Lochend is a popular suburb approximately 2 miles to the north-east of Edinburgh city centre and a short walk from the popular Leith Links.
The business was an unlicensed convenience store with Post Office, which was to be re-opened under the new ‘Local’ format. The change will see the store close for a couple of days while the new layout including ‘combi-counter’ is completed.
For the last eight years, the store has been owned by Yousaf & Ishrat, who also operate another store and Post Office in Airdrie near Glasgow. The Lochend store has been purchased by well known Edinburgh retailer, Zahid Iqbal, adding to his existing stores located in Drylaw and Musselbugh.
Daniel Arrandale, Director at Christie & Co commented, “The Lochend Premier store offered a combination of selling features that clearly appealed to many in the marketplace. An affordable rent in comparison to the sales performance of £11,000 per week was positive, while the relatively short trading hours in comparison to industry norm gave a degree of flexibility going forward to buyers.
“The main selling feature, however, was the fact the business was unlicensed, thus appealing greatly to those buyers with specific religious beliefs. It was therefore no surprise the sale generated such significant interest and shows the general appetite for retail convenience stores and Post Office in and around the Lothians remains strong.”
The leasehold interest was sold off an asking price of £155,000.