Edinburgh newsagents sells for record Â£1m
A tiny newsagents which sold for Â£1million has become Scotland's most expensive commercial property ever -- by square foot.
The store on Edinburgh’s Royal Mile has been sold to a private investor, achieving a Scottish record of £3,871 per square foot.
The incredible price is said to be due to the site’s popularity with tourists as the Royal Mile enjoy a footfall of four million plus people a year.
The small store is currently occupied by J&S, who pay £18,100 a year for rent on a full repairing and insuring lease for 258 square feet.
The lease is due to run out in 2034.
Chartered surveyors DM Hall facilitated the sale of the property which is just metres away from Edinburgh Castle.
Margaret Mitchell, who concluded the deal, said: “Not only did we achieve a wonderful price for our client but it was positive to see competing offers around this level.”
Ross Wilson, DM Hall’s head of agency for the East of Scotland, said: “We believe, subject to final confirmation, that this investment sale has attracted the highest price per square foot ever paid for a commercial property in Scotland.
“It has a footfall on the Royal Mile of four million plus people a year and a world heritage site like Edinburgh Castle on the doorstep, which has been a focal point for over one thousand years virtually next door.
“It is safe to say that this acquisition represents an exceptionally attractive long-term investment.
“When we were given the brief to market this rare investment opportunity, our closeness to the Edinburgh market allowed us to rapidly target prospective buyers.
“We were then able to enter successfully into a competitive bidding situation which ensured that we extracted full asset value for our client.”