Residential development for sale
Property description & features
- Tenure: Freehold
- Development Site
- 8 Apartmnets
- 1 Retail Unit
- Planning Reference: 08/01676/CON
- Currently used as a private car park
Discover a unique investment opportunity at 13 South Street, Elgin, Moray, offering a blend of residential and retail spaces. This development promises to capitalize on Elgin's thriving real estate market, marked by a significant rental demand and a robust property sales environment. With eight modern apartments and a strategically placed retail unit, this property is poised to deliver substantial returns for investors.
Investment Highlights
Residential Demand: Elgin's rental market is experiencing a shortage, ensuring quick occupancy and steady rental income.
Property Value Growth: The Moray region has seen a 34% increase in house prices from 2010 to 2021, indicating a strong sales market.
Retail Potential: The retail unit benefits from high foot traffic, catering to the growing local community.
Location Benefits
Central Position: Situated on South Street, the property offers easy access to Elgin's vibrant High Street with its array of shops, restaurants, and cafes.
Proximity to Amenities: Close to essential services, supermarkets, Cooper Park, and the historic Elgin Cathedral.
Educational Facilities: Ideal for families, with Elgin Academy and Elgin High School nearby, alongside several primary schools.
Transport Links: Excellent connectivity with Elgin Bus Station and Train Station providing routes to Inverness, Aberdeen, and beyond.
Development Details
The property comprises two main blocks with distinct features. The *First Block* is situated directly on South Street and includes a retail unit on the ground floor. Above this, there are two two-bedroom apartments accessible via a communal staircase. Each apartment is designed with two bedrooms, a main bathroom, a lounge that benefits from a south-facing aspect, and a kitchen located at the rear of the lounge. In contrast, the *Second Block* is positioned at the rear of the site and extends across three floors. The ground floor hosts a one-bedroom flat with an open-plan kitchen/lounge and a shower room, as well as a two-bedroom flat that includes a lounge, kitchen, and bathroom. The first and second floors of the Second Block each contain two two-bedroom apartments, also accessible via a communal staircase, with each apartment featuring a lounge, kitchen, and bathroom.
The South Street area is undergoing a regeneration project, including plans for a Business Enterprise Hub, affordable housing, and improved retail spaces. This development is set to enhance the local economy and increase the area's appeal, offering more amenities and opportunities.
This property at 13 South Street, Elgin, is perfect for investors seeking a dynamic blend of residential and retail opportunities. Its central location, coupled with excellent transport links and educational facilities, makes it an attractive choice for families and professionals alike. Be part of a community poised for growth and development.
Rooms
Planning Permission
Full planning details can be found on the Moray Council website: Planning Reference: 08/01676/CON
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