The subjects comprise of 24 flatted units within a traditional stone construction building which comprises of a mid terraced four storey and attic height main building and two rear storey building, of which one also features attic accommodation.
Each individual flat benefit from double glazed windows, electric panel heaters and electric night storage units and were refurbished during 2012. All furbishing and appliances within the premises are included in the price resulting in no additional start up costs
Location
The property can be found within the coastal town of Peterhead, which stands around 33 miles north of Aberdeen and represents one of Aberdeenshire’s principle service and employment centres. The town has a varied economic base with major employment opportunities being in fishing, onshore support for the oil industry, manufacturing, food processing, textiles and the service industries. There is a wide range of services available within the town including five primary schools located close to residential areas, a secondary school, a sport and community centre, which includes a purpose built theatre and swimming pool, a library, museum and two hospitals. The population is understood to stand at around 18,000.
Accommodation
24 RESIDENTIAL UNITS
Terms
TENURE The properties are all let on short assured tenancies and produce a gross rental income approximately £XXX per annum with current management fees approximately 10% of the rent. Full details in respect of the lets are available upon request.
OPPORTUNITY As highlighted above, the subjects are let on short assured tenancies with minimal voids and strong demand for vacant units being experienced. The portfolio is fully managed by a third party local company and therefore minimal involvement is required. Annual maintenance and insurance averages approximately £XXX per annum namely due to the subjects being recently refurbished.
PROPOSAL The subjects are available on a heritable basis as one or three individual lots.
PRICE Offers in excess of £XXX exclusive of VAT is sought for the heritable interest in the subjects. Alternatively, our client would consider selling individual lots. VAT The figures quoted are exclusive of VAT at the prevailing rate.
ENERGY PERFORMANCE CERTIFICATE Individual Energy Performance Certificate can be provided upon request.
ENTRY Upon conclusion of legal missives.
Specification
- 24 RESIDENTIAL UNITS
- AVAILABLE AS A WHOLE OR IN SEPARATE LOTS
- RECENTLY REFURBISHED
- 12.9% GROSS INITIAL YIELD
- DISCOUNT ON VACANT POSSESSION VALUE