44-46 princesstreet.pdf - Culverwell Property Consultants

Investment EvidenceProperty Transaction Price Yield Date133-137 Buchanan Street, Glasgow Investment sale £21.2 million 5.36% August 201062-66 George Street, Edinburgh Investment sale £6.103 million 6% August 201063-65 George Street, Edinburgh Investment sale £10.4 million 5.71% July 201055-59 Buchanan Street, Glasgow Investment sale £16.5 million 4.87% 2nd Quarter 2010ProposalWe are instructed to seek offers in excess of SEVEN MILLIONFIVE HUNDRED THOUSAND POUNDS (£7,500,000) exclusiveof VAT for our client’s heritable interest subject to and with thebenefit of the existing leases.A purchase at this level would show an attractive net initialyield of 5.94% and a reversionary yield of 6.36%, allowing forpurchasers costs of 5.75%.VATOur clients have elected to waive exemption for VAT andaccordingly VAT will be payable on the purchase price, althoughthe property may be sold as a TOGC.Legal CostsEach party will be responsible for their own legal costs incurredin connection with the transaction.Viewing & Further InformationPlease contact the sole selling agent:Cathal KeaneCulverwell68-70 George StreetEdinburgh EH2 2LTTel: 0131 226 6611Fax: 0131 226 6622Email: cathal@culverwell.co.ukDisclaimerCulverwell for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intendingpurchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimension, references to condition and necessary permissions for use and occupation, and otherdetails are given without responsibility and any intending purchasers or tenants shall not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise asto the correctness of each of them and are advised to do so; (iii) no person in the employment of Culverwell has any authority to give representation or warranty whatever in relation to this property; (iv) allprices, rents and premiums quoted are exclusive of VAT at current rate.Date of publication: November 2010.