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East Market St
Edinburgh EH8 8BG
The Pavilion Building & Arches · Retail Property For Sale · 23,943 SF
Investment Highlights
- The Arches mixed-use development extends to approximately 5,620 sq ft across 15 tenantable, bespoke Arches
- The Arches have a diverse and exciting tenant mix attracting both locals and tourists to the area
- There is a ground lease in place from the City of Edinburgh Council which expires on 30th October 2139 at a passing rent of £1 per annum
Executive Summary
Located on the south side of East Market Street in the block bounded by Jeffrey Street to the west and Cranston Street to the east, the Arches from part of the larger New Waverley Development. The surrounding area is a cultural and innovation quarter in the heart of Edinburgh bringing together offices, homes, shops, art and leisure in a buzzing district brimming with activity. HMRC and Edinburgh Council occupy 190,000 sq ft of office space at New Waverley. This makes the surrounding area the most important administrative district in Scotland, due to its close proximity to the Scottish Parliament. Complimenting these occupiers there is a multi storey car park (509 spaces), 4 hotels, a luxury residential development, shops, bars and restaurants already in situation and further investment planned. The renowned Scottish distiller Edinburgh Gin have begun work on the creation of a new distillery and visitor centre, the centre will comprise a 3-storey new build and will also feature a roof terrace with views over Waverley, driving more footfall to the area. The Arches development comprise 15 tenantable Arches, constructed of stone and benefiting from floor to ceiling glazed frontages.
PROPERTY FACTS Sale Pending
| Unit Size | 5,620 SF | Building Class | B |
| No. Units | 1 | Floors | 2 |
| Total Building Size | 23,943 SF | Typical Floor Size | 11,972 SF |
| Property Type | Retail (Condo) | Year Built | 1785 |
| Property Subtype | Retail | Lot Size | 0.37 AC |
| Sale Type | Investment |
| Unit Size | 5,620 SF |
| No. Units | 1 |
| Total Building Size | 23,943 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Retail |
| Sale Type | Investment |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 11,972 SF |
| Year Built | 1785 |
| Lot Size | 0.37 AC |
1 Unit Available
Unit Arches 1-15
| Unit Size | 5,620 SF | Tenure | Long Leasehold |
| Condo Use | Retail | Cap Rate | 8.57% |
| Sale Type | Investment | NOI | $213,849.03 |
| Unit Size | 5,620 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Cap Rate | 8.57% |
| NOI | $213,849.03 |
Description
Internally each Arch comprises open plan sales space at the front with plasterboard lined walls and exposed stone arched ceilings.
The Arches development has recently undergone substantial ventilation and anti-dampness treatment, in each unit to alleviate any former issues. Each Arch has underfloor heating and void to the rear which houses the utility connections. Arches 13, 14 and 15 have internal WC facilities, while the other units have onsite communal toilets. There are four additional arches not listed and included in the purchase. The three furthest west being used for storage, bin store and the toilet block, with the arch adjacent to Arch 11 housing the utilities. The floor to ceiling height of each arch increases substantially from west to east mirroring the rising elevation of Jeffery Street. There is an extensive pavement to the front of each unit and metered parking on East Market Street.
Sale Notes
Instructed to seek offers in the region of £2,000,000 (TWO MILLION POUNDS) exclusive of VAT for our client’s long leasehold interest subject to and with the benefit of the existing leases. A purchase at this level would reflect an attractive Net Initial Yield of 8.57%.
The Arches are held on a Long Leasehold. There is a ground lease in place from the City Of Edinburgh Council, which expires on 30th October 2139, at a rent of £1 per annum.
Amenities
- 24 Hour Access
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