Current Use -
There are eight bedrooms, four with en-suite facilities, two kitchens and a large living room.
The property is currently used as student accommodation between September and May, then a runs as a guest house between June and August.
The eight bedrooms rent for an average of £425 per month (including utility charge). In addition the double garage is rented out
at £250 per month. Total income over the 9 month term is circa £35,000.
The property reverts to an “unmanned” guest house between June and August with daily cleaning services provided. Bookings
are made online by utilising the Eviivo online booking system which allows guests to book on numerous travel websites such as Expedia, Lastminute, Travel Republic, ebookers etc.
The average room rate is circa £30 per person per night and total income for the three month spell is circa £30,000.
Total annual income achievable is £65,000 based on the current eight room set up.
Planning Permission -
Planning permission was provisionallygranted in 2008 and formally agreed in 2009.
The consented scheme was designed by awarded winning architect Malcolm Fraser and permission is for four
townhouses and one standalone house with communal gardens.
The five properties each have three bedrooms, two public rooms, three bathrooms and a utility room split
over four floors.
The section 75 agreement stipulate payment of an Education Contribution (£8,100) and a Transport Contribution (£2,500).
In addition, there is a historic planning consent for six 2-bed apartments which expires in 2011.
Location
5A Balcarres Street is located in the affluent Edinburgh suburb of Morningside just 200 metres from Morningside Road.
Morningside has a wide range of high street amenities including numerous coffee shops, bars, restaurants, dry cleaners, convenience stores, sandwich bars, banks, a post office and so on.
Major retailers include Marks & Spencer’s, Superdrug, Boots, Wilkes, Cafe Nero and a Waitrose supermarket.
In addition to the amenities, Morningside has a variety of schools including South Morningside Primary, St Peters and George Watsons College.
Morningside is also well located for Napier University (Craighouse, Craiglockhart & Colinton Road campus’s) and the Edinburgh University Kings Buildings.
Morningside Road is a main artery road into the city centre and benefits from excellent public transport services.
Terms
Offers in the region of £800,000 are invited for the outright ownership (heritable) interest.
Specification
- 5A Balcarres Street is located in the affluent Edinburgh suburb of Morningside.
- 200 metres from Morningside Road and in close proximity to numerous conveniences, schools and public transport.
- The property consists of a modern brick constructed house, a double garage, four parking spaces and a large garden.
- The property benefits from detailed planning permission for four townhouses and one standalone unit.
- Income producing