Investment Property 2524
The Business Sales Agency have recently been appointed to seek a purchaser for this well established investment opportunity.
The property for sale comprises 4 ground floor retail units, all let, together with 9 bedsit properties which make up the entire 1st floor. The property is located in Burns Statue Arcade which is just off Burns Statue Square in the centre of Ayr. The postcode is KA7 1SW.
The retail units are let on full tenant insuring and repairing leases. The owner pays rates on the bedsits together with common charges for heat and light of the shared bedsit areas.
Repairs, renewals, rates, insurance, heat, light and general expenses in relation to the bedsits totalled £4,433 in the last year.
The bedsits are let individually and are managed by the owner directly. Ayr is a popular town with a large campus for the West of Scotland University. The university has recently announced it will be adding an additional 5,000 students. This will undoubtedly increase the demand for single person accommodation in the town.
In an attempt to reduce housing benefit costs the government have recently increased the age before which individuals will be considered for housing allowance for a flat to 35 years old. This has led to single person bedsits like those offered by this portfolio being in high demand. This is evidenced by the consistently high levels of occupancy the bedsits achieve.
The nine bedsits are all furnished and are split into two blocks either side of the stairwell. The block of 5 shares a kitchen, bathroom and shower room. The block of 4 shares a kitchen and bathroom with shower over the bath.
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Freehold : £115,000
Sector: Food & Drink
Leasehold : £99,000
Sector: Industry & Manufacture
Leasehold : £480,000