commercial property for sale in Portobello

Category C listed derelict former bingo / cinema premises built in 1939. The subjects comprise a purpose-built cinema from circa 1939 being of steel framed construction with brick infill and rendered walls, all held under a cement asbestos non insulated roof covering. The existing floor area comprises Bingo-Cinema Hall /stage /balcony /front of house /storage/ extending to approx. 1042m2 - 11,216 sqft. The subjects lie on a level site bordering Bath Street and Mentone Avenue and measure approximately 0.369 acres in area with a large, gated car park area accessed directly from Bath Street. The subjects are connected to mains electricity and the mains sewerage. Mains Gas and Water supplies are presently disconnected. The building is currently uninhabitable. Detailed structural and asbestos reports will be made available to interested parties on receipt of an official note of interest. The building itself has only been partially occupied as a Bingo Hall since subdivision works in the early 1970's when the balcony area, projection rooms and upper storage areas were taken out of use and over time have fallen into disrepair. The property has been closed since ceasing use as a Bingo Hall and was subsequently purchased by the current owners in 2016. 14 Bath Street has been the subject of several unsuccessful planning applications for residential redevelopment, as follows: 2016 Ref No:16/02052/FUL Ref No:16/02052/LBC 2016 Ref No:16/06447/FUL Ref No:16/06449/LBC 2020 Ref No:20/05800/FUL. Ref No:20/05799/LBC The premises offer the potential for a variety of uses such as a theatre, cinema or entertainment venue, hospitality and restaurant, retail space or community resource all subject to obtaining appropriate consents. Other uses including Residential, Student Accommodation or BTR accommodation might also be possible, again subject to receipt of the required consents. Once notes of interest are established an internal viewing of the property will be arranged for potential purchasers. Due to the unsafe condition of the building and the elevated presence of air borne asbestos fibres, property inspections will take the form of a guided tour. All potential purchasers must satisfy themselves of the health and safety risks involved in entering the property for viewing and provide their own PPE suitable for exposure to high levels of asbestos containing materials. Failure to do so will lead to the refusal of entry. Parties viewing the property do so at their own risk. The owner / sales agent will not be held liable for the health and safety of any persons viewing the property. Offers are invited for the heritable interest and must be submitted in writing through a Scottish Solicitor by 12 noon on the closing date (when set) it should be noted that the price stated in any offer must be net of any relevant Section 75 contributions or VAT (if applicable). For offers to be evaluated and assessed, bids must include: Proposals drawings and nature of intended use. Expected date for receipt of purchase price. Detailed timescales for purification of any suspensive conditions. Full supporting financial information confirming how both the purchase and refurbishment / redevelopment costs will be financed. Potential purchasers will be required to provide professional proof of refurbishment / redevelopment cost advice and verifiable proof of funds. Offers conditional upon gaining planning consent will be considered. Proof of consultations with the planning authority regarding proposals will be required. Due to recent planning history preference may be given to offers not conditional on planning consent. All bids will be assessed in accordance with the submission of offers procedure, this process may involve interviewing the most appropriate submissions. The purchase price will be paid in full at a date to be agreed subject to the following: A non-refundable deposit of 5% of the purchase price, shall be paid immediately after an agreed sale figure and in advance of the conclusion of formal missives. The balance of the purchase price payable at the date of entry. Interest at 4% above the Royal Bank of Scotland base rate will be chargeable on the balance of the purchase price from the date of entry until paid. The purchaser shall become liable for any statutory notices issued after the date of conclusion of missives. The successful bidder will require to provide sufficient proof of identity within a reasonable timeframe prior to entering into any legal agreement to comply with money laundering regulations. Please note this property is sold as seen. No warranties or guarantees will be provided regarding the working condition of appliances, services, or the condition of any part of the building or grounds. The seller is not bound to accept the highest or any offer. Offers received after 12 noon on the closing date will not be considered.