EDINBURGH 28-30 HANOVER STREET, EH2 2DS - ATTRACTIVE HIGH STREET BANK INVESTMENT - Allsop
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28-30 HANOVER STREET, EH2 2DS EDINBURGH ATTRACTIVE HIGH STREET BANK INVESTMENT
28-30 HANOVER STREET, EH2 2DS
EDINBURGH
ATTRACTIVE HIGH STREET
BANK INVESTMENT
INVESTMENT CONSIDERATIONS PROPOSAL
■ Edinburgh is the capital city of Scotland and its principle, ■ Total rental income of £290,000 per annum, equating to ■ We are instructed to seek offers in the region of
financial and administrative centre £103 Zone A £3,200,000 (Three, Million ,Two Hundred
■ Attractive Category A Listed building in a prominent ■ Next review 25 December 2021 Thousand Pounds) subject to contract and on which
position along Hanover Street no VAT will be payable as the sale is exempt from
■ The tenant did not exercise the 25 December 2021 break
VAT. A purchase at this level reflects an attractive
■ Fully let to TSB Bank Plc on a 15 year lease expiring 24 option
net initial yield of 8.51% assuming standard Scottish
December 2026 ■ Heritable Interest (Scottish Freehold) purchasers costs of 6.44% and a low capital rate of
■ Unexpired lease term of 5.53 years ■ The tenant has been in occupation since 1996 £207 psf.
■ Total area of approximately 14,477 sq ft
A82
A91
S
HE ILL
28-30 HANOVER STREET, EH2 2DS DT K A9 DH K
AN PAR ON L PAR
ND L K M
AR
O A915
LOM ATION
A LO ONA
EDINBURGH
A83
TP
A84
CH ES GI A92
LO HA N
OR RE
C HF
SSA ET
Doune Leven
TRO AB Dunblane
ELIZ
EEN
ATTRACTIVE HIGH STREET QU A84 A91 M90
BANK INVESTMENT A82
M9 A92
A921
EDINBURGH – A STRONG CAPITAL CITY A811
Stirling
A905 Alloa Cowdenbeath Kirkcaldy
Bannockburn A905 Oakley
Categorised by PMA as one of eight ‘major cities’ on the basis of the volume and Kincardine A985
Dunfermline
quantity of its retail offer, Edinburgh is a diverse and affluent capital city and the
A823(M)
A811 A9
M80 A905
Denny North
second largest financial centre in Europe. It benefits from a large primary retail M876 Queensferry
A90
A803 Falkirk A904
catchment of 932,000 and total city centre floor space of c. 1.7 million sq ft. A706
M9
Queensferry
Lennoxtown A803 A199
Linlithgow
The city has a population of 495,000 and a regional catchment of 1.6 million,
Edinburgh
M80
Greenock
Dumbarton Cumbernauld
Airport
A902 EDINBURGH A1
Port
benefitting from a strong and talented population in whichM855% hold a degree or
A78 A8
Glasgow M8 Morningside
A82
professional qualification, the highest of any UK city. This is buoyed M898
by a strong M80
Clydebank M73 Livingston
Kirknewton
A701
A720
Glasgow A89
student presence, with a four universities operating in the city with overM860,000 students
GLASGOW
International
M8 Airport
Airdrie M8
HIL
LS
L Coatbridge A ND ARK
and strong student retention figures owing to Uits HIE
growing presence as a European Tech L P
A71 A6094
Paisley T L
S PEN IONA
A74
IR RK A8
M A M74 G A68
LP RE
A77
DE
Hub and expanding creative industries sector.
A766
CLY IONA A725 A70
G A7
RE A737 Motherwell A702
East
932,000 – Primary Retail Catchment Kilbride Hamilton Forth
M77
A726 A73 West Linton
M74
20% - Edinburgh’s projected population growth by 2039
A701
West A721 A703
Kilbride
Strathaven Lanark
A78 Peebles
£1.3 billion – Annual tourist expenditure. The most visited destination in the UK after London
Irvine
A77
Kilmarnock A71
Biggar
60,000+ - Student population Douglas
A702
Selkir
Prestwick
LOCATION A7
Ayr Cumnock A74(M)
Edinburgh, Scotland’s capital city is the principal, financial and administrative centre for the
A70
A77
country. It is located approximately 47 miles east of Glasgow, 110 miles north west of Newcastle and
A76
A78 413 miles northCumnock
of
New
London.
TRAM – The city’s tram network opened in 2014 and is now firmly established
Moffat
providing direct links from Edinburgh Airport to the city centre and through
to west Edinburgh. In 2017 it was awarded the Global Light Railway Awards
‘Operator of the Year’
ROAD – The city benefits from strong road communications being served by
the M8 and M9 motorways from the west, M90 from the north and the A1/A7
from the south
RAIL – The property is located in close proximity Edinburgh Station, offering
direct services to London and all major regional and Scottish centres.
AIR – Edinburgh Airport is located 8 miles to the west of the city centre and
easily accessible from the excellent road, tram and bus communications. It is the
fifth largest airport in the UK and has benefitted from substantial reinvestment
increasing the breadth of direct flights to international destinations
28-30 HANOVER STREET, EH2 2DS
EDINBURGH
ATTRACTIVE HIGH STREET
BANK INVESTMENT
SITUATION
The property is situated in a prominent
position on a corner pitch along the west side
of Hanover Street and its junction with Rose
Street. Hanover Street runs between Princes
Street to the south and George St to the north,
the two prime retails pitches in the city centre.
The road comprises a mix of traditional retail and
leisure occupiers including JD Sports, Santander,
Pret A Manger and Costa Coffee.
The property is located within the Conservation Area.
DESCRIPTION
The property comprises an attractive Category A Listed,
neo-Greek style bank and is arranged over basement,
ground, mezzanine, first and second floors.
The main customer entrance to the banking hall is from
Hanover Street with a fire exit door on the south side of the
Hanover Street elevation and another door on the north side,
leading to the offices on first and second floors. There is also
a fire exit to the rear of the building, leading on to Rose Street
Lane North.
The ground floor comprises a banking hall with 2 ATMs and
lift serving the mezzanine and first floors. The mezzanine level
provides a conference area overlooking the banking hall and
ancillary accommodation. The first and second floor provide
office and staff accommodation.
The basement comprises a walk in safe, plant and staff accommodation.
Rear access from Rose Street
28-30 HANOVER STREET, EH2 2DS
EDINBURGH
ATTRACTIVE HIGH STREET
BANK INVESTMENT
ANS
IA JE
GLOR
© Crown Copyright, ES 100004106. For identification purposes only.
28-30 HANOVER STREET, EH2 2DS
EDINBURGH
ATTRACTIVE HIGH STREET
BANK INVESTMENT
TENANCY AND ACCOMMODATION SCHEDULE TENURE
The property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition. The ITZA has been calculated applying Heritable Interest (Scottish Freehold).
a 10% discount for the heavy frontage, A/10 on the Basement and Mezzanine, A/15 on the First Floor and A/20 on the Second Floor.
Tenant Floor Area Area Lease Lease Rent Rent Rent psf Comment
(sq m) (sq ft) Start Expiry Review £ pa (Zone A)
Ground 392.9 4,229
ITZA 262.3 2,823
The tenant has been in
Mezzanine 209.6 2,256 £20.03 occupation since 1996 and did
TSB Bank PLC 18/01/2011 24/12/2026 25/12/2021 £290,000
First 242.2 2,607 (£103) not exercise the 25 December
2021 break option
Second 248.8 2,678
Basement 251.5 2,707
Total 1345.0 14,477
28-30 HANOVER STREET, EH2 2DS
EDINBURGH
ATTRACTIVE HIGH STREET
BANK INVESTMENT
COVENANT INFORMATION
TSB Bank PLC (SC095237)
TSB bank is a retail and commercial bank in the UK and a subsidiary of Sabadell group,
one of Spain’s largest banking groups founded in 1881. TSB is the group’s benchmark brand
in the UK, acquired in 2015 with the goal of driving competition and growing its customer
base. It has 290 branches across the UK with over 7,000 employees.
31/12/2018 31/12/2019 31/12/2020
Turnover - - -
Pre-Tax Profit £-101,000,000 £45,400,000 £-200,500,000
Total Net Worth £1,860,500,000 £1,880,500,000 £1,675,400,000
EPC
Available in the Data Room.
VAT
The property has not been elected for VAT.
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to satisfy the
AML requirements when Head of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/HanoverStreetEdinburgh
PROPOSAL
Offers sought in excess of £3,200,000 (Three, Million ,Two Hundred Thousand Pounds),
subject to contract and on which no VAT will be payable as the sale is exempt from VAT A
purchase at this level reflects a net initial yield of 8.51% assuming standard Scottish purchasers
costs of 6.44%
For further information or to make arrangements for viewing please contact:
Lottie Hayward Freddie Foley Jonathan Wright
07817 549 237 07765 982 637 07764 755 610
lottie.hayward@allsop.co.uk frederick.foley@allsop.co.uk jonathan.wright@allsop.co.uk allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.21
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