7 West Princes Street, Rothesay, Argyll and Bute, PA20 9AF

FOR SALE BY ONLINE AUCTION 25TH SEPTEMBER 2024 at 9.00am. Portfolio of 12 apartments in the popular tourist town of Rothesay. Good demand for private rental or potential short term lets (Subject to licence) Potential income up to £226,000 pa which represents an amazing yield of circa 48%.

Online Property Auctions Scotland are delighted to present this attractive investment opportunity consisting of 12 residential apartments.
Offered with currently only 1 flat rented which gives any new owners various options.

The apartments would attract a rental income of circa £425 per month within the private rental market. This would equate to circa £57,600 pa giving a yield of around 12%.

The apartments could potentially be operated as short term lets (subject to local licencing) This could bring an incredible return of around £230,000 based on 50-60% occupancy. A yield of around 48% could be achieved.

One of the properties is rented under the old 6 months rolling tenancy act (tenant can be given notice to move out if required in November and May).

The whole building was completely refurbished in 2008 ( electrics/ gas/ plumbing/ kitchens/ bathrooms/ front doors/ plastering & decorating) to a high standard, though some flats now need surface refurbishment. The original roof was replaced sometime late 1990's and is regularly maintained. Planning permission to install an access lift to all floors in the stairwell was achieved in 2020 and an extension to this permission could be sought.

On the ground floor adjacent to the entrance is a Shop/store which could be purchased separately and used as a store/reception if the flats were to be used for self catering.

LOCATION
Situated on the Isle of Bute, in the Firth of Clyde off the West Coast of Scotland. Bute is an area of outstanding natural beauty and is the most accessible of all the Scottish Islands. There are two regular ferry services to the island from Wemyss Bay, near to Glasgow and from Colintraive on the Argyll peninsula. Bute can be an activity based experience if you desire. Diving, walking, swimming, cycling, fishing, shooting, sailing and golf are amongst the activities on offer. It has also seen an explosion of quirky eateries, including an American diner with live entertainment, an authentic Italian, a French Moroccan bistro as well as traditional Inns offering Scottish fare.

The island has also seen a wealth of new niche businesses in recent years. Bute hosts many festivals through out the year such as the highland games, jazz festival, Bute Noir book festival, LGBT pride march, classic car rallies and Bute Song to name a few. Bute has seen a surge in recent years of folks looking for a lifestyle change by relocating to the Island and travelling to the mainland for work. Excellent broadband access also means working from home on the Island is possible.

Ideally positioned for easy access to the seafront and a short walk to the ferry terminal. Situated on the town's busiest street, the flat is close by to many amenities such as shops, restaurants and more. The property has the potential to be used as a holiday let as the 'staycation' option has become increasingly popular.


This property will benefit from a huge uplift in value when the local renovations are completed. Check out this article for more information


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