Property for sale in Chapel Street, Dunfermline KY12
Property for sale - 6 bedrooms
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Dunfermline - No Money Down Deal Available - Possible 9+ Flats
31 Chapel Street
Estimated Post Development Value: £1.5 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 commercial/ residential property situated within the historic town of Dunfermline city centre:-
Part Ground Floor - Area 1 - 35 m2/ 376 sq/ft @ 3.5m
Open Plan 1st Floor - Area 2 - 56 m2/ 602 sq/ft @ 3.5m
Open Plan 1st Floor - Area 3 - 134 m2/ 1440 sq/ft @ 3.5m
Open Plan 2nd Floor - Area 4 - 56 m2/ 602 sq/ft @ 4.2m
Open Plan 2nd Floor - Area 5 - 134 m2/ 1440 sq/ft @ 4.2m
Top Floor Flat - Area 6 - 56 m2/ 602 sq/ft
Top Floor Flat - Area 7 - 124 m2/ 1440 sq/ft
Additional Storage/ Toilet Areas - 30 m2/ 322 sq/ft
x2 Concrete Staircases running from ground to all upper floors
Total Floor Area 635 m2/ 6,826 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 now been stripped back to shell and therefore require complete reinstatement.
The 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, with 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 (Subject to planning).
One way forward to maximise profit may be to convert the building to a Home Improvement Centre/ Showroom facilities incorporating complementary companies selling kitchens, bathrooms, flooring, double glazing and conservatories, etc. In doing so this could attract the large number of passing foot-fall customers to a ‘one stop shop’ in order to facilitate their entire home improvement requirements 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.
Achievable rental following completion are as follows:-
Commercial Aspects (4891 sq/ft) - @ £15 per sq/ft per annum: £73,365
Residential Aspect - Top Floor Flat 1 per annum: £9,600
Residential Aspect - Top Floor Flat 2 per annum: £7,200
Total Achievable Rental Per Annum: £90,165
Estimated Cost To Complete Renovation: £100,000. This amount includes both materials & contractor labor costs. This amount could be considerably less if purchased by a self builder.
Total purchase & renovation costs of £700,000 could achieve an annual yield in excess of 12.88%.
Based upon the above anticipated rental amounts and a future investor looking to achieve a 6% annual yield, the re-sell property value of the property could stand at around £1.5M.
An alternative to the above may be to convert the entire building to residential use and create an additional seven flats, making a total of nine flats including the existing two top floor flats. Per m2 value of residential properties could stand at around £2,000 x 635m2 equates to a possible future value of: £1.27M.
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