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9 Charlotte Street, Lerwick... House for sale
9 Charlotte Street, Lerwick, Shetland, Shetland Islands, ZE1 0JL
£170,000
Our Summary
- Perfect investment and development opportunity
- Former cafe/ restaurant set over 2 storeys with planning permission granted for conversion to create 3 x apartments in the centre of Shetland's capital Lerwick
- The planning permission is approved to create 2 x 2 bedroom flats and a third - 1 bedroom flat
- Included in the sale is an outbuilding/ garage adding value to the lot with further potential for development of this building- subject to consents
- Planning details can be found on the council's website under the reference -Ref: 2023/016/PPFThe opportunity exists to alter the planning to create 1 impressive family home or even for continued use as a cafe/ restaurant
- 5m (floor area) including stairThis property will be sold under auction terms and conditions by Braveheart Auction
- The seller has suggested that pre-auction offers would be given consideration
Description
This property, a former cafe/restaurant in the heart of Lerwick, Shetland's capital, presents a unique investment and development opportunity. With planning permission granted to convert the 2-storey building into three apartments, the proposed properties have been valued at £500,000. The apartments, comprising two 2-bedroom and one 1-bedroom flat, would offer excellent long-term rental potential, with potential returns of up to £200 per night in peak season. The property's prime location, just yards from Commercial Street and minutes from the Ferry Terminal, makes it an ideal spot for short-term holiday rentals. Additionally, an outbuilding/garage is included in the sale, offering further development potential. The property may also be eligible for rates exemption, and the seller is open to considering pre-auction offers.