Description
Perfect investment and development opportunity.
Former cafe/ restaurant set over 2 storeys with planning permission granted for conversion to create 3 x apartments in the centre of Shetland’s capital Lerwick.
The proposed apartments were valued by a local surveyor at £500,000 in 2023.
The planning permission is approved to create 2 x 2 bedroom flats and a third – 1 bedroom flat. These properties would represent excellent long-term rental investments with a high demand for rental properties locally.
They may also present an outstanding opportunity to capitalise on the demand for short-term holiday rentals in the area.
The property enjoys an enviable position within yards of Commercial Street, close to a number of major attractions and minutes from the Ferry Terminal making it a prime location for short-term holiday accommodation.
2 Bedroom flats locally can command up to £200 per night in peak season- representing a potentially exceptional return on investment.
Included in the sale is an outbuilding/ garage adding value to the lot with further potential for development of this building- subject to consents.
Planning details can be found on the council’s website under the reference -Ref: 2023/016/PPF
The opportunity exists to alter the planning to create 1 impressive family home or even for continued use as a cafe/ restaurant.
The property may be eligible for rates exemption as the registered rateable value is currently £9,900 but the buyer must complete their own investigation on that.
Room Sizes (All approximate)
On the Ground Floor:-
Shop Floor
11.4m (at widest point including conservatory area to front) x 5.75m extending to 7.15m at widest point + 3.4m x 2.95m
Auxiliary Space
10.3m x 3.4m
Kitchen
5.9m x 3.2m + 4.1m x 2.4m
Walk-in store
2.9m x 1.4m
Rear store / toilet facilities
Overall 3m x 2.85m
First Floor
Attic room
4.85m x 3.5m (floor area) including stair
This property will be sold under auction terms and conditions by Braveheart Auction.
The seller has suggested that pre-auction offers would be given consideration.
Please do not miss out. Speak to Braveheart Auctions today.