Bridge6-8 Road Colinton Village Edinburgh EH13 0LF For Sale Rare Convenience Store Investment Offers over £825,000 (5.77% Net Initial Yield) Investment Summary Rare opportunity to acquire a sought-after convenience store investment Exceptional investment opportunity for private individuals Situated in the heart of Colinton Village, one of the most affluent suburbs in Edinburgh Let to Co-operative Group Food Limited – 15 years FRI lease – no breaks Extensively refurbished over ground and basement levels Total passing rent of £50,000 per annum (£25.88/sq ft Zone A) We are instructed to seek offers in excess of £825,000 (EIGHT HUNDRED AND TWENTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 5.77% assuming purchaser’s costs of 5.12% EINR TN TE GA Bridge Road CRSTRPINE INE RD C OW RPH CORSTO L ST JO ROAD B HN’S A P 6-8 L G R D E L E E N I D K Location A F R O S I D E R N S GI T R G A GO N U S U R T G B B O R H RNTSFIE Edinburgh is the capital city of Scotland, ERCISTN N O T O O R N M D 0 R 7 D located approximately 400 miles north H D D A A R O RO E U ON T D S IN I E L S of London and 45 miles east of Glasgow. O R C G D N I RNINSIE It is one of the six cities categorised by N R O AD O M PMA as a major city and, consequently, ER R CALD CRAICKART SITI benefits from a significant catchment CR B AIGLOC D 7 K R 0 HAR T 1 D population. A O R V K A R D A R S N N G A O L T N IN A A L G 72 O X 0 C The city has a population of 486,000 people and a regional O C population of over 1.6 million. It attracts a significant number OL D I A R N BR E 7 ID G G of tourists from the UK, with an average 2.28 million trips to the 0 NIPER REEN T O 2 City, in addition to the 1.24 million visits from overseas visitors. N T B7 H CINTN 01 M This added influx provides a boost to the local economy of E A I 70 C N approximately £1 billion (Source: Scottish Tourist Board). A IT S Y DR O F Road communications are excellent with the M90 located to ED IN BUR A720 the north, the M8 and M9 to the west and the A1 trunk road to GH BYPASS the south which provide links to all major cities in the UK. The city is well served by the rail network, with direct and frequent services to London (Euston and Kings Cross) and Glasgow with fastest journey times of approximately 4 hour 50 minutes and 51 minutes respectively. Edinburgh also benefits from one of Situation Britain’s fastest growing airports, providing both domestic and The subjects are situated in a prime position in the village on the north side of Bridge Road, which is the international flights. main retail thoroughfare. Bridge Road, which forms part of Colinton Road, is one of the main arterial routes in South West Edinburgh, connecting Colinton with Craiglockhart, Bruntsfield and Morningside to Colinton Village is an affluent suburb in South West Edinburgh, the east and Juniper Green, Currie and Balerno to the west. approximately 4 miles from the city centre. The retail offering on Bridge Road not only caters for Colinton village but also Key landmarks and facilities in Colinton include Merchiston Castle School, Spylaw Park, Water of Leith, the wider communities in Torphin, Spylaw, Dreghorn and Robert Louis Stevenson trail and Redford & Dreghorn Infantry Barracks. Bonaly. Bridge Road benefits from excellent local amenities and transport links including the number 10, 16 and 45 bus routes, Retail occupiers in close proximity to the subjects include The Pantry Bistro, Allingham & Co Estate connecting to Edinburgh city centre and the wider areas. Agents, Interior Solutions, Porteous Funeral Services, Dantes Italian Restaurant, Colinton Pharmacy and The Post Office. 2 Bridge Road 6-8Description Accommodation The subjects comprise a multi glazed retail unit arranged over the ground and basement We have measured the subjects in accordance with the RICS Code of Measuring Practice floors of a 2 storey terraced building under a flat felt roof. There is designated car parking/ (Sixth Edition) and calculate the approximate areas and sizes as follows: loading spaces directly outside the property for 3/4 vehicles. The entire building has recently been fully refurbished with a new extension (over ground and basement floors) Area/Floor Net Internal Area (sqm) Net Internal Area (sqft) built to the rear specifically to accommodate Co-operative Food. Ground 212.28 2,285 Internally, the subjects provide open plan sales space at ground floor level together with Basement 166.66 1,794 a goods lift towards the rear allowing direct access to the basement storage and bakery facilities. In addition to this space there are WC facilities, together with a staff room located Total NIA 378.94 4,079 in the basement. There are 3 separate means of escape from the basement as well as a Total Reduced Area 179.48 1,932 designated external plant area for the current use. The subjects are fitted out in the corporate style of the Co-operative Group. The first floor premises are under separate ownership and a deed of condition is in place for maintenance. 3 Tenancy Tenure The property is held on a heritable title (Scottish equivalent of English freehold). The subjects are let entirely to Co-operative Group Food Limited for a period of 15 years from 26 March 2018 with expiry due 25 March 2033 (no breaks) on Full Repairing and Insuring terms at a passing rent of £50,000 per annum, paid quarterly in advance. This is a Zone A rate of £25.88 per sqft and an overall rate of £15.71 per sqft (taking the basement space at a half rate). EPC The rent is to be reviewed on a 5 yearly basis to RPI, capped and collared at We are advised that the Energy Performance Rating of the property is B. 4% - 1% and compounded on an annual basis. Company Information The Co-operative Group Food Limited is part of the The Co-operative Group Limited and is the fifth largest food retailer in the UK. The Group accounts ending 6 January 2018 reported an annual turnover of £9.47 billion with £6.47 billion of this attributed to The Co-operative Group Food Limited which reported total assets of £3 billion and a tangible net worth of £1.38 billion. 6-8Bridge Road 4 Bridge Road VIEWING & FURTHER PROPOSAL6-8 INFORMATION We are instructed to seek offers in excess of £825,000 (EIGHT HUNDRED AND TWENTY FIVE THOUSAND Please contact the sole selling agents: POUNDS STERLING) exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 5.77% assuming purchaser’s costs of 5.12%. Sheridan Property Consultants 37 ONE 37 George Street Edinburgh VAT EH2 2HN Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, Tel: 0131 300 0296 although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC). Stewart Sheridan: Tel: 07740 940898 LEGAL COSTS Email: [email protected] Each party will be responsible for their own legal costs incurred in connection with the transaction. Cathal Keane: Tel: 07808 627224 Email: [email protected] Graeme Millar: Tel: 07523 512804 Email: [email protected] Sheridan Property Consultants 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 intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission 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 and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate. Date of publication: June 2018.