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Elgin, Moray
IV30 1BU
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13 South Street, Elgin, Morayshire, IV30 1LE

Offers In Region of ÂŁ295,000Freehold

Key Information

Tenure:Freehold
Council tax band:Not available
Broadband:up to 1800Mbps
Mobile signal:*Based on indoor data coverage
EEO2ThreeVodafone

Key Features

Development Site
1 Retail Unit
Currently used as a private car park
8 Apartmnets
Planning Reference: 08/01676/CON

Description

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.

Planning Permission
Full planning details can be found on the Moray Council website: Planning Reference: 08/01676/CON

Arrange Viewing

St Sylvester's RC Primary School
(0.17 miles)
Number of pupils: 113
Age Range: 5 - 12
Linkwood Primary School
(0.29 miles)
Number of pupils: 314
Age Range: 5 - 12
East End Primary School
(0.32 miles)
Number of pupils: 163
Age Range: 5 - 12
West End Primary School
(0.39 miles)
Number of pupils: 191
Age Range: 5 - 12
Bishopmill Primary School
(0.63 miles)
Number of pupils: 386
Age Range: 5 - 12
Elgin Academy
(0.66 miles)
Number of pupils: 1028
Age Range: 12 - 18
Seafield Primary School
(0.71 miles)
Number of pupils: 362
Age Range: 5 - 12
Greenwards Primary School
(0.76 miles)
Number of pupils: 328
Age Range: 5 - 12
New Elgin Primary School
(0.8 miles)
Number of pupils: 374
Age Range: 5 - 12
Elgin High School
(0.91 miles)
Number of pupils: 831
Age Range: 12 - 18

Property Calculators

Mortgage

Estimated Monthly Mortgage Payment:
ÂŁ1,476 /mo.25 Years, 4.5% Interest
Loan
ÂŁ265,500
Total Repay
ÂŁ442,721

Land & Buildings Transaction Tax (LBTT)

You’ll have to pay the LBTT of:
ÂŁ4,350
0% up to ÂŁ145,000
2% from ÂŁ145,000 to ÂŁ250,000
5% from ÂŁ250,000 to ÂŁ295,000
Your effective LBTT is 1.47%

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