58 Albany Street
Edinburgh, EH1 3QR
- Space Available
19,710 ft² / 1,831.118 m² (approx. 183 desks)
Director - National Office Agency
Director - Residential & Development Land
- Facilities & services
- Energy rating
Albany House is an exciting city centre investment or potential redevelopment opportunity and benefits from an income until September 2025
- CLOSING DATE: Thursday 30th November 2023 at 12noon
- Prime Edinburgh City Centre Office Investment / Development Opportunity with redevelopment potential
- Prominent city centre location
- The property is arranged over 5 levels, comprising a total of 19,710 sqft with 13 car spaces
- Heritable Interest (Scottish Equivalent of English Freehold)
- Excellent transport links and nearby amenities
- Price on Application
The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the Net Internal Areas (NIA) are as follows:
|3rd - 3rd Floor
|2nd - 2nd Floor
|1st - 1st Floor
|Ground - Ground Floor
|Ground - Reception
|Lower Ground - Lower Ground
Albany House was developed in the 1980s on the site of a former Church to provide offices arranged over lower ground, ground and three upper floors. There are 11 secure car spaces provided on the lower ground level and a further 2 external private spaces.
The ground and upper floors provide office accommodation that is predominantly open plan. The specification comprises of double-glazed window units, perimeter trunking, suspended ceilings with mineral fibre tiles and a combination of light fittings. An eight-person (630kg) passenger lift serves ground to third floors, with male and female toilets provided on each floor and an accessible toilet on the first floor. Showers are provided on the lower ground floor. The lower ground floor has its own external access from Broughton Street and provides further partitioned offices and storage areas. There is restricted natural daylight at lower ground floor level.
Viewing is highly recommended and arranged by contacting the sole selling agents
Access to a Data Room is available upon request and offers are invited for the Heritable interest in the Property.
Interested parties are advised to note their interest in writing. Conditional offers may be considered if supported by detailed information to assess viability. The purchaser will be responsible for their own legal costs and all taxes associated with this transaction.
Tenancy Information & Covenant
The historic occupation and corresponding lease arrangements have been subject to a number of variations. Simpson and Marwick originally took occupation under the terms of a sub-lease for the period from 10th December 2001 until 10th December 2015, then subsequently took an assignation of the head lease which dates back to 1990. Following Simpson and Marwick’s merger with Clyde & Co the lease was assigned to Clyde & Co (Scotland) LLP in 2016.
A summary of the current lease terms are:
Tenant: Clyde & Co (Scotland) LLP
Guarantee: Provided by Clyde & Co LLP
Lease expiry: 10th September 2025
Passing Rent: £392,400 per annum (£18.60 per sq ft & £2,000 per car space)
Repair: The lease broadly reflects standard full repairing and insuring terms
Floor Area & Cars: The rent review provisions refer to a Net Lettable Area of 19,600 sq ft and there being 14 car spaces
Rent Review: Effectively upward only – last review was September 2020
We understand that the lease refers to a net useable area of 19,600 ft². The lease also refers to 14 car parking spaces. However, we understand that the Planning Permission for the external spaces only allows for 2 within the access lane and the internal car park provides 11 spaces.
Clyde & Co LLP is a global legal practice with over 5,000 employees in over 60 offices, based across 6 continents. Further information can be found on their website www.clydeco.com. Clyde & Co (Scotland) LLP practises as Clyde & Co in Edinburgh, Glasgow, Aberdeen and Dundee. It is a limited liability partnership registered in Scotland under number SO305618 and is authorised and regulated by the Law Society of Scotland.
Albany House is not listed. The building is located within the New Town Conservation Area, New Town Gardens Garden and Designed Landscape, and the Edinburgh Old and New Towns World Heritage Site. The site lies within the general ‘urban area’ and Broughton Street designated ‘local centre’. The Scottish Environment Protection Agency (SEPA) identify the site as being at low risk of surface water flooding and the site is not within an Air Quality Management Area.
In principle, there is policy support (subject to compliance with specific guidance) for a range of alternative uses to include; Residential, Build to Rent
(BTR), Student, Serviced Apartments, Hotel and other suitable City Centre uses.
Edinburgh is Scotland’s capital city and one of the most prosperous regions in the UK. The city has a population of approximately 550,000 with a wider regional catchment extending to approximately 1.4 million people. Edinburgh has recently been voted Time Out’s ‘World’s Best City’ 2022.
Edinburgh has a strong local economy and is an international hub for financial services and technology. The city also benefits from buoyant tourism and a strong higher education sector with four local Universities.
The property is located at the junction of Albany Street and Broughton Street, approximately 500m to the northeast of St Andrews Square, Edinburgh’s prime office location. Broughton Street is a charming street, characterised by Georgian architecture, situated within the east end
of the New Town Conservation Area. The immediate surrounding is well located for amenities located on vibrant Broughton Street, with its wealth of artisan food stores, restaurants, and independent shops. The new St James centre offers an array of retail, leisure and restaurants is just a short walk
away, as well as John Lewis, Harvey Nichols and Multrees Walk. Broughton Street is highly accessible and well served by public transport. It is conveniently located for road access to both the east and west of the city, as well as regular tram services connecting directly to Edinburgh
airport. The nearest tram stop is located on York Place, which is around 500m walk away. The city’s bus station is located on St Andrews Square, whilst Edinburgh’s principal railway station, Waverley is approximately 650m to the south.
Director - National Office Agency
Director - Residential & Development Land
JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:
- The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
- All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
- No person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
- Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken;
- If the Property is in Scotland, this correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law.
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