Offers Over 750,000 FOR SALE Arthur s Seat Old Town Dynamic Earth Scottish Parliament Palace of Holyroodhouse Princes Street Edinburgh St James Edinburgh Waverley Calton Hill US Consulate Leith Walk Holyrood Park Braid House The Site ning Meadowbank Retail Park www.rettie.co.uk/developments/abbey_mount
ning SUMMARY Detailed ning consent for 11 contemporary 1-bedroom studio apartments Proposition: Buy Develop Sell units to Investors Strong Yield from -Lets Short-term letting income per studio approx. 28,500 p.a. Gross / 12,800 p.a. Net as projected by Destiny Scotland high yielding end units of strong appeal to individual investors Located east end of city centre. Strong appeal to students/ investors Offers Over 750,000
LOCATION Abbey Mount is very strongly located for all that Edinburgh has to offer; less than a mile from the east end of Princes Street and 1.3 miles to Edinburgh University. The site is situated just outside the Old Town and New Town Conservation Areas. The property is in close proximity to Holyrood Park, Calton Hill, The Scottish Parliament and local shops, cafes and bars. Brae House, the newly built private student accommodation adjoins the site. ning
ning DESCRIPTION No. s 2 & 3 comprise a retail unit within a traditional tenement building plus a two storey hall finished with a slope-pitched roof to the rear. No 4 - propoed as a café/restaurant unit on the ground floor (potentially plus single parking space to the rear) is to be retained by the Seller but may be available to purchase seperately or rented during construction as a site office. The property forms part of the larger Grade C Listed tenement building built in 1887. The hall to the rear is not listed in its own right but only on account that it was attached to the tenement building when it was listed. Neighbouring properties include tenement and villa buildings, single storey garages and a workshop. Access to the property is currently off Abbeymount. The consented development is for conversion to 11 x 1-bedroom studio apartments and shared space, totalling approx. 485 sq.m (5,217 sq.ft). There are 13 bicycle spaces. The full accommodation schedule prepared by Lynsay Bell Architects is shown below. Space Sq.ft Studio 1 (Hall / GF) 382 Studio 2 (Hall / GF) 386 Studio 3 (Hall / GF) 429 Studio 4 (Hall / 1F) 425 Studio 5 (Hall / 1F) 425 Studio 6 (Hall / 1F) 490 Studio 7 (Hall / 2F) 366 Studio 8 (Hall / 2F) 366 Studio 9 (Hall / 2F) 365 Studio 10 (Tenement / GF & Mez) 452 Studio 11 (Tenement / GF & Mez) 441 Shared Living (Hall / 3F) 433 Shared External Terrace (Hall / 3F) 257 Total 5,217
Dp FOR SALE For indicative purposes only GARDEN EXISTING DOOR FIXED CLOSED A B STUDIOS ENTRANCE No. 4 ST 11 LOBBY RETAIN / REUSE EXISTING COMMUNITY CAFE ENTRANCE CAFE / RESTAURANT ST 10 RESIDENT / MANAGEMENT STORAGE CUPBOARDS: 11 CLEANING / LINEN / LUGGAGE ETC. 10 SHARED CORRIDOR U/S ST ST KITCHEN SERVERY DIS WC SHARED PATH SHARED PATH ST 01 BATH STAIR 1 STAIR 2 01 02 ST 02 03 BATH ENTRANCE 1 ENTRANCE 2 ST 03 BATH B ning CORRIDOR SHARED PATH 1100mm FENCE A CAR PARKING PATH SPACE SLIDING GATE PLANT TWO-TIER 12NO. CYCLE STORAGE
As a consequence of the strong location, close to The University of Edinburgh, Holyrood and The Scottish Parliament, combined with a deliberate design, the 11 studio units are very well suited to the rental market and in particular the Rental (STR) market. Edinburgh benefits from a robust market for the growing STR asset class, which is now a popular choice with corporate visitors and holidaymakers alike. Estimated STR values have been provided by Destiny Scotland as follows: Net Rent 141,834 141,834 141,834 141,834 141,834 141,834 141,834 Cap. Rate 7.00% 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% GDV 2,026,200 2,182,062 2,363,900 2,578,800 2,836,680 3,151,867 3,545,850 ning
ning Jan Feb March April May June July August September October November December Total p.a. Occupancy 70% 70% 75% 85% 90% 90% 95% 95% 90% 85% 70% 75% 83% Net 654 630 810 1,035 1,167 1,193 1,339 2,204 1,220 1,007 733 901 12,894 Given the recent rates valuations, these figures are strictly for individual investors who do not already own something similar i.e. do not already benefit from small business rates relief. By way of guidance, if a developer purchaser is looking to develop out units for sale to individual investor buyers as high yielding short-term lets, then a typical operator specification would ideally include the items listed below. A full short-term specification is available on request. SPECIFICATION Full Paxton remote access control system with the appropriate ironmongery/lock releases Integrated PC on site to control this system GSM panel at entrance to house SIM card Cissa lock on front entrance Nest thermostats in all flats Nest Cam to cover front entrance Luggage store (with Paxton keypad) Cupboards for cleaning supplies and linen (ideally also linked to keypad system) Secondary glazing if noise a potential issue Tektura wallpaper on lower section of stairwell to protect walls For enquiries relating to short-term income, please contact: Destiny Scotland Group ( Portfolio Managers) 0131 629 3888 enquiries@destinyscotland.com www.destinyscotland.com Edinburgh Festival (part of the Rettie Group) 0131 221 1646 info@edinburghfestivalrentals.com www.edinburghfestivalrentals.com
Examples of similar completed 1-bedroom apartments in Edinburgh ning
ning PLANNING Detailed ning Consent was granted in December 2016. ning Ref: 16/03668/FUL 11 studio units 13 bicycle spaces TECHNICAL INFORMATION The following documents are available to download from our website: Design Statement Proposed s Noise Impact Assessment Engineer s Report ning Support Statement (Scott Hobbs July 2016) INVESTMENT INFORMATION Estimated short-term rental income (gross/net) Investor Model
ning PRICE Offers Over 750,000 OFFERS All offers should be submitted to Rettie & Co. with whom purchasers should register their interest if they wish to be informed of a closing date. VIEWINGS All viewings will be strictly by appointment through the sole selling agents. CONTACT For further information, please contact: Patrycja Wroblewska 0131 624 4084 07884 268 402 patrycja.wroblewska@rettie.co.uk Will Scarlett 07768 146 642 will@scarlettdev.co.uk For architectural enquiries, please contact: David Hill 0131 226 7186 david@studiolba.co.uk Prepared February 2017 Important Notice Rettie & Co., their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either in writing or by word of mouth. Any information given is entirely without responsibility on the part of the agents or the sellers. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive and it should not be assumed that the property remains as photographed. Any error, omission or mis-statement shall not annul the sale, or entitle any party to compensation or recourse to action at law. It should not be assumed that the property has all necessary planning, building regulation or other consents, including for its current use. Rettie & Co. have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise and ought to seek their own professional advice. 3. All descriptions or references to condition are given in good faith only. Whilst every endeavour is made to ensure accuracy, please check with us on any points of especial importance to you, especially if intending to travel some distance. No responsibility can be accepted for expenses incurred in inspecting properties which have been sold or withdrawn.