BROUGHTON HOUSE 31 DUNEDIN STREET EDINBURGH EH7 4JG - FOR SALE - Sheridan Property Consultants
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BR O UG HTON HOUSE
31 DUNEDIN STREET EDINBURGH EH7 4JG
FOR SALE
MULTI-LET OFFICE INVESTMENT
WITH EXCELLENT DEVELOPMENT POTENTIAL
OFFERS IN EXCESS OF £1,000,000
(7.64% NIY & £96/SQFT CAPITAL RATE)
BROUGHTON HOUSE | EDINBURGH
BR O UG H TON HOUSE 01
EXECUTIVE SUMMARY
• MULTI-LET OFFICE BUILDING WITHIN WALKING
DISTANCE OF EDINBURGH’S CITY CENTRE;
• 9 OFFICE SUITES AT A RANGE OF SIZES AND
EXTENDING TO 967.9 SQM (10,418 SQFT) ON A
SITE OF 0.16 ACRES;
• FULLY LET TO BINAP, RANDOLPH HILL NURSING
HOME & WORLD MISSION AGENCY;
• TOTAL PASSING RENT EQUATES TO £80,683
PER ANNUM;
• LOW AVERAGE PASSING RENTAL RATE OF
£7.74/SQFT;
• 86.83% OF THE INCOME SECURED TO DUN &
BRADSTREET CREDIT RATED 4A1 COVENANTS;
• EXCELLENT ASSET MANAGEMENT POTENTIAL;
LO
• POTENTIAL FOR REDEVELOPMENT OF THE ET
LG
ogIE
RE
ST
ie M
DIN
illM
NE
ILL
ENTIRE SITE FOR ALTERNATIVE/RESIDENTIAL USE DU
(SUBJECT TO PLANNING);
• WE ARE INSTRUCTED TO SEEK OFFERS IN
DU
NE
EXCESS OF £1,000,000 (ONE MILLION POUNDS
DIN
STERLING) EXCLUSIVE OF VAT. ST
RE
ET
• A PURCHASE AT THIS LEVEL WOULD REFLECT 0
B90
AN ATTRACTIVE NET INITIAL YIELD OF 7.64%
Dun
edin
AND A CAPITAL RATE OF £96/SQFT, ASSUMING OAD
d
Roa
Stre
ton
ugh
NR
et
Bro
H TO
STANDARD PURCHASER’S COSTS OF 5.65%, BRO
UG
B900
TO INCLUDE LAND & BUILDINGS TRANSACTION
Broughton d
n Roa
Road Park hto
ug
Bro
TAX (LBTT). 00
B9
ad
Ro
31 DUNEDIN STREET EDINBURGH EH7 4JG
BROUGHTON HOUSE | EDINBURGH
LOCATION 02
EDINBURGH HAS A POPULATION OF 495,000 WITHIN THE
CITY, INCREASING TO 1.6 MILLION WITHIN THE LOTHIAN
CATCHMENT AREA. IT IS THE MOST PROSPEROUS REGIONAL
IN V
ERL
AD
E IT
CITY IN THE UK AND ITS WORKFORCE IS ONE OF THE MOST RO
HR
R O YA L B O TA N I C
IS
TON BROUGHTON HOUSE
OW
GARDENS R
AR
W
PI
HIGHLY EDUCATED IN THE UK WITH 45.3% HOLDING A DEGREE
LR
IG
ST
RE
OR PROFESSIONAL QUALIFICATION. 5
TE
eith
r of L N ROAD
M
Wate BROUGHTO
CD
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LD
RO
W
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BRANDON ST
RO
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ON
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AD
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AD LA RE
OGLE RO RE P
4
CL
GLEN EY ET
The city’s financial and business centre is extremely diverse and the city is home to
ST
GRANGE
EA
CRICKET ON ROW
DERS
more FTSE 100 companies than any other city in the UK outside London. The city C O M ELY
CLUB HEN
N ST
REE T
DO
W
BANK LON
weathered the financial uncertainties of recent years well, with a number of new EAST
RO
W
RAEBU S RO
COM
E
FETT
M
RN
EL
entrants gaining significant representation as well as existing companies expanding. PL
ELY
LEAR
AC EET
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BAN
R
D ST
NI
MON
BR
LEA
LAN
ON
New entrants include Virgin Money, Tesco Bank, Amazon, Avaloq and the Green
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ST
KA
BER
D
K
OU
PAR CUM
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RM
TH G
ROA
ST
S LANE
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HE
ITH CU
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EP
ON
ROV
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CRA
ST
IR
Investment Bank.
ET
TO
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DUN
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3
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INCE
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GREA DON
AV
EAS
1
ROA
DAS
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ET D
NT S
NT STRE
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Financial services continue to be a major facet of the Scottish economy and account ONTH G CE AND
AR
LEARM ES RL
MBE
T HO
HU
D
GDNS CR ORT
BR
STRE
N
GLO
S LEARMONTH RK
for up to one in ten Scottish jobs. Edinburgh also has a world class reputation for CE
AE
WE S
PA
K PLA
UC
N
YOR
ET
QU A
EST
DE
T
enterprise in areas such as information technology
EEN
SFE and software development,
ER
ST JAMES
LAN
RR AY
PL A C
YR
E
biotechnology and life sciences. OAD T RO
W CENTRE
E
M OR
D HERIO
QUEENSFERRY ROA Bus
T TLE S
T EW
TREE NDR
EN S THIS ST A Station
QUE
The city has a strong educational heritage, boasting four universities, providing ISTLE
ST
HANO
TH ST
ACE RGE
N PL ST GEO ARE
an educational hub for over 1,000,000 students, including more than 156,000 ALBY HILL ST
SQU
VER S
RGE REGENT RO
AD
GEO ST
international students, making it the most popular destination for overseasOstudents ROSE
CA S
CE ST HOLYROO
RRA RGE
T
N TE GEO ET
STRE
PALAC
SE ST
NOR
ELST ES
T LE
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wishing to study at universities in the UK outside London. LOTT
2
RAV RO C
CHAR ST PRIN CALTON RD
TH B
QU ROSE
ST
TH ARL
EE rley
Wave ion
E S IAM
P
RIDG
NS RE
The city benefits from excellent communication links; Edinburgh Airport is the fifth
THE M
SQUA
CO EN
FE t
S t a NGA
TE
TT T
RR
REET
E
O
CAN
ISH
Y
largest international airport in the UK and is located 8 miles west of the city centre. T ST C ES ST
OUN
S
LE PRIN
ET IL
RE LV D
Over 50 airlines operate from Edinburgh Airport which fly to 120 destinations across
D
ST ME OA
CE DR
ER A OO
ST PL
29 countries. CH
E
IC
K
HIGH
STRE
ET
H OL
YR
W
LOTHIA
D
AN
GEO
SH
Furthermore, the city boasts 2 iconic train stations, Waverley and Haymarket, both Edinburgh Castle
RGE
N ROA
CA
of which are a short walking distance from Princes Street. Both Stations provide
IV
ST
BRID
LE
ST TE T
TREE
direct services to and from London and are easily reached from other main English RR MARKET
D
ND ASS RS S
PLEA
LA GR MBE
GE
T CHA
AI
towns and cities as well as providing services to all major Scottish centres. The new
TORPHICAN ST
SANC
M
NICO
tram system commenced operations in May 2014 and connects ROSthe Airport and the LA
WEST P
ORT
E
MORRISON ST DY
EBU WEST COATES HAYMARKET TERRACE LA
LSON
RN T W
west of Edinburgh to the city centre. ERRACE BREAD ST SO
ST LEON
N
ST
SEMP
STRE
Haymarket
Station
ARDS
LE ST
ON PL AC E
ET
R I ST
LAU
GRO
AD
RO
VE
H
POINT OF INTEREST DISTANCE TRAVEL TIME (WALKING) AC
AD
ST
P RO
RO
AP
T
RY
ES
1 Tram Stop (York Place) 0.8 miles 18 mins W GE
L
RID
DA
A INB MEADOWS
NT
2 Waverley Station 1.1 miles 22 mins FO
U
WEST APPROACH ROAD T
EE
3 Broughton Street 0.6 miles 13 mins ND
E ES
TR BRUNTSFIELD
LINKS
MELVILLE DRIVE
DU
4 Leith Walk 0.9 miles 12 mins
E
AC
RR
5 Canonmills 0.2 miles 3 miles
VI
TE
E
EW
AC
RK
FO
PA
PL
AD LD
RT
E
RO
GL
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AN
RG
GO UNT
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EN
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31 DUNEDIN STREET EDINBURGH EH7 4JG
AV
EN
UE
BROUGHTON HOUSE | EDINBURGH
SITUATION 03
BROUGHTON HOUSE IS SITUATED ON
D
THE SOUTH-WEST SIDE OF DUNEDIN
A
RO
STREET WITHIN THE POWDERHALL AREA
N
TO
OF EDINBURGH LOCATED 0.8 MILES TO
GH
D
A
THE NORTH-EAST OF THE CITY CENTRE. RO ERHALL ROAD
OU
N WD
TO PO
DUNEDIN STREET CAN BE ACCESSED VIA
BR
S 180 NEW HOMES UNDER
I
RR
CONSTRUCTION
A
LOGIE GREEN ROAD / POWDERHALL ROAD W
TO THE NORTH OR BROUGHTON ROAD
TO THE SOUTH, BOTH OF WHICH ALLOW
BE
BEAVERBANK BUSINESS
T
EASY ACCESS TO THE CITY CENTRE AND PARK
EE
AV
R
ST
ER
M
EDINBURGH’S WIDER REGION. IN
90
C
0
ED
HA
D
6 N B
O
LL
U
LO
D
N
POPPY SCOTLAND KINGSFORD RESIDENCIES
GI
RO
A
LD
EG
Transport links to Broughton House are excellent with north
AD
ENT
to west and north to south bus stops along Broughton BROUGHTON HOUSE
R
RE
BE
1
O
Road servicing the north to west and north to south
RESC
EN
A
AV
R I STON ROAD
commute through the City with the No. 8,23,27 & 36
D
ER
RO
running frequent daily services and within walking distance
D
ON C
BA
A
AD
of Broughton House.
RO
NK
ON
RIST
In addition to the residential occupiers surrounding T
GH
M
PL
C
Broughton House, the area is also home to a number of
4 U
D
AC
ET
O
WA R
O
WA R
commercial occupiers to include James.F.Kidd, Sixt UK, R
N
E
RE
B
A
Continental Wine, Dunedin Builders Merchants, Tesco, Lidl
LD
PL
ST
and Costa Coffee.
NT
A
C
B
E
OU
90
3
D
EM
1
OA
TRAVEL TIME
POINT OF INTEREST DISTANCE
AR
ER
(WALKING)
0
CL
90
VU
1 36 Bus Stop (Gyle) 0.2 miles 4 mins
B
ST
T B A NK
LLE
2
EA
2 Canonmills 0.4 miles 6 mins
T
RE
BE
3 Tesco & Costa 0.3 miles 5 mins B 901
A
TR
N
N
ON
vLuLeS
4 Lidl 0.2 miles 4 mins
AN
M
E
D
8 Bus Stop (Edinburgh R
eE
A
5 0.3 miles 5 mins
LA
B
LE
Royal Infirmary)
E
C
5
AC
ST
Water of Leith Walkway B9
PL
6 to North and North-West 0.5 miles 8 mins 01
RE
Edinburgh
EY
31 DUNEDIN STREET EDINBURGH EH7 4JG
BROUGHTON HOUSE | EDINBURGH
DESCRIPTION 04
BROUGHTON HOUSE COMPRISES 2 INTERLINKING
OFFICE BUILDINGS ON A STANDALONE SITE WITH OFFICE
ACCOMMODATION COMPRISED OF A MIX OF OPEN-
PLAN AND CELLULAR SPACE ARRANGED OVER LOWER
GROUND, GROUND AND FIRST FLOOR LEVELS. ACCESS TO
BROUGHTON HOUSE IS VIA TWO SEPARATE STEPPED, MAIN
DOOR ENTRANCES WITH THE INTERNAL SPACE ACCESSED
VIA TWO COMMON STAIRWELLS.
The larger offices are interconnecting for the purposes of the current tenant’s
occupation but could easily be sub-divided to provide smaller suites all with
centrally shared WC and kitchen facilities. All suites offer a plentiful supply of The site offers a fantastic
natural daylight together with fire and intruder alarm systems.
opportunity for any purchaser
In addition to the physical space, there are a total of 13 car parking spaces
available with 7 of those contained within a built-in, lower ground garage (5 clear, to redevelop the site or buildings
2 blocked) with the remaining 6 spaces located at the front of Broughton House. for alternative uses at a later
date, subject to planning
FUTURE DEVELOPMENT
Broughton House is surrounded primarily residential and student housing
occupiers with the commercial office and industrial space within the area
having undergone significant redevelopment since the late 1990’s. Powderhall
& Warriston adjoin one another on the sites of the old Football Stadium and
Greyhound Track with the areas undergoing significant redevelopment in the
recent past with more pipelined for the future.
The original development of Powderhall Road & Brae in 1999-2002 was developed
by Bryant Homes with Powderhall Rigg developed by Miller Homes between
2002-2004. Since then, AMA Homes redeveloped the old Printworks into 19 loft
styled apartments in the mid 2000’s.
More recently, Watkin Jones completed their residential and student development
for 24 private dwellings and 324 student beds with the development lying
adjacent to Broughton House which also incorporated a Lidl supermarket.
As of today, Artisan Homes are now on site on the old B&Q depot which will
see a further 180 new homes being built together with the Kingsford Residence
redeveloping the old Broughton Primary School which will house 74 apartments
and has recently been completed.
It is our opinion that the property and wider site offers a fantastic opportunity There are a total of 13 car
for any purchaser to redevelop the site or buildings for alternative uses at a later
date, subject to planning.
parking spaces available
31 DUNEDIN STREET EDINBURGH EH7 4JG
BROUGHTON HOUSE | EDINBURGH
ACCOMMODATION SUITE 6A
SUITE 6A
SUITE 6
SUITE 6
05
We have measured the subjects in accordance with the RICS Code of Measuring Practice (Sixth
Edition) and calculate the approximate areas and sizes as follows:
FLOOR | SUITE NET INTERNAL AREA (SQM) NET INTERNAL AREA (SQFT)
Ground Floor | Suite 1 136.88 1,473
FEMALE
Ground Floor | Suite 2 143.22 1,542 WC
First Floor | Suite 3 148.33 1,597 SUITE 7 FEMALE
WC
MALE
WC GARAGE
First floor | Suite 4 168.18 1,810
MALE
WC
Ground Floor | Suite 5 85.1 916 SUITE 3
SUITE 4
Ground Floor | Suite 5a 31.02 334 DISABLED
WC
Lower Ground Floor | Suite 6 84.57 910
Lower Ground Floor | Suite 6a 29.59 318
ST
Lower Ground Floor | Suite 7 141.01 1,518
TOTAL 967.9 10,418 FIRST FLOOR
The building sits on a site extending to approximately 0.16 acres. LOWER GROUND FLOOR
FLOOR PLANS
SUITE 6 SUITE 5
SUITE 5A
SUITE 6A
MALE
WC
STAFF
FEMALE KITCHEN
FEMALE WC
WC
SUITE 7 SUITE 1
MALE
WC GARAGE
ST
DISABLED
SUITE 2 ST OFFICE
WC
ST
LOWER GROUND FLOOR GROUND FLOOR
31 DUNEDIN STREET EDINBURGH EH7 4JG
BROUGHTON HOUSE | EDINBURGH
TENANCY 06
D&B CREDIT PASSING RENT
TENANT SUITE AREA (SQ FT) REPAIR RENT PER SQ FT LEASE START LEASE EXPIRY EPC COMMENTS
RATING P.A
Randolph Hill
Randolph Hill occupy the 7
Nursing Homes 4A1 1,2,7 4,533 FRI £43,562 £9.61 11/03/2015 31/05/2020 D space garage as
Group Limited per the terms of
their lease.
BINAP Limited H3 5 & 5A 1,250 FRI £10,625 £8.50 11/03/2015 31/05/2020 D
World Mission
Agency -
Winner's Chapel 4A1 3,4,6,6A 4,635 FRI £26,496 £5.72 12/09/2016 11/09/2021 D
International,
Scotland Ltd.
TOTAL 10,418 £80,683 £7.74
There is a nominal service charge budget for the building that equates to £0.61/sqft. Further details are available on request.
TENU RE
The subject property is held on heritable title (Scottish equivalent to English freehold).
PROPOSAL
We are instructed to seek offers in excess of £1,000,000 (ONE MILLION POUNDS STERLING)
exclusive of VAT.
A purchase at this level would reflect an attractive Net Initial Yield of 7.64% and a capital rate of £96/
sqft, assuming standard purchaser’s costs of 5.65%, to include LBTT.
VAT
Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the
purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going
Concern (TOGC).
LEGAL COSTS
Each party will be responsible for their own legal costs incurred in connection with the transaction.
31 DUNEDIN STREET EDINBURGH EH7 4JG
BROUGHTON HOUSE | EDINBURGH
07
WATER OF LEITH WALKWAY
RODNEY STREET
BEAVERBANK BUSINESS PARK CANON COURT WATER OF LEITH
31 DUNEDIN STREET EDINBURGH EH7 4JG
VIEW IN G & F U R T H ER I NF O R M AT I O N
Please contact the sole selling agent:
Sheridan
Property
Consultants
Sheridan Property Consultants
37 One
37 George Street
Edinburgh
EH2 2HN
Tel 0131 300 0296
Stewart Sheridan/Cathal Keane/Graeme Millar
Stewart Sheridan 07740 940898
Cathal Keane 07808 627224
Graeme Millar 07523 512804
Email: stewart@sheridanproperty.co.uk
Email: cathal@sheridanproperty.co.uk
Email: graeme@sheridanproperty.co.uk
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 have 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. JULY 2019
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