Princes Street, Edinburgh
30 October 2007
Rent review for Crown Estate of retail accommodation
Location: 127/128 Princes Street, Glasgow
Client: Crown Estate
Property type: General Retail
Situated towards the west end of Princes Street in a block which is considered slightly off pitch, the property comprises retail accommodation over four storeys with basement accommodation which were redeveloped in the 1990s behind a retained façade. The property is let on two largely identical leases for a term of 25 years expiring in June 2017. Unit 1 extends over ground and basement floors and is currently occupied by Game with Waterstones occupying Unit 2 which extends over the remainder of the building. The total rent roll passing is £810,800 per annum (Zone A rate of £185 ft²) with reviews outstanding from March 2007. We believe there to be potential for an uplift to £210 ft² Zone A following recent lettings showing rental growth once more in this location after 2-3 years of stagnant rents.