A UNIQUE OPPORTUNITY TO PURCHASE A PORTFOLIO OF SERVICED … · long stay apartment accommodation...

A UNIQUE OPPORTUNITY TO PURCHASE A PORTFOLIO OF SERVICED APARTMENTS LOCATED IN STRATEGIC LOCATIONS ACROSS CENTRAL EDINBURGH.

EXECUTIVE SUMMARY

Fountain Court provides a unique opportunity to purchase one of the UK’s leading serviced apartment businesses. The portfolio has 169 individual apartments, providing 271 bedrooms across central Edinburgh.

Across the estate, 169 apartments are owned or operated subject to a lease with an additional 61 apartments under third party operating agreements.

The group benefits from a dedicated head office which provides prospective purchasers with the flexibility of utilising management as a platform for future growth or consolidating within a wider portfolio.

Edinburgh is a strategic hub for leisure and commercial activity making it one of the leading hotel and serviced apartment markets in Europe.

JLL Hotels & Hospitality Group has been exclusively retained to offer for sale one of the UK’s largest independent serviced apartment platforms.

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169 APARTMENTS LOCATED ACROSS 9 INDIVIDUAL SITES PROVIDING A

MIXTURE OF ONE, TWO AND THREE BEDROOM APARTMENTS

FIVE COMMERCIAL UNITS ARE OWNED AS PART OF THE PORTFOLIO WHICH ARE

CURRENTLY GENERATING CIRCA £850K OF INCOME PER ANNUM

GROVE EXECUTIVE

PRINCES STREET

EDINBURGH CASTLE

USHER HALL

HARRIS

BRAID

ROYAL GARDEN

STEWART

HAYMARKET STATION

NATIONAL MUSEUM OF SCOTLAND

WAVERLEY STATION

EDINBURGH INTERNATIONAL CONFERENCE CENTRE

GROVE

EQ2MORRISON

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A PORTFOLIO OF SERVICED APARTMENTS LOCATED IN

PRIME LOCATIONS ACROSS EDINBURGH CITY CENTRE WITH THE BENEFIT OF A

DEDICATED HEAD OFFICE

INCREASING DEMAND FOR THE SERVICED APARTMENT SECTOR ACROSS EUROPE AS IT CONTINUES TO CAPTURE

MARKET SHARE FROM HOTELS

LOCATED IN STRONG RESIDENTIAL AREAS UNDERPINNING THE PROPERTY

VALUES OF THE PORTFOLIO

Key Investment Highlights

169 APARTMENTS (271 BEDROOMS) PROVIDING A MIXTURE OF STUDIOS,

ONE, TWO AND THREE BEDROOM APARTMENTS

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15 MINS

10 MINS

GEORGE STREET

QUEEN STREET

THE ROYAL MILEPRINCES STREET

ROYAL GARDEN*

BRAID

STEWART*

MORRISON

HARRIS

GROVE AND GROVE EXECUTIVE

EQ2

EDINBURGH PLAYHOUSE

SCOTT MONUMENT

EDINBURGH WEST-END

PRIME EDINBURGH RETAIL AREA

EDINBURGH OFFICE DISTRICT

SCOTTISH NATIONAL PORTRAIT GALLERY

EDINBURGH CASTLE

SCOTTISH NATIONAL GALLERY

NATIONAL MUSEUM OF SCOTLAND

FESTIVAL THEATRE

UNIVERSITY OF EDINBURGH

*Third party operating agreements

KING’S THEATRE

UNION CANAL


TYNECASTLE STADIUM

MURRAYFIELD STADIUM

WAVERLEY

HAYMARKET

EDINBURGH AIRPORT25 MINS BY CAR/TRAM

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As Scotland’s capital city and the largest UK financial centre outside of London, Edinburgh is home to a range of corporate occupiers with financial services proving a particular strength for the city. The city is also home to more FTSE 100 companies than any other city in the UK, outside of London.

Virgin Money, Tesco Bank, Avaloq and the Green Investment Group are the latest major financial services companies to establish a presence in the city, with this sector continuing to be a major facet of the Scottish economy, accounting for up to one in ten Scottish jobs.

Edinburgh also has a world class reputation for enterprising areas such as information technology and software development, biotechnology and life sciences. The city is one of the fastest growing and most productive cities in the UK and is the most prosperous city outside of London; but also offers significantly lower labour and property costs than London and the South East.

Edinburgh ranks highly for investment attractiveness, financial service competitiveness and commerce and conference hosting. The city is also the administrative capital of Scotland and home to the Scottish Parliament and the Scottish Executive.

Edinburgh

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Key Accolades

• Edinburgh ranked first in the 2016/17 FDi strategy category for Global Cities of the Future

• Event and Festival Destination of the year (Luxury Travel Guide Awards, 2017)

• Edinburgh voted the fourth most beautiful city in the world by readers of Rough Guide, behind only Paris,

Florence and Rome, (2016)

• Edinburgh is the ‘Greenest City in the UK’ with 49.1% of the city being green space (The Guardian, 2017)

• Edinburgh named second top UK destination in TripAdvisor Travellers’ Choice Awards, (2017)

• Edinburgh has come first in the Telegraph’s ‘Britain’s Best 20 Cities’ award,

for the third time in a row, (2016)

• Voted fourth most beautiful city in the world (Rough Guide, 2016)

• Voted Friendliest UK City (Conde Nast Traveller, 2016)

• Voted best city in Europe to locate a tech business (European Business Magazine, 2016)

• Edinburgh named UK’s most walkable city (Living Streets, 2017)

• Edinburgh ranked second in the world for quality of life (The Financial Times, 2017)

• Best UK destination outside London for second year in a row (TripAdvisor, 2016, 2015)

• Convention Edinburgh named finalist in the category of Best UK Convention Bureau

(Meeting and Incentive Travel Awards, 2016)

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Edinburgh is an established leisure destination and one of the most visited cities in the UK. As a UNESCO World Heritage Site, tourists come to visit historic sites such as Edinburgh Castle, the Palace of Holyrood House and the Georgian New Town. Leisure visitation reaches its peak in August of each year due to the city’s many festivals including the Edinburgh International Festival, Fringe Festival and Royal Edinburgh Military Tattoo. Other popular attractions in Edinburgh include the National Gallery of Scotland, the Royal Museum, the Museum of Scotland and the Royal Botanic Gardens.

Edinburgh and the surrounding region is a golfer’s paradise and many of the private clubs welcome visitors to a total of 28 courses within the city boundaries. Many overseas visitors also use the city as a base to visit further afield including the links courses of St Andrews, the home of golf.

The city is a popular destination for overseas tourists, in particular North America continues to be a key market accounting for a third of all overseas visitors and adding £97.4m to the local economy. The city is also set to benefit from a strong influx of Chinese tourists, following the relaxing of visa restrictions, who represent the highest spending travellers.

Among the many tourist attractions, Edinburgh is best known across the globe for the month long Edinburgh Festival. Hosted during the month of August, the arts and cultural festival brings performers from far and wide, taking over Edinburgh and occupying many venues and street corners. This drives the peak in Edinburgh hotel demand as in excess of 2 million tickets are sold for various shows, whilst further crowds flock to see the many free shows and enjoy the atmosphere across the city.

Established Leisure Destination

Given the number of overseas tourists Edinburgh attracts, demand for long stay apartment accommodation is significantly higher than that of other regional cities. This, in addition to the strong corporate demand, allows the profitable operation of the serviced apartment model as consumers demand flexible, home like space and look to rely less on the other services provided by the traditional hotels.

2,475,143 EDINBURGH FESTIVAL FRINGE

452,251EDINBURGH INTERNATIONAL FESTIVAL

248,800EDINBURGH’S HOGMANAY

225,500ROYAL EDINBURGH MILITARY TATTOO

60,447EDINBURGH INTERNATIONAL FILM FESTIVAL

27,900EDINBURGH MELA

100,000EDINBURGH INTERNATIONAL SCIENCE FESTIVAL

67,500EDINBURGH JAZZ AND BLUES FESTIVAL

359,988EDINBURGH INTERNATIONAL BOOK FESTIVAL

250,855EDINBURGH ART FESTIVAL

Source: The City of Edinburgh Council Festivals Summer 2016 Report

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HAYMARKET STATION

Following an extensive £24m refurbishment and expansion, Haymarket is a key transport hub linking trains, trams and buses and providing passengers access to the west end of Edinburgh.

Infrastructure and Investment

WORLD CLASS RETAIL

Edinburgh’s compact city centre offers a wide variety of retailers, with large UK multiples along the iconic Princes Street as well as premium boutique designer brands located on both George Street and Multrees Walk. As one of the most prosperous cities outside of London, brands such as Burberry, Louis Vuitton and Mulberry are all present, as are key high street retailers such as Apple, House of Fraser and John Lewis.

Harvey Nichols, the premium department store, sits in the heart of the city overlooking St Andrew Square. The £1bn redevelopment of the St James Centre which is scheduled to be significantly redeveloped as part of the wider Edinburgh St James scheme, delivering 1.7 million sq.ft. of retail and leisure space, sits to the east of Princes Street and will further enhance the city’s retail offering once complete.

EDUCATION

The city is home to three universities with more than 91,000 students including in excess of 15,000 from overseas. The University of Edinburgh is considered the sixth oldest in the world and has been ranked 29th in the world according to the Times Higher Education Reputation Ranking.

Areas such as medicine, law, science and engineering are all considered particular strengths and attract students from across the UK and internationally.

Other universities include Heriot Watt and Napier and there is also a selection of further education colleges.

EDINBURGH AIRPORT

The largest Scottish airport continues to grow following ongoing investment with a further £240m planned over the next 10 years Conveniently connected to the city centre by the trams, easy access is had from Haymarket and Princes Street via public transport.

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2017 forecast based on YTD trend

TRAM INFRASTRUCTURE AND INVESTMENT

Works completed in 2014 on the first phase of the Edinburgh tram network, the most advanced in Europe, representing an investment of £770m in the city, which successfully completed its first year ahead of projected passenger numbers carrying over 3.6 million passengers by September 2015. Trams run from the airport through Edinburgh Park and the western suburbs of Edinburgh, along Princes Street in the city centre to York Place. Options remain for extending the line in accordance with the original plans to provide an Edinburgh wide network.

The Edinburgh tram network has already delivered tangible economic benefits to the city including jobs and investment attracted by the improved and integrated transport links which the tramway now provides.

NATIONAL RAIL SERVICE

Haymarket Station benefited from an extensive refurbishment and expansion in 2013 at a cost of £24m. The original Grade A listed station building was retained and amalgamated into the new station development creating a large, modern transport hub.

Further to the building redevelopment, external upgrades included the addition of the new tram stop, linking Haymarket to the airport and Princes Street, integrated bus and taxi stops and upgrades to the public realm surrounding the station area.

The station has long accommodated extensive passenger numbers, serving in excess of 2.1 million passengers during 2014 and continues to be a key commuter station. The station serves most of Scotland, including Glasgow, Fife, Aberdeen and suburban lines to the east. There are also regular services which connect to both the East and West Coast mainlines.

Edinburgh Waverley, is the UK’s largest train station outside London, with approximately 20 million users per annum. The station is a principal hub on the East Coast Main Line between London and Aberdeen. East Coast operates around 20 trains a day to London, with a 4.5 hour journey time. The West Coast Main Line, operated by Virgin Trains from Glasgow, connects

central Scotland to London Euston via other UK financial centres including Manchester and Birmingham.

AIRPORT EXPANSION AND PASSENGER NUMBERS

Edinburgh Airport is Scotland’s largest airport carrying over 12 million passengers in 2016, to over 130 destinations worldwide.

Edinburgh Airport handles over 33,000 passengers and 298 flights a day and there are over 29 airlines operating from the airport at present. The airport employs 2,500 workers and is now the fifth largest airport in the UK in terms of passenger numbers. A £125m, five year investment program is currently underway and will bring additional land side retail and improved check in and immigration services to the airport.

World Class Transport Links

0

2000

4000

6000

8000

10000

12000

14000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20172016

Passenger Numbers (000s)Passenger Numbers (000s)

Destination From Haymarket

BT Murrayfield Stadium 4 minutes

York Place Terminus 10 minutes

Edinburgh Park 12 minutes

Ingliston Park and Ride 26 minutes

Edinburgh International Airport 28 minutes

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Demand Drivers

HAYMARKET STATION

The £200m development of a vacant site in the Haymarket area will bring many corporate occupiers and add a renewed commercial focus on the west end of Edinburgh.

EDINBURGH TRAMS

Edinburgh’s tram system is now fully functional and offers a world class transport system from the airport and across the city.


A world leading facility located in the west of the city centre. Recently expanded, at a cost of £85m, to offer flexible space for a wide range of events.

SPORTING EVENTS

Edinburgh is the home of Scottish Rugby Union and regularly hosts rugby events such as the RBS Six Nations, Guinness Pro 12 and the Champions Cup. The BT Murrayfield Stadium, located a short tram ride from the city centre, has a capacity of 67,100 and has also hosted football matches, American football and live music events.

ICONIC ATTRACTIONS

In 2016 The National Museum of Scotland was the city’s most popular free visitor attraction, with more than 1.81 million visitors according to Visit Scotland. Whilst Edinburgh Castle welcomed the most visitors of any paid-for attraction, with just under 1.5 million visitors going through its gates.

EDINBURGH OFFICE DISTRICT

Located in the west end of the city, the traditional office district is populated with a wide range of corporate occupiers with a particularly high proportion of financial services, professional services companies, and increasing number of high tech start-ups.

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The Edinburgh City Centre residential market has experienced sustained growth over the last five years and given the lack of supply and increased demand fuelled by a strong economic performance of the city, further growth in City Centre residential prices is forecast to continue.

New build pricing within the City Centre has risen by approximately 20% in the last 18-24 months with new build residential selling for in excess of £500 per sq ft – and upper (penthouse) floors achieving in excess of £600 per sq ft.

JLL Research predicts that the lack of supply and the continued strength of the local economy will underpin future residential value in Edinburgh City Centre with further growth forecast.

Residential rents in Edinburgh have recorded positive annual growth every quarter for the last eight years (Q2 2017) with average rents currently in excess of £1,000 per month. The one and two bedroom market is the most sought after and with limited stock coming to the market, has resulted in strong rental growth and sustained high levels of demand. Time to let for Edinburgh properties are averaging 25 days compared to a Scottish average of 33 days. With the benefit of the current market dynamics the Edinburgh residential market is expected to witness 20.5% rental growth by 2021.

Edinburgh City Centre – Residential Overview

Edinburgh House Forecasts - % change per annum

Source: JLL

Source: JLL

Edinburgh Rental Growth Forecasts - % change per annum

5%2017

3%2017

4%2018

3½%2018

4%2019

4%2019

4½%2020

4%2020

4%2021

4½%2021

20.5%2017 - 2021

23.4%2017 - 2021

0

£50,000

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017

Avg. Edinburgh City Centre Residential Values

Source: JLL/ESPC

Average Edinburgh City Centre Residential Values

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£- £10 £20 £30 £40 £50 £60 £70 £80 £90

Aberdeen

Newcastle

Gatwick Airport

Birmingham

Regional UK

Cardiff

Leeds

Heathrow Airport

Glasgow

Bristol

Manchester

Edinburgh

As Scotland’s capital city, Edinburgh is a strategic hub for leisure and commercial activity, and the leading U.K hotel market after London. Hotel demand peaks in the month of August as the combination of summer tourism and the month long Edinburgh Festival attract visitors from around the world.

Edinburgh’s reputation as a leading leisure destination is driven by a vast array of attractions, with two UNESCO world heritage sites. Attractions such as Edinburgh Old Town, and Edinburgh Castle makes the city a leading tourist destination, particularly popular with US and Asian travellers. The combined attendance of festivals held annually in Edinburgh accumulates to a combined audience of over 4.5 million, a number on par with World Cup attendance, and only beaten by Olympic attendance.

Hotel performance in Edinburgh has continued to enjoy annual growth over the past five years, absorbing new supply and capitalising on the increasing demand from leisure travellers. The general Edinburgh hotel competitive set demonstrated the city’s consistent, strong occupancy while ADR (average daily rate) growing over the period. This has resulted in a 20% growth to RevPAR (revenue per available room). Year to date growth in the Edinburgh market is currently in excess of 20%, a material rise attributed to the weaker pound and increased leisure visitation to the UK.

Edinburgh Hotels Overview

Provincial UK - RevPAR Performance 2016

Source STR Global - Full year 2016

Source: JLL Hotels & Hospitality; Local currency

Historic Hotel Performance Edinburgh

100

2007

AD

R &

Rev

PAR

(£)

Occupancy

2008 2009 2010 2011 2012 2013

RevPARADR Occupancy (%)

2014 2015 2016 JulyYTD2016

JulyYTD2017

9080706050403020100

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Historic Hotel Performance United Kingdom Edinburgh

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The Edinburgh serviced apartment competitive set predominantly comprises of Edinburgh located assets. There is a strong guest demand for this product in Edinburgh given the type of traveller attracted to the city, often looking for a longer than average stay and who appreciates the flexibility offered over the traditional hotel product.

As seen in the seasonality graph, the serviced apartment set provides a strong base with a reduced volatility due to the diverse customer demand. Given the strength of the summer months and the influx of leisure business, the serviced apartment model still has the flexibility to capture this market and this drives a peak in the month of August with demand for accommodation at a record high driving both rate and occupancy.

Edinburgh Serviced Apartments Overview

Historic Edinburgh Serviced Apartment Performance

Edinburgh Serviced Apartment Seasonality

Janu

ary

Febr

uary

Mar

ch

April

May Jun

e

July

Augus

t

Sept

embe

r

Octo

boer

Novem

ber

Decem

ber

160

140

120

100

80

60

40

20

0

2016

RevP

AR

(£)

90%

85%

80%

75%

70%

65%

60%

55%

50%

45%

40%0

20

40

60

80

100

120

140

2013 2014 2015 2016 July YTD 2016

July YTD 2017

Occupancy

AD

R &

Rev

PAR

(£)

Edinburgh Serviced Apartments

ADR RevPAR Occupancy (%)

Participation in the graphs above includes:

Old Town Chambers (50 apartments), Princes Street Suites (37 apartments), Fountain Court Apartments Stewart (31 apartments), Fountain Court Apartments Grove (43 apartments), Fountain Court Apartments Grove Executive (24 apartments), Fountain Court Apartments Harris (18 apartments), Fountain Court Apartments Morrison (27 apartments), StayCity Serviced Apartments Edinburgh (145 apartments), Residence Inn Edinburgh (107apartments), The Knight Residence Hotel (28 apartments), Fountain Court Apartments EQ2 (37apartments), Aparthotel Adagio Edinburgh Royal Mile (146 apartments) and Holyrood Aparthotel (59 apartments).

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Portfolio Overview:The wider portfolio consists of 230 apartments across eight locations around the city.

OWNED PROPERTIES ADDRESSNUMBER OF UNITS

STUDIO 1 BEDS 2 BEDS 3 BEDSNUMBER OF BEDS

AVERAGE UNIT SIZE SQ FT

AVERAGE UNIT SIZE M2

PARKING SPACES

Grove Grove Street, EH3 8AA 39 - 13 26 - 65 473 44 40

Grove Executive 115-121 Grove Street, EH3 8AA 24 3 3 18 - 42 602 56 -

EQ2 1 Lower Gilmore Bank, EH3 9QP 17 - 2 12 3 35 990 92 17

Harris 41 - 43 Grove Street, EH3 8AF 18 - 12 6 - 24 505 47 5

Morrison 228 Morrison Street, EH3 8EA 27 - 27 - - 27 388 36 -

Braid 27 Thistle Street, EH2 1DX 20 5 11 4 - 24 452 42 5

TOTAL 145 8 68 66 3 220 67

LEASED PROPERTIES ADDRESSNUMBER OF UNITS




PARKING SPACES

Grove 105 Grove Street, EH3 8AA 4 - - 4 - 8 581 54 4

EQ2 1 Lower Gilmore Bank, EH3 9QP 20 - 2 10 8 46 1,044 97 20

TOTAL 24 - 2 14 8 51 1,625 151 24

OWNED AND LEASED TOTAL 169 8 70 80 11 271 91

Fountain Court Apartments have a total of 230 apartments, of which, the group hold the heritable title of 145 properties, with 24 leased from third parties and a further 61 apartments are subject to third party operating agreements.

An overview of the portfolio is provided in the table below:

OPERATING AGREEMENTS ADDRESSNUMBER OF UNITS




PARKING SPACES

Stewart 10 Young Street, EH2 4JB 31 - 30 1 - 32 409 38 10

Royal Garden 2 York Buildings, Queen Street, EH2 1HY 30 1 15 14 - 44 646 60 -

TOTAL 61 1 45 15 - 76 10

PORTFOLIO TOTAL 230 9 115 95 11 347 101

15

Grove Street

105

107

Grove Executive

123

PLOT NUMBER FLOOR SIZE SQ FT SIZE M2 NUMBER OF BEDS

1* GF 581 54 2 bed

2* GF 581 54 2 bed

3 1 581 54 2 bed

4 1 581 54 2 bed

5 2 581 54 2 bed

6* 2 581 54 2 bed

7 3 581 54 2 bed

8* 3 581 54 2 bed

9 4 581 54 2 bed

10 4 581 54 2 bed* Leased

Grove is located to the west of the city centre and benefits from close proximity to Edinburgh’s Financial District, the Edinburgh International Conference Centre and Haymarket station. It is also close to a number of major tourist attractions such as the Royal Mile, The Grassmarket and Edinburgh Castle.

The apartments benefit from on-site car parking.

GROVE STREET EDINBURGH EH3 8AA

GROVE


1 GF 375 35 1 bed

2 1 316 29 1 bed

3 1 366 34 1 bed

4 1 375 35 1 bed

5 2 316 29 1 bed

6 2 366 34 1 bed

7 2 375 35 1 bed

8 3 316 29 1 bed

9 3 366 34 1 bed

10 3 375 35 1 bed

11 4 316 29 1 bed

12 4 375 35 1 bed

123 Grove Street 105 Grove Street

16

Grove Street

105

107

Grove Executive

127

GROVE STREET EDINBURGH EH3 8AA

GROVE


1 GF 506 47 2 bed

2 GF 506 47 2 bed

3 GF 506 47 2 bed

4 GF 506 47 2 bed

5 1 517 48 2 bed

6 1 517 48 2 bed

7 1 517 48 2 bed

8 1 517 48 2 bed

9 2 517 48 2 bed

10 2 517 48 2 bed

11 2 517 48 2 bed

12 2 517 48 2 bed

13 3 517 48 2 bed

14 3 517 48 2 bed

15 3 517 48 2 bed

16 3 517 48 2 bed

17 4 517 48 2 bed

18 4 517 48 2 bed

19 4 517 48 2 bed

20 4 517 48 2 bed

107 Grove Street

127 Grove Street


1 GF 409 38 1 bed

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115-121 GROVE STREET EDINBURGH EH3 8AA

GROVE EXECUTIVE

Grove Street

105

107

Grove Executive

123


1 GF 624 58 2 bed

2 GF 624 58 2 bed

3 1 624 58 2 bed

4 1 624 58 2 bed

5 1 463 43 Studio

6 1 614 57 2 bed

7 1 614 57 2 bed

8 1 463 43 1 bed

9 2 624 58 2 bed

10 2 624 58 2 bed

11 2 463 43 Studio

12 2 614 57 2 bed

13 2 614 57 2 bed

14 2 463 43 1 bed

15 3 624 58 2 bed

16 3 624 58 2 bed

17 3 463 43 Studio

18 3 614 57 2 bed

19 3 614 57 2 bed

20 3 463 43 1 bed

21 4 624 58 2 bed

22 4 624 58 2 bed

23 4 958 89 PH 2

24 4 1001 93 PH 2

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Edinburgh Quay is located to the south west of the city centre and benefits from close proximity to a number of large office HQs in the city centre and many of the popular tourist attractions. Edinburgh Quay overlooks the Union Canal at Fountainbridge and comprises 37 modern and spacious serviced apartments. Many of the apartments benefit from fantastic vistas overlooking Edinburgh’s skyline including views over Edinburgh Castle.

The apartments benefits from secure underground parking.

1 LOWER GILMORE BANK EDINBURGH EH3 9QP

EQ2


1* GF 590 55 1 bed2* GF 808 75 2 bed3* 1 1065 99 3 bed4* 1 1,096 102 3 bed5* 2 1,065 99 3 bed6* 2 1,096 102 3 bed7* 3 1,065 99 3 bed8* 3 1,096 102 3 bed11 GF 1,011 94 2 bed12 GF 738 69 1 bed13 GF 587 55 1 bed14 GF 821 76 2 bed15 GF 927 86 2 bed16 1 1,011 94 2 bed17 1 1,280 119 3 bed18 1 999 93 2 bed19 1 927 86 2 bed20 2 1,011 94 2 bed


21 2 1,280 119 3 bed22 2 999 93 2 bed23 2 927 86 2 bed24 3 1,011 94 2 bed25 3 1,280 119 3 bed26 3 999 93 2 bed27 3 927 86 2 bed28* GF 961 89 2 bed29* GF 683 63 1 bed30* GF 802 75 2 bed31* 1 961 89 2 bed32* 1 804 75 2 bed33* 1 830 77 2 bed34* 2 961 89 2 bed35* 2 804 75 2 bed36* 2 830 77 2 bed37* PH 1,571 146 3 bed duplex38* PH 1,487 138 2 bed duplex39* PH 1,407 131 3 bed duplex

* Leased

Lochrin

Lochrin Basin

Fountain Court

Lochrin Basin Lane

Gilm

ore Place Lane

Gilm

ore Place Lane

Lower Gilmore Bank

Gilmore Place

Union Canal

Two apartments are owner occupied and not offered for sale by the vendor.

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Fountain Court

West

Approach Road

Grove Street

41-43 GROVE STREET EDINBURGH EH3 8AF

HARRIS


1 GF 635 59 2 bed

2 1 635 59 2 bed

3 1 463 43 1 bed

4 1 334 31 1 bed

5 2 635 59 2 bed

6 2 463 43 1 bed

7 2 334 31 1 bed

8 3 463 43 1 bed

9 3 334 31 1 bed


10 GF 431 40 1 bed

11 GF 538 50 1 bed

12 GF 624 58 2 bed

13 1 431 40 1 bed

14 1 538 50 1 bed

15 1 624 58 2 bed

16 2 431 40 1 bed

17 2 538 50 1 bed

18 2 624 58 2 bed

A modern, purpose built serviced apartment block, located to the west of the city centre and located in close proximity to Edinburgh’s Financial District, the Edinburgh International Conference Centre and Haymarket station.

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Morrison Street is strategically located between Haymarket Station and Edinburgh’s Financial District and in close proximity to the Edinburgh International Conference Centre. The apartments are very conveniently located for access to the city centre and many of the main tourist attractions.

228 MORRISON STREET EDINBURGH EH3 8EA

MORRISON


1 B 441 41 1 bed

2 B 441 41 1 bed

3 B 441 41 1 bed

4 1 377 35 1 bed

5 1 377 35 1 bed

6 1 377 35 1 bed

7 1 377 35 1 bed

8 1 377 35 1 bed

9 1 377 35 1 bed

10 1 377 35 1 bed

11 1 377 35 1 bed

12 2 377 35 1 bed

13 2 377 35 1 bed

14 2 377 35 1 bed


15 2 377 35 1 bed

16 2 377 35 1 bed

17 2 377 35 1 bed

18 2 377 35 1 bed

19 2 377 35 1 bed

20 3 377 35 1 bed

21 3 377 35 1 bed

22 3 377 35 1 bed

23 3 377 35 1 bed

24 3 377 35 1 bed

25 3 377 35 1 bed

26 3 377 35 1 bed

27 3 377 35 1 bed

Fountain Court

Morrison Street

Dewar Place Lane

Torp

hich

en P

lace

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Thistle Street is located in the centre of Edinburgh’s New Town. The historical building has recently been refurbished to provide 20 modern and stylish apartments. The location provides easy access to Edinburgh’s main shopping areas and access to a wide range of Edinburgh’s best restaurants, bars and cafes.

There are five dedicated car parking spaces to the rear of the property.

27 THISTLE STREET EDINBURGH EH2 1DX

BRAID


1 B 388 36 1 bed

2 B 323 30 Studio

3 B 419 39 1 bed

4 GF 452 42 1 bed

5 GF 398 37 1 bed

6 GF 334 31 Studio

7 GF 312 29 1 bed

8 GF 441 41 1 bed

9 1 387 36 1 bed

10 1 462 43 1 bed


11 1 377 35 1 bed

12 1 377 35 Studio

13 1 667 62 2 bed

14 2 463 43 1 bed

15 2 657 61 2 bed

16 2 366 34 Studio

17 2 700 65 2 bed

18 3 441 41 1 bed

19 3 646 60 2 bed

20 3 398 37 Studio

Thistle Street

Queen Street

Hanover Street

Thistle Street South East Lane

Thistle Street North West LaneFountain

Court

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ADDITIONAL ASSETS

111 Grove Street EH3 8AB

• Retail Accommodation

• Trading as Fountain Cafe

• Internal area: 45 m2 (484 sq. ft)

230 Morrison Street EH3 8AE


• Trading as Physis Physiotherapy

• Internal areas: 88 m2 (947 sq. ft)

232 Morrison Street EH3 8AE


• Trading as Milk

• Internal areas: 58 m2 ( 624 sq. ft)

The company benefits from a number of auxiliary properties across the portfolio.

• Two office suites at 115 Grove Street Executive that are currently used by Fountain Court Apartments; these extend to approximately 1,350 sq. ft and are occupied by 14 members of staff.

• Office at 123 Grove Street that extends to 160 sq. ft.

• Storage facilities at 105 and 107 Grove Street that extends to 985 sq. ft.

• Eight spaces leased to local businesses at EQ2, generating circa £10,400 p.a.

Head Office and Back of House:

Retail UnitsOne unit is located on Grove Street with a further two retail units located on Morrison Street.

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Process and Contact Information

DisclaimerJLL for themselves and for the Company that owns the Property, whose agent they are, given our understanding that you are acting for the Company rather than the shareholders:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken. e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scottish Law. © September 2017 Jones Lang LaSalle IP, Inc.

NEIL MILLIGANGlasgowt: +44 (0)141 567 [email protected]

JASON HOGGEdinburght: +44 (0)131 301 [email protected]

MAKELA MILNEEdinburgh t: +44 (0)131 243 [email protected]

KERR YOUNGEdinburght: +44 (0)131 301 [email protected]

JLL Hotels & Hospitality Group is pleased to invite offers, subject to contract, for Fountain Court Apartments by way of a share sale of FC Apartments Limited.A first round bid deadline will be set by JLL following the launch of this marketing process. No direct contact should be made with the vendor, management or employees of the company. All viewing appointments are to be made through JLL who are retained as sole and exclusive selling agents.

DATA ROOMFull documentation is available within the data room. Access to the data room will be provided upon signing of an NDA to qualified parties. Via the link below www.projecttriplecrown.com

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A UNIQUE OPPORTUNITY TO PURCHASE A PORTFOLIO OF SERVICED … · long stay apartment accommodation...

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