Property for sale

The subjects occupy a highly prominent corner position at the junction of Eastgate / High Street (A72), and Northgate within the heart of Peebles town centre. The High Street and the surrounding area provide an eclectic mix of uses and both national and local / independent occupiers. Notable occupiers in the immediate vicinity include Boots, Fat Face, RBS and Greggs. Peebles is an attractive market town situated in an area of outstanding beauty on the banks of the River Tweed and Eddleston Water 23 miles south of Edinburgh. The town is the third largest in the Scottish Borders with a population in excess of 8,000 people and a wide surrounding rural carenment area. It is popular for its accessibility and proximity to Edinburgh and also as a year round tourist destination for its picturesque and unspoilt character Peebles has a long history dating back to the 12th Century when the town was awarded its status of Royal Burgh. The entire town centre forms part of Lae reeves conservadon suca. Was takes la oars of The Old Town and The New Town including the High Street with its rich assortment of commercial properties and churches. The subjects comprise accommodation arranged over basement, ground and first floors or an iconie three storey Category B lsted bullding dating back to 1885- 1886. The upper floors are in separate ownership and in residential use. The unit trades as a Costa Coffee shop and provides bright and spacious sales and seating areas at ground floor together with kitchen facilities and disabled WC. A manager's office as well as staff and customer WCs are on the first floor. Basic basement accommodation is separately accessed from the tenement stairwell at No. 4 High Street and is not leased to Costa but is included in the sale. The property has been calculated to extend to the following internal area; Basement: 84.6sqm (911sq ft) Ground: 198sqm (2,136sq ft) 1st: 30sqm (322sq ft) Total: 312sqm (3,369sq ft) The ground and first floors are held on a full repairing and insuring head lease on the following terms; Tenant: Costa Limited Passing Rent: £35,000p.a Expiry: 5th November 2030 Tenant Break: November 2026 Rent Review: November 2025 Covenant Info: Costa Coffee was founded in 1971 by Italian brothers Sergio and Bruno Costa. The company has grown over the last 40 years to over 1000 cafes across the UK. Costa Coffee was acquired by The Coca-Cola Company on January 3, 2019. The acquisition was valued at approximately $4.9 billion and aimed to expand Coca-Cola's presence in the coffee market. Costa Limited, a subsidiary of The Coca-Cola Company, reported a U.K annual turnover of approximately £1.5 billion for the fiscal year 2022 The property has been elected for V.A.T. as such the transaction may be treated as a T.O.G.C (transfer of a going concern

Auction Details
28 November 2024, 10am-3pm
Timed Online Auction

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