Anderson House

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.