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3 bed property, in South Street, £320,000
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3 bed property

South Street, Elgin
£320,000

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Our Summary

  • This substantial mixed-use property in Elgin offers an excellent investment opportunity, combining two securely let commercial units with a generous residential dwelling in a location that continues to benefit from strong tenant demand and a shortage of available rental accommodation
  • The courtyard provides access to the commercial units, residential accommodation and garage, while the garage itself offers useful storage and further potential for improvement or development, subject to the necessary planning consents
  • The building as a whole presents a well-balanced proposition for investors seeking a mixed-use asset with immediate income and scope for future growth
  • With a current gross annual income of £10,800 from the commercial units alone, and potential residential income of £14,400 per annum, the property offers a compelling overall income profile

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Description

The property at 104 South Street and 1 Pluscarden Road in Elgin is a mixed-use property consisting of two securely let commercial units and a spacious upper floor residential dwelling. The commercial units occupy prominent positions with high visibility and foot traffic, with strong tenant demand and short supply of available rental accommodation. The units are 104 South Street includes a hairdresser and produces an annual rent of £6,000, and 1 Pluscarden Road is let to a florist and produces an annual rent of £4,800.

The residential property is currently occupied and has an estimated rental value of £14,400 per annum. The property also features a private courtyard, sunroom, and detached garage, providing a well-balanced proposition for investors with immediate income and scope for future growth. The commercial units have established rental streams with leases running until August 2030.