Edinburgh 0131 225 6612

Glasgow0141 204 3838

Aberdeen 01224 588866

Leeds0113 243 6777

London020 7436 1212

• Comprising a terrace of 7 units extending to a total of 23,362 sqft

• Site area of approximately 0.94 acres

• Leased to tenants including Pufferfish Ltd, Kiltane Retail Ltd and Recycle to Cycle

• Total current passing rent of £165,288 pa

• WAULT of 6 years and 11 months to expiries (5 years and 9 months to breaks)

• Good prospects for rental growth and underlying residential/alternative use potential

• Offers over £2.1M reflecting a net initial yield of 7.41% (allowing for purchasers costs and LBTT)

FOR SALERare Multi-let Industrial Investment 1.5 miles from Edinburgh City Centre

244 – 256 Causewayside, Edinburgh EH9 1UU

Manchester0161 249 9778

EDINBURGH CITY CENTRE

CAUSEWAYSIDE A701 NEWINGTON RD

COMMONWEALTH POOL

HOLYROOD PARK

EDINBURGH CASTLE

LOCATION

Edinburgh is the capital city of Scotland and home to the Scottish Government. It has an estimated population of 513,200 people increasing to 1.36million within the Edinburgh city region. This is projected to increase by 20% over the next 20 years making it one of the UK’s fastest growing cities.

• Edinburgh is the UK’s largest financial centre outside London with over £500bn of assets under management and headquarters of Virgin Money, Aberdeen Standard, Baillie Gifford and RBS.

• Home to key technology companies such as Computershare, Skyscanner, Rockstar North, Cirrus Logic, Fanduel, Craneware and FMZ.

• A major centre for education with 8 universities and further education colleges and over 80,000 UK based and international students.

The city is also recognised as;

• A global centre for tourism with over £4.5bn generated from international visitors in 2017.

• The host city for the world’s largest arts festival (International and Fringe Festivals) attracting c.4 million visitors a year and generating over £313M in 2017.

• A city with a high quality of life and bright future; rated first in FDI Strategies (Global City of the Future).

Edinburgh benefits from excellent connectivity locally, nationally and internationally due to continued investment in its transport infrastructure.

SITUATION

The subjects are located on the south side of Edinburgh approximately 1.5 miles from the city centre. Causewayside forms one of the main arterial routes into and out of the city. The property lies on the west side of the street and is bounded by Kittle Yards (office development) to the north and BP filling station / National Tyres centre to the south.

The surrounding area comprises a mixture of predominantly office, retail and residential uses. There are a wide range of local amenities supporting some of the city’s most affluent residential areas of The Grange, Newington and Marchmont.

Significant occupiers locally include Historic Environment Scotland, Edinburgh University, The Scottish Law Commission and National Library of Scotland.

HOLYROOD RDEDINBURGH CITY CENTRE

Holyrood Park

Calton Hill

Leith Links

Meadow Park

MILTON RD. E

MILTON RD A1

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PORTOBELLO RD

SIR HARRY LAUDER RD

WILLOWBRAE R

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DUDDINGSTON R

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LONDON RD

MOUNTCASTLE DR

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LRIG

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SALAMANDER STREET

LEIT

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FERRY ROAD

DALKEITH R

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MELVILLE DRIVE

PORTOBELLO HIGH ST

CRAIGENTINNY ROAD

ST CLE

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GRANGE RD SALISBURY P

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A1

A1

Ordnance Survey © Crown Copyright 2019. All Rights Reserved.Licence number 100022432Plotted Scale - 1:1250. Paper Size - A4

Indicative title plan

RIGHT OF ACCESS

DESCRIPTION

244-256 Causewayside comprises a terrace of 7 industrial units originally constructed in c. mid 1970s. The units benefit from a minimum eaves height of approximately 4m and onsite parking. Recent works undertaken to the property include but are not limited to the following;

• Resurfacing of car park, access roads and relining of parking bays

• Over-cladding of Units 246 and 252

The site sits behind a block of residential flats (Street Nos 214 – 242 Causewayside) and access/egress is either via a pend to the north of this block or the main entrance to the south adjacent to BP filling station.

ACCOMMODATION AND TENANCY

UnitArea sqft

EPC Rating

Tenant Lease Start Next Review Date Next Break Lease Expiry Rent pa Rent psf CommentsOption to tax

244 Causewayside 2,607 E Recycle to Cycle 07/01/2009 25/08/2021 N/A 24/05/2026 £18,000 £6.90 Common charge capped at £1,450 pa (running at £1,415). Schedule of condition attached to lease.

No

246 Causewayside 2,475 E Kiltane Retail Ltd 28/06/2019 N/A 28/06/2022 27/06/2024 £20,500 £8.28 New 5 year lease with TBO at 3 and schedule of condition. No rent free. Schedule of condition attached to lease.

Yes

248 Causewayside 3,242 E Shamin Rahman 01/09/2009 01/09/2022 N/A 30/09/2029 £18,000 £5.55 Common charge recovery within lease agreement. Schedule of condition attached to lease.

No

250 Causewayside 2,564 E+ Recycle to Cycle 25/06/2006 25/08/2021 N/A 24/05/2026 £18,000 £7.02 Common charge capped at £1,450 pa (running at £1,391). Schedule of condition attached to lease.

No

252 Causewayside 3,290 F Pufferfish Ltd 04/02/2019 04/02/2024 04/02/2024 03/02/2029 £26,500 £8.05 Recent lease variation and extension. No common charge cap. Schedule of condition attached to lease.

Yes

254-256 Causewayside 9,184 E & F+ Kiltane Retail Ltd 04/12/2015 04/12/2020 N/A 03/12/2025 £64,288 £7.00 Common charge capped at £5,051 pa (running at £4,984). Schedule of condition attached to lease.

Yes

TOTAL 23,362 £165,288 £7.08

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Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for 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 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 Messrs Ryden has any authority to make or give any representation or

warranty whatever in relation to this property. November 2019.

MANAGEMENT / COMMON CHARGES

Common expenditure is recovered via service charge with the exception of unit 248. This is dealt with as per their lease agreement.

A copy of the Service Charge Budget and previous reconciled budget is available upon request.

TENURE

Ownership interest/heritable (Scottish equivalent of English freehold).

PROPOSAL

We are instructed to invite offers in excess of £2.1M exclusive of VAT representing a net initial yield of 7.41% allowing for usual purchaser’s costs and LBTT of 6.25%.

VAT

Units 244, 248 and 250 are not elected for VAT. The remainder of the units are. It is anticipated the transaction can be treated as a Transfer of a Going Concern.

DATAROOM

A dataroom has been setup and access can be provided by the selling agent to interested parties.

FURTHER INFORMATION

For further information or to arrange a viewing please contact the sole selling agent:

Ryden LLP, 7 Exchange Crescent, Conference Square, Edinburgh EH3 8AN

Nick Armstrong nick.armstrong@ryden.co.uk T: 0131 473 3223

Peter I’anson peter.i’anson@ryden.co.uk 0131 473 3233

Hamish Rankin hamish.rankin@ryden.co.uk 0131 473 3210

COVENANT

TENANT WEBSITE ADDRESSCREDITSAFE RATING

CREDITSAFE CATEGORY

DATE OF LATEST ACCOUNTS

TURNOVERNET WORTH

DESCRIPTION/PRINCIPLE ACTIVITY

Recycle To Cycle www.thebikestation.org.uk 39/100 Moderate risk 31/03/18 £799,166 £26,584 A registered charity engaged in the encouragement and promotion of good mental and physical health through cycling as a means of transport to advance the education of the public in the safe use of bicycles and their repair and to protect and preserve the environment for the public benefit.

Kiltane Retail Ltd www.kiltane.com 76/100 Very low risk 31/12/18 £14,207,705 £9,961,823 Retail sale of clothing in specialised stores.

Shamin Rahman t/a Curry Lovers

N/A N/A N/A N/A N/A N/A N/A

Pufferfish Ltd www.pufferfishdisplays.com 96/100 Very low risk 30/09/18 N/A £444,855 Information technology service activities.