6 Bedrooms for sale in Chapel Street, Dunfermline KY12 | £ 595,000

Property Description

Dunferemline - No Money Down Deal Available - Large Residential Development - 10+ Flats

Estimated Post Development Value: £1.3 Million

Sale Price: Offers Over £595,000

Special Conditions available:- This seller will consider taking another property in 'part exchange'.

Lease To Buy Option - The purchaser may delay full purchase for up to 5 years via an 'option to purchase contract' available under payment terms of 4% per annum of the agreed purchase price -

If finance is required to purchase then this option could work out much cheaper and less problematic.

An excellent large mixed formally commercial/ residential property situated within the historic town of Dunfermline city centre:-

Part Ground Floor - 35 m2/ 376 sq/ft @ 3.5m High

Open Plan 1st Floor - Area 1 - 56 m2/ 602 sq/ft @ 3.5m High

Open Plan 1st Floor - Area 2 - 124 m2/ 1333 sq/ft @ 3.5m High

Open Plan 2nd Floor - Area 3 - 56 m2/ 602 sq/ft @ 4.2m High

Open Plan 2nd Floor - Area 4 - 124 m2/ 1333 sq/ft @ 4.2m

High
Top Floor x1 Bedroom Flat - 56 m2/ 602 sq/ft

Top Floor x3 Bedroom Flat - 124 m2/ 1333 sq/ft

Additional Storage/ Toliet Areas - 30 m2/ 322 sq/ft

x2 Concrete Staircases From Ground To Top Floors

Total Floor Area 605 m2/ 6503 sq/ft (Excluding stairs & landings).

Substantial prominent building situated within the historic town of Dunfermline city centre.

In recent years the buildings external fabric, including roof & windows has been completely refurbished at a substantial cost. The internal aspects of the building have been stripped back to shell and therefore require complete reinstatement.

This property is situated between the newly completed Dunfermline Bus Station and the Tesco’s Superstore which has recently been constructed adjacent. Three hours free parking is available within the adjacent large Tesco's superstore car park.

Previously commercial/ part residential (Existing purpose built x2 top floor flats), this property could either be retained as present use or changed completely to full commercial or residential use.

One way forward to maximise profit may be to convert the building to a Home Improvement Centre/ showroom incorporating complementary companies selling kitchens, bathrooms, flooring, double glazing and conservatories, etc. In doing so this would attract the large number of passing foot-fall customers to a ‘one stop shop’ in order to facilitate their entire home improvement needs under one roof. The varied companies renting floor space could also benefit from one shared advertising budget. This may be a route the new owner wishes to pursue.

The anticipated gross rentals received following completion are as follows:-

Commercial Aspects (4246 sq/ft) - @ £15 per sq/ft per annum - £63,690

Residential Aspect -Two Bedroom Top Flat per annum - £6,600

Residential Aspect - Three Bedroom Top Flat per annum - £7,800

Total Achievable Rental Per Annum: £78,090.

Estimated Cost To Complete Renovation: £80,000 - This amount includes both materials & contractor labor costs.

This amount would be much less if you did not have to pay for all labor costs by doing some of the required work yourself.

Total purchase & renovation costs of £700,000 would achieve an annual yield in excess of 11.15%.

Based upon the above anticipated rental amounts and a future investor looking to achieve a 6% annual yield, the re-sell property value would stand at around £1.3 Million.

Alternatively, you could convert the 1st and 2nd floors to all residential use and create up to an additional 10 flats, making a total of 12 flats including the 2 existing top floor flats.

Property Location

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