offers over £750,000 o’s abbey mount edinburgh eh ej · abbey mount is very strongly located for...
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FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
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Planning
Contact
Palace of Holyroodhouse
Meadowbank Retail Park
www.scarlettdev.co.uk/developments/abbeymount/
Offers Over £750,000
Scottish ParliamentDynamic Earth
Arthur’s Seat
Old Town
US Consulate
Calton Hill
Braid HouseThe Site
Leith Walk
Edinburgh St JamesPrinces Street
Edinburgh Waverley
Holyrood Park
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
SUMMARY
• DetailedPlanningconsentfor11contemporary1-bedroomstudioapartments
• Proposition:Buy–Develop–SellunitstoInvestors–StrongYieldfromShort-Term-Lets
• PotentialShort-termlettingincomeperstudioapprox.£28,500p.a.Gross/£12,800p.a.NetasprojectedbyDestinyScotland
• Potentialhighyieldingendunitsofstrongappealtoindividualinvestors
• Locatedeastendofcitycentre.Strongappealtostudents/investors
• OffersOver£750,000
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
LOCATIONAbbey 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.
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
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, totallingapprox. 485 sq.m (5,217 sq.ft). There are 13 bicycle spaces.The full accommodation schedule prepared by Lynsay BellArchitects is shown below.
Space Sq.ft
Studio 1 (Hall / GF) 382Studio 2 (Hall / GF) 386Studio 3 (Hall / GF) 429Studio 4 (Hall / 1F) 425Studio 5 (Hall / 1F) 425Studio 6 (Hall / 1F) 490Studio 7 (Hall / 2F) 366Studio 8 (Hall / 2F) 366Studio 9 (Hall / 2F) 365Studio 10 (Tenement / GF & Mez) 452Studio 11 (Tenement / GF & Mez) 441Shared Living (Hall / 3F) 433Shared External Terrace (Hall / 3F) 257Total 5,217
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
Dp
BB
A
A
ST 03
KITCHEN
ST 02
ST 11
ST 01
DIS WCSERVERY
LOBBY
STU/S ST
CORRIDOR
ST 10
11 10
SHARED CORRIDOR
CAFE / RESTAURANT
SH
AR
ED
PA
THS
HA
RE
D P
ATH
No. 4
PLANT
TWO
-TIE
R 1
2NO
. CY
CLE
STO
RA
GE
01 02 03
RESIDENT / MANAGEMENT STORAGE CUPBOARDS:CLEANING / LINEN / LUGGAGE ETC.
1100mm FENCE
EN
TRA
NC
E 1
EN
TRA
NC
E 2
STAIR 1 STAIR 2
BATH BATH BATH
RETAIN /REUSEEXISTINGCOMMUNITYCAFEENTRANCE
STUDIOSENTRANCE
EXISTINGDOORFIXEDCLOSED
GARDEN
PATHCARPARKINGSPACE
SHARED PATH
SLIDING GATE
Site Plan1:200
01DRAWING NO.
All levels and dimensions to be checked on siteprior to construction / fabrication; reportdiscrepancies immediately. Do not scaledimensions from this drawings. This drawing iscopyright protected.
DRAWING
16009(PL)200B
PROJECT
2-4 Abbey MountEdinburgh
/1:200 0 4 10m2 6 8
REVISIONS
18 WALKER STREET EDINBURGH EH3 7LP 0131 2267186 [email protected]
Proposed Site PlanA3
For indicative purposes only
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
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 Short-Term 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.
Rate7.00% 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
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
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.
Bywayofguidance,ifadeveloperpurchaserislookingtodevelopoutunitsforsaletoindividualinvestorbuyersashighyieldingshort-termlets,thenatypicaloperatorspecificationwouldideallyincludetheitemslistedbelow.Afullshort-termspecificationisavailableonrequest.
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 alsolinked 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 (Investment Portfolio Managers)
0131 629 3888
www.destinyscotland.com
Edinburgh Festival Rentals
(part of the Rettie Group)
0131 221 1646
www.edinburghfestivalrentals.com
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
Examples of similar completed 1-bedroom apartments in Edinburgh
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
PLANNING
Detailed Planning Consent was granted in December 2016.
• Planning 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 Plans
• Noise Impact Assessment
• Engineer’s Report
• Planning Support Statement (Scott Hobbs July2016)
INVESTMENT INFORMATION
• Estimated short-term rental income (gross/net)
• Investor Model
FOR SALEPRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY
No.’s 2 & 3 Abbey Mount, Edinburgh, EH8 8EJHigh yielding appeal to end purchasers from short-term rents
Home
Summary
Location
Description
Proposed Site Plan
Investment Potential
Short-Term Rentals
Gallery
Planning
Contact
PRICEOffersOver£750,000
OFFERSAlloffersshouldbesubmittedtoRettie&Co.withwhompurchasersshouldregistertheirinterestiftheywishtobeinformedofaclosingdate.
VIEWINGSAllviewingswillbestrictlybyappointmentthroughthesolesellingagents.
CONTACTForfurtherinformation,pleasecontact:
Rettie & Co0131 220 [email protected]
Will Scarlett07768 146 [email protected]
Forarchitecturalenquiries,pleasecontact:
David [email protected]
PreparedFebruary2017
Important NoticeRettie & 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 propertyeither in writing or by word of mouth. Any information given is entirely without responsibility on the partof 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 forguidance only and are not necessarily comprehensive and it should not be assumed that the propertyremains 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 orotherwise 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 madeto ensure accuracy, please check with us on any points of especial importance to you, especially ifintending to travel some distance. No responsibility can be accepted for expenses incurred in inspectingproperties which have been sold or withdrawn.