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12 bedroom block of apartments for sale
7 West Princes Street, Rothesay, Argyll and Bute, PA20 9AF
£470,000
7 West Princes Street, Rothesay, Argyll and Bute, PA20 9AF
£470,000
Our Summary
- FOR SALE BY ONLINE AUCTION 25TH SEPTEMBER 2024 at 9
- Online Property Auctions Scotland are delighted to present this attractive investment opportunity consisting of 12 residential apartments
- The whole building was completely refurbished in 2008 ( electrics/ gas/ plumbing/ kitchens/ bathrooms/ front doors/ plastering & decorating) to a high standard, though some flats now need surface refurbishment
- Planning permission to install an access lift to all floors in the stairwell was achieved in 2020 and an extension to this permission could be sought
- The property has the potential to be used as a holiday let as the 'staycation' option has become increasingly popular
- This property will benefit from a huge uplift in value when the local renovations are completed
Description
A portfolio of 12 apartments in the popular tourist town of Rothesay, Isle of Bute, Scotland, is up for sale by online auction on September 25th, 2024. The apartments offer a potential income of up to £226,000 per annum, representing a yield of around 48%. The properties are well-located on the town's busiest street, close to amenities, and have the potential to be used as private rentals or short-term lets. The apartments were refurbished in 2008, but some may require surface refurbishment. Planning permission has been granted to install an access lift to all floors, and an extension to this permission could be sought. The island offers a range of activities, including diving, walking, and golf, and has seen an increase in new businesses and festivals in recent years. The property has the potential to benefit from a huge uplift in value when local renovations are completed.