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39-41 Melville St 7,972 sq ft 100% Let Office Property Edinburgh EH3 7JF £3,300,000 (£413.95/sq ft) 6.49% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Outstanding Double Townhouse Office Investment Opportunity.
- FRI lease (subject to a Schedule of Condition) to Vegware Ltd expiring November 2027.
- Total current passing rent of £228,000 per annum, reflecting low rental rates of £22.66 psf (No.39) and £24.90 psf (No.41) exclusive of car parking.
- Flexible accommodation with several future letting options including multiple occupancy (full townhouse, floor by floor lettings).
- 11 Car Parking Spaces Plus 4 Covered Spaces.
- Creditsafe Rating of 93 'A' - Indicating 'Very Low Risk'.
- Attractive NIY of 6.49%.
- Strong underlying residential value and development potential (subject to planning).
EXECUTIVE SUMMARY
The townhouses are arranged over lower ground, ground, first and second floors and benefit from period features throughout. Both buildings have been extensively refurbished and modernised. To the rear are 11 clear parking spaces with access provided through a pend off Melville Street Lane. Also included in the sale are 4 lock-up garages located either side of this pend.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
7,972 sq ft
Costar Property Class
B
Year Built
1825
Price
£3,300,000
Price per sq ft
£413.95
Yield
6.49%
NOI
£214,170
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
1,993 sq ft
Plot ratio
3.62
Total Plot Size
0.05 ac
AMENITIES
- Storage Space
- Demised WC facilities
- Partitioned Offices
MAJOR TENANTS
- TENANT
- INDUSTRY
- sq ft OCCUPIED
- RENT/sq ft
- LEASE END
- CORE-ASSET CONSULTING LIMITED
- -
- -
- -
- -
-
- -
- 3,906 sq ft
- -
- Mar 2028
Vegware is a manufacturer and visionary brand, the global specialist in plant-based compostable foodservice packaging. Their extensive range of eco catering disposables offers quality environmentally-friendly products at competitive prices. Their award-winning hot and cold drink cups, takeout boxes and food containers are made from renewable, lower carbon or recycled materials, and can all be composted with food waste where accepted.
| TENANT | INDUSTRY | sq ft OCCUPIED | RENT/sq ft | LEASE END | ||
| CORE-ASSET CONSULTING LIMITED | - | - | - | - | ||
|
|
- | 3,906 sq ft | - | Mar 2028 |
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39-41 Melville St
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