Ocean Terminal Shopping Centre - Edinburgh_Property for Sale

Ocean Terminal, 74 Ocean Drive, Leith, Edinburgh, EH6 6JJ

Ocean Terminal Shopping Centre - Edinburgh

Description

Edinburgh is the capital city of Scotland, a major commercial centre and tourism destination, attracting more than 5 million visitors per annum.

Situated in Leith, recently awarded ‘4th Coolest Neighbourhood in the World’ by Time Out magazine and the centre of a widescale residential led waterfront regeneration.

Located approximately 2 miles north of Edinburgh city centre, Ocean Terminal benefits from a recent £200m upgrade to Edinburgh’s tram network, with a dedicated tram stop and direct connectivity to the city centre and Edinburgh Airport.

Approximately a third of the centre has recently been demolished with the remainder extensively refurbished at a cost of more than £16.75m.

The asset extends to 277,435 sq ft of retail, leisure and F&B accommodation on a 8.16 acre (3.30 hectare) site.

Ocean Terminal is home to the Royal Yacht Britannia, the UK’s number 1 rated tourist attraction on Tripadvisor - with 400,000 visitors annually.

Royal Yacht Britannia have recently opened a new £4m visitor centre.

New lettings and re-gears concluded with Tesco, PureGym, Gutterball, Greggs, wed2Be, Mother Hubbard, Club 3000 and SSE within the past 12 months.

The scheme benefits from extensive footfall, driven by a destination leisure offering including a 12-screen Vue cinema, Gutterball entertainment venue, Pure Gym and a 1,350 person capacity Club 3000 bingo hall.

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Attributes

Building area net

25,775 m²

Asking price

€20,634,000

NOI

€2,093,000

NIY

9.50%

WAULT to expiries

13.8 years

WAULT to breaks

12.1 years

Media

Investment Highlights

Robust income stream, anchored by national multiples, with a WAULT of 13.8 years to expiries.

Stabilised net operating income of £1,838,832 per annum.

Significant asset management opportunities to capitalise on recent capital expenditure and reconfiguration of the centre by letting the remaining vacant units and improving tenant mix.

Opportunity to harness customer spend, car park usage, footfall and retailer requirements to manage the evolution of the asset into a premier mixed use destination in Scotland’s capital.

Heritable Title (Scottish equivalent of English Freehold).

Offers are invited in excess of £18,130,000 (Eighteen Million One Hundred and Thirty Thousand Pounds Sterling) exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 9.50% and a low capital value of £65.35 psf after deduction of standard purchaser’s costs.