Fantastic renovation opportunity. Huge potential rental income once renovated and let! BRRR Opportunity! ***£110,000 GUIDE PRICE***
The property is ideal for a shrewd investor looking for a fantastic BRRR opportunity.
The Local sales evidence shows that once renovated,
The value of 2 bedroom flats in this area range from: £135,000 - £205,000. The rental income is £650 - £800 pcm, This would provide an annual gross income of £7,800 - £9,600. There is also a massive opportunity to use these flats for Serviced accommodation. Based on local comparables, The weekly rate for this property as an SA investment is £591(£2,364 pcm) which would lead to a yearly income of £21,512 based on a 70% occupancy.
The property comprises the first & second floors with massive open space and a spacious attic more than suitable for storage or to let.
The property has a rateable value of £8,500.
The property is vacant as there must be renovations done to bring it back to standard.
Property benefits from sought-after locations with massive development potential. It is sure to appeal to landlords looking for a potentially high-yielding investment. The seller will consider early offers.
Location
Nairn is nestled within the Highland region of Scotland, approximately 16 miles northeast of Inverness and 30 miles southwest of Elgin. The tranquil coastal town boasts a resident population of around 11,000, offering a perfect blend of scenic beauty and urban convenience. High Street stands as the bustling heart of Nairn's retail district, bustling with charming shops, cafes, and local businesses. A well-designed road network provides easy access to and from the area, ensuring seamless connectivity for residents and visitors alike. Surrounding the town, you'll find a mix of residential and commercial properties, creating a vibrant community atmosphere.
Accommodation
The property previously had planning approved on 18th December 2020, Reference No: 20/02653/FUL. Planning is for a commercial to residential conversion from an office to 2 (2 bedroom) flats!
Terms
Guide Price - £70,000
Property is due for auction in our upcoming timed online auction. For details on registration please contact the team.
Property is available for immediate purchase. Should you wish to place an offer today you can do so via our online offer form. For further details please contact the sales office.
Specification
- Fantastic renovation opportunity. Huge potential rental income once renovated and let!***£110,000 GUIDE PRICE***
- The property was previously used as an office space before part refurbishment.
- Sure to appeal to investors/builders looking for a massive capital growth opportunity as well as a potentially huge rental income vehicle.
- The property previously had planning approved on 18th December 2020, Reference No: 20/02653/FUL. Planning is for a commercial to residential conversion from an office to 2 (2 bedroom) flats!
- 2 bedroom flats in this area range from: £135,000 - £205,000. Rental income is £650 - £800 pcm, Annual rental income of £7,800 - £9,600.Yearly income of £21,512 based on a 70% occupancy as a serviced accommodation investment.