000 pa, therefore reflects an provisions which are beneficial to overall rate of only £10.00 per sq ft based the tenant. 3 Hope Street is held on on the GIA of 46,066 sq ft. a lease which links the revised rental value to the percentage uplift of prime In our opinion, the current estimated streets within Edinburgh City Centre. rental value of 146 Princes Street, based on the rent review clause as of today’s The rent review at 3 Hope Street is date would likely be in the region of outstanding with the tenant having £547,000 per annum, which reflects a offered settlement at £281,000 per rent of £11.00 per sq ft (50% of £22.00 annum. This would reflect an uplift of per sq ft). We have assumed a positive 5% on the previous rent, based on the end allowance of 8% for the rent review hypothetical unit and the rent review pattern, having also taken into account a The total estimated rental value on the basis of provisions. On the actual area of 23,122 negative allowance for the lease term. the existing leases therefore lie in the region of sq ft, this would reflect £12.15 per sq ft. This rental level is in line with the rent £828,000 per annum. achieved on the letting to TK Maxx at The lease on 146 Princes Street is South St David Street, where the tenant The above estimated rental values are based on the subject to a rent review in 2029. The took a new 15 year lease at a rent of existing rent review provisions, which we believe lease provides that the rent is reviewed £725,000 pa for 27,400 sq ft, reflecting a are extremely beneficial to the tenant. The total to a base sum of £29,400 plus 50% of headline rate of £27.38 per sq ft and a net proposed passing rental of £743,200 per annum the amount by which the open market rate of £22.00 per sq ft. (assuming settlement of 3 Hope Street at a rent value of the Premises immediately after of £281,000 per annum) based on the total GIA of the relevant review date exceeds the 71,553 sq ft, reflects £10.39 per sq ft overall. sum of £29,400. The current passing rent In our opinion, the building is highly reversionary in the open market, either letting it as a whole or in separate parts. Should the building become available, we believe there would be strong interest either in the whole premises as retail or sub-divided, which could include 13 the following uses:
- Retail - Restaurant / Bar - Hotel - Office - Residential
As such, we would anticipate, subject to the suitable consents being in place and division works being carried out, that an estimated headline rental roll in the region of £1.5m could be achieved.
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH INVESTMENT ACTIVITY
The strength of the occupational market 3. 78 & 79 Princes Street, and economy in Edinburgh has resulted in Edinburgh (YO! Sushi, Sketchers, many UK and overseas buyers seeking to Ernest Jones) invest in the city. Transactional volumes remain buoyant, with a total spend of Heritable retail parade let to multiple £928 million thus far in 2017. Investors are tenants including YO! Sushi, Skechers, attracted by the strong occupier story, the Ernest Jones, Crabtree & Evelyn with attractive yield profile and the continuing a WAULT of 6.14 years to break. evolution of Edinburgh into a European The property was sold to GLL Real capital city. Estate Partners in January 2016 for £19.87m which reflected a net initial GIA The most salient comparable evidence can yield of 5.2% and a capital value of ADDRESS TENANT TRANSACTION DATE RENT RATE PSF (SQ FT) be set out as follows:- £763 per sq ft.
£16.81 (Net) 129 North Street Reversionary Boots 71,395 06/2018 £1,300,000 with 7.5% 1. 47/52 Princes Street, Edinburgh 4. 129/130 Princes Street, Edinburgh Brighton lease for fittings (House Of Fraser) Freehold with vacant possession 127 / 128 Heritable Department store investment purchased by Sports Direct in Princes Street Waterstones Regear 20,000 07/2017 £550,000 £27.50 let to House of Fraser (Stores) Limited July 2016 for £9.5m, reflecting Edinburgh on a lease to expire April 2040 at a rent a capital value of £463 per sq ft. of £2,615,000 per annum, reflecting The store extended to approximately Unit 1, 5 South an overall rate of £14.20 per sq ft. 20,500 sq ft over 4 levels. £27.38 (HL) St David Street TK Maxx OML 27,400 06/2016 £725,000 The property was sold in August £22.22 (Net) Edinburgh 2017 for £53m, reflecting a net initial yield of 4.64% and a capital value of £295 18 / 20 per sq ft 5. 32/35 High Street and Church Street Next RR 100,975 09/2015 £1,655,000 £15.16 (Net) 3/8 Catherine Street, Exeter 14 Liverpool (House Of Fraser) Jenners £14.20 2. 12/18 West Street, Chichester Freehold property let in its entirety Princes Street HoF RR 179,451 04/2015 £2,615,000 before (House Of Fraser) Edinburgh allowances to House of Fraser (Stores) Ltd on a Freehold department store let on a lease lease expiring in December 2038 at a rent of £491,500 per annum, with 140 / 142 Briggate to expire 30/07/2039 (22 years unexpired) HoF RR 114,516 07/2014 £1,643,000 £14 (Net) Leeds at a rent of £752,584 per annum, reflecting the next and final rent review in £10.34 per sq ft. The property was sold to December 2025. The property was purchased by DTZIM in November 107 Princes Street Savills IM in April 2017 for £13.4m which Next RR 40,010 02/2013 £1,290,000 £28.60 Edinburgh reflected a net initial yield of 5.26% and a 2017 for £9.15 million, reflecting a net capital value of £193.33 per sq ft. initial yield of 5.03%.
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH EPC VAT
The property has an Energy The property has been elected for Performance Rating of F100. VAT purposes. It is anticipated that Further details are available in the the investment sale will be treated Data Room. as a Transfer Of a Going Concern (TOGC).
DATA ROOM
Further information is available within the data room. To arrange access, please contact the vendor’s agent.
PROPOSAL 15
We are instructed to seek offers in excess of £13,700,000 (exclusive of VAT) for the benefit of our client’s Heritable interest. Assuming usual purchaser’s costs and LBTT, a purchase at this level would reflect an attractive net initial yield of 5.02%, increasing to 5.11% assuming settlement of the outstanding rent review at £743,200 per annum, and further reversion to 5.69% on settlement of the Princes Street review in 2029.
The capital value reflects £191.47 per sq ft.
146 PRINCES STREET, 1 HOPE STREET, HOUSE OF FRASER 11 HOPE STREET LANE & 3 HOPE STREET EDINBURGH 146 PRINCES STREET, 1 HOPE STREET, 11 HOPE STREET LANE & 3 HOPE STREET / EDINBURGH
CONTACT DETAILS
For further information and access to the data site, please contact:
Philip Hay Alasdair Steele 020 7637 7100 0131 222 9622 [email protected] [email protected]
Brook Wannop Kenneth Brewster 020 7637 7100 0131 222 9631 [email protected] [email protected]
Douglas Macrae Alastair Bird 0131 226 7654 0207 861 1232 [email protected] [email protected]
Knight Frank LLP give notice to anyone who may read these particulars as follows: 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. November 2017.