Anderson House :: CuthbertWhite

Anderson House comprises 6 floors of flexible open plan office space, positioned within a landscaped courtyard. In 2020, the central heating and cooling system was replaced with an air source heat pump which resulted in an EPC rating of A.

Level 0 and 1 have benefitted from an extensive category A refurbishment to include new metal ceilings, LED lighting, new raised access flooring and common part refurbishment. Internally, the accommodation provides:

Well configured column free floorplates
New HVAC heating and cooling system
Large, double-glazed windows
Suspended ceilings
Male, female and disabled toilets
Shower facilities
2 x 8 person lifts
Attractive roof terrace
47 dedicated car spaces at basement level and on an adjacent car park deck at the ratio of 1 space per 519 sq ft (48 sq m)

Specification

INVESTMENT SUMMARY:

Located a few minutes’ walk from the bustling Shore area of Leith and only 10 minutes’ walk from two new tram stops at Balfour St and Foot of the Walk.
Quality open-plan office accommodation arranged over 6 floors extending to 24,392 sq ft (2,266 sq m) plus 47 car spaces - a ratio of 1 space per 519 sq ft (48 sq m).
Highly desirable efficient floorplate layout of circa 4,100 sqft – 4,300 sqft.
81.43 % of the income is secured with The Scottish Ministers who have been in occupation since 2004, regearing their lease in 2020.
Newly installed fully electric heating and cooling system using air source heat pumps resulting the building achieving an EPC A.
The building offers longer term alternative use options including residential, serviced apartments or student housing subject to planning.
Annual gross rent of £359,176 resulting in a low average passing rent of £17.51 per sq ft, inclusive of car parking, providing a net income of £308,886 after vacant rates and service charge shortfalls.
Opportunity to increase rents following a planned common part refurbishment.
Running yield becomes 12.57% by simply letting the already refurbished ground floor at £16 psf.
Seeking offers in excess of £3.15m exclusive of VAT, showing a net initial yield of 9.21%, rising to 12.57% upon letting the ground floor at £16psf. This reflects a very low capital rate of £129.14 per sq ft.