Gordon Lamb House
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Overview
| ID: | #6779 |
|---|---|
| Type: | Property Investments |
| Contract: | SOLD |
| Location: | Edinburgh |
| Area: | 8,960 sq ft |
| Download Property Schedule (pdf) | |
INVESTMENT SUMMARY
- Rare multi let office building in the heart of Edinburgh’s historic Old Town
- Multi-let to a diverse range of tenants
- Desirable floor plate sizes with a strong letting history
- Eye catching design within heart of UNESCO site
- Close to Scottish Parliament and Edinburgh University
- Heritable tenure
PROPOSAL
WE ARE SEEKING OFFERS IN EXCESS OF £2,330,000 (TWO MILLION THREE HUNDRED AND THIRTY THOUSAND
POUNDS STERLING) EXCLUSIVE OF VAT. A PURCHASE AT THIS LEVEL WOULD SHOW AN ATTRACTIVE NET INITIAL YIELD OF 8.50%.
LOCATION
Edinburgh, a UNESCO world heritage site, and Scotland’s capital city is located approximately 400 miles north of London and 45 miles east of Glasgow. It is a key political, legal and judicial centre and is the second largest financial centre in the UK. The city has a population of approximately 498,000 and a regional catchment of around 1.6 million people. Edinburgh has a diverse economy with more FTSE 100 companies located there than any other city in the UK, outside of London.
The city has excellent road communications with the M90 located to the north, the M8 and M9 to the west and the A1 trunk road to the south. It is well served by the nearby Waverley Station with direct and frequent services to London and numerous other UK towns and cities.
Edinburgh has a booming international airport, one of the fastest growing in the UK. It is Scotland’s largest with over 200 direct routes including North America, Canada, Middle East, China and throughout Europe.
SITUATION
Gordon Lamb House is situated in the heart of the established Holyrood area of Edinburgh where major occupiers include The Scottish Parliament, Rockstar North, Citibank, BBC and The University of Edinburgh.
The area is well served by leisure and retail facilities with Starbucks, Tesco, Marriott Hotel and numerous bars and restaurants within the immediate vicinity of the property. This is set against the spectacular backdrop of Salisbury Crags and Holyrood Park.
DESCRIPTION
Gordon Lamb House provides good quality DDA compliant, open plan office accommodation arranged over ground and four upper floors. The floor plates are all an “in demand” size ranging from 118.73 sqm (1,278 sqft) to 185.15 sqm (1,993 sqft). The common parts have been refurbished to a high standard and the property benefits from 2 showers, cycle parking, LED lighting throughout, 9 person lift, WCs and a 4th floor roof terrace.
ACCOMMODATION
The subjects have been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and extend to the following Net Internal Areas:
GROUND 1,720 sq ft
FIRST 1,993 sq ft
SECOND 1,987 sq ft
THIRD 1,982 sq ft
FOURTH 1,278 sq ft
TOTAL 8,960 sq ft
TENURE
The property is held on a heritable title (Scottish equivalent of English freehold).
EPC
Ground: B
First: B
Second: TBC
Third: A
Fourth: C
SERVICE CHARGE
The service charge for the current year is running at £6.60 per sq ft.
VAT
The property is elected for VAT. However, it is anticipated that a sale will be treated by way of a Transfer of a Going Concern (TOGC).
ANTI-MONEY LAUNDERING
In accordance with AML Regulations, the successful purchaser will be required to satisfy the vendor on the source of funds used to acquire the property.
