This interesting property currently consists of one x 1 bed and one x 2 bed self-contained flats with the two bed first floor flat currently let on an assured shorthold tenancy producing £475 per calendar month (£5,700 per annum). For the ground floor one bed flat, which is currently vacant, we would anticipate a rental income in the region of £400-£425 per calendar month.
A gated access leads through to an open yard where there is a two storey commercial unit boasting 1,926 square foot accommodation and we are informed by the sellers that Arthur Street Studios Limited have been tenants for a number of years and are on a rolling agreement at £600 per calendar month (£7,200 per annum).
Adjoining to the property is a single storey commercial unit boasting 451 square foot accommodation and is currently let producing £216.67 per calendar month (£2,600.04 per annum).
Further to the rear are 14 lock-up garages, 9 are currently let each producing £45 per calendar month (£4,860 per annum) and when fully let would produce £7,560 per annum.
The site may also lend itself to residential development (subject to planning permission) and represents an excellent opportunity to acquire a potential high yield property with scope for rental increase situated in a quiet and established location literally yards away from the City centre.
Comprises –
Entered by door to front with Minton tiled floor covering, archway and staircase to first floor.
Leading to –
With sealed unit double glazed window in uPVC frame to the front elevation, built-in cupboard and two central heating radiators.
With obscure glazed window to the rear elevation. The fitted kitchen comprises a range of wall mounted cupboards with matching base units, drawers, preparation surface, stainless steel sink and drainer with mixer tap and splashback tiling. Integrated appliances comprise a stainless steel electric oven with four ring gas hob, cooker hood over, range of down-lighters, built in cupboard housing the wall mounted boiler, central heating radiator and plumbing for automatic washing machine.
With sealed unit double glazed window in uPVC frame to the rear elevation, built in wardrobe with shelving and hanging space, coving to ceiling and central heating radiator.
With sealed unit double glazed window in uPVC frame to the front elevation, fitted wardrobe and central heating radiator.
With obscure glazed window to the rear elevation. Fitted with a three piece suite in white comprising a panelled bath with shower unit over and shower rail, low level wc, pedestal wash hand basin, airing cupboard and complementary tiling to the walls.
Comprises –
With sealed unit double glazed window in uPVC frame to the side elevation and entered by a part obscure glazed door. The fitted kitchen comprises a range of wall mounted cupboards with matching base units, drawers, preparation surface with stainless steel sink and drainer with splashback tiling. Included within the sale is a free-standing Montpellier electric oven, a Hoover washing machine and a Proline fridge/freezer. There is also a wall mounted combination boiler and a particular feature is the pull-out larder cupboard. Access through to bathroom and lounge.
With window to rear elevation, original fitted cupboard to either side of the chimney breast, moulded coving to ceiling, ornamental rose, telephone jack point, television aerial lead and central heating radiator.
With understair storage cupboard and access through to the bedroom.
With sealed unit double glazed window in uPVC frame to the front elevation, moulded coving to ceiling, shelving and hanging space and central heating radiator.
With obscure double glazed window. Fitted with a three piece suite in white comprising a panelled bath with telephone style mixer tap shower attachment, low level wc, pedestal wash hand basin, complementary tiling to the walls, extractor fan and central heating radiator.
We would anticipate a rental income in the region of £400 per calendar month (£4,800 per annum).
To the rear there is an enclosed yard ideal for storage.
Further to the outside there are double timber doors providing access through to the commercial units and lock-up garages.
Commercial Unit One which is let to Arthur Street Studios with accommodation arranged over two floors and boasts 1,096 sqft internal area. This property produces £600 per calendar month (£7,200 per annum) and comprises -
Entered by double doors and staircase to first floor.
With low level wc, wall mounted wash hand basin and extractor fan.
With window to front and walk-in storage cupboard.
With storage cupboard.
With window to front and exposed truss.
With exposed truss and window to the front.
Commercial Unit Two (single storey) has accommodation boasting 451 sqft and is let at £216.67 per calendar month (2,600.04 per annum).
Of the 14 lock-up garages, 9 are let (vacant garages 6, 9, 11, 12 & 13) at £45 per calendar month (£540 per annum). The garages currently produce £4,860 per annum and when fully let would be £7,560 per annum.
Freehold. Part let/part vacant.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
