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For Sale£7,400,000.00

10, Young Street, Edinburgh, EH2 4JB

Hotels, Licensed & Leisure
Property type: Hotels, Licensed & Leisure
Tenure: For Sale Freehold
Price: £7,400,000.00
Location: 10, Young Street, 10, Young Street, Edinburgh, EH2 4JB

Prime Serviced Apartment Block in Edinburgh City Centre

  • A rare opportunity to acquire a prime serviced apartment block in Edinburgh City Centre.
  • 10 Young Street is situated in the heart of Edinburgh City Centre within a minute’s walk of George Street and Princes Street.
  • 31 luxury apartments and 10 secure car parking spaces.
  • Operated by Fountain Court via a Partnership Agreement on behalf of GSS Developments expiring on 31 May 2019. The GSS Share of EBITDA for the last 3 years is as follows:
  • 31 May 2015 – £494,564 per annum

    31 May 2016 – £494,281 per annum

    31 May 2017 – £564,836 per annum 3

    Year average GSS Share of EBITDA is £517,894 per annum.

    • 3 options exist on purchase:

    Enter into a new agreement at lease expiry with Fountain Court

    Appoint an alternative operator when the current partnership agreement expires on 31 May 2019

    Obtain vacant possession from date of purchase

    • Heritable Interest (Scottish equivalent of Freehold).

    We are seeking offers in excess of £7,400,000 for our client’s heritable interest. Assuming the 3 year average GSS Share of EBITDA of £517,894 per annum, a purchase price would reflect a net initial yield of 6.60% after assuming purchase costs of 6.17%.

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