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4-6 Forres St
Edinburgh EH3 6BJ

Office Property For Sale · 12,586 SF

Investment Highlights

  • Townhouse Investment Opportunity in the New Town
  • The property would be suitable for residential or office conversion subject to the necessary planning consent
  • The property is currently utilised as a day nursery under Class 10 of the Town & Country Planning (Scotland) Order 1997

Executive Summary

The property is located in the heart of Edinburgh city centre within the highly desirable New Town district. Situated on the west side of Forres Street between Albyn Place to the south and Moray Place to the north the property is surrounded by a mix of commercial and residential residents. The exclusive New Town is approximately 200m from Edinburgh’s core city centre, popular with businesses and residents alike offering an abundance of local amenities. Moray Place provides vehicular access to Forres Street which is a peaceful cul de sac with no through traffic. There is pedestrian access from Queen Street. The accessibility along with the quietness of the street is ideal for its current use as a nursery. The subjects comprise a Georgian townhouse arranged over the basement, ground, first, second & attic floors of a three storey plus attic and basement traditional tenement. The building is stone built with a part pitch and slated, part flat felt roof. At lower ground floor level there is an outshoot that is also stone built and has a mono pitched and felted roof. The nursery is accessed via a grand entrance at ground floor level. The property benefits a variety of rooms currently utilised as play rooms, office space, kitchen area and staff room. There are WC facilities & stores located on each floor. From the top floor rear offices, the tenant enjoys stunning views over the north of Edinburgh towards the Firth of Forth. Alternative access is available at lower ground from pavement stairs on Forres Street as well as rear access at lower ground level out to the private garden currently used as a playground. The property benefits from central heating throughout the building.

PROPERTY FACTS

Unit Size 5,929 SF
No. Units 1
Total Building Size 12,586 SF
Property Type Office (Condo)
Sale Type Investment
Building Class B
Floors 5
Typical Floor Size 2,517 SF
Year Built 1714
Lot Size 0.07 AC

1 Unit Available

Unit 4

Unit Size 5,929 SF
Condo Use Retail
Sale Type Investment
Tenure Freehold
Cap Rate 5.82%
NOI $107,370.83
Description

There is an occupational lease in place until 7 June 2032 to Busy Bees Nurseries (Scotland) Limited. There are CPI linked rent reviews (capped at a 3% uplift of the passing rent) with the next review on 8 June 2027. The current passing rent is £92,700 paid quarterly in advance & there is a Schedule of Condition attached to the lease. The property cannot be assigned/sublet in part but can be assigned/ sublet in whole subject to landlord consent.

Sale Notes

Instructed to seek offers over: £1,500,000 (ONE MILLION FIVE HUNDRED THOUSAND POUNDS) sterling, for the heritable interest subject to and with the benefit of the existing lease. A purchase at this level would show an attractive net initial yield of 5.82%.

The property is currently utilised as a day nursery under Class 10 of the Town & Country Planning (Scotland) Order 1997. The property would be suitable for residential or office conversion subject to the necessary planning consent.

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Garden
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Amenities

  • 24 Hour Access
  • Listing ID: 29838350

  • Date on Market: 10/20/2023

  • Last Updated:

  • Address: 4-6 Forres St, Edinburgh EH3 6BJ

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