FOR SALE - NovaLocadocs.novaloca.com/129133_635993398913390000.pdfFor Sale 6 apartments Blocks 2, 5,...
Transcript of FOR SALE - NovaLocadocs.novaloca.com/129133_635993398913390000.pdfFor Sale 6 apartments Blocks 2, 5,...
Residential Investment Portfolio EdinburghFOR SALE
Comprising of 6 apartments in adjacent blocks
RARE RESIDENTIAL INVESTMENT OPPORTUNITYThe Visio development at Hawkhill Close is only minutes away from the heart of Edinburgh City Centre and is even closer to Leith which is acknowledged as being one of Edinburgh’s Hippest districts and is currently home to a fantastic opportunity to purchase a popular, exclusive and well-established residential investment.
A flagship development created by Westpoint Homes in 2007, the contemporary and well-ap-pointed seven-storey Visio development – which features one, two and three bedroom apartments as well as luxury penthouses with expansive outdoor private spaces – commands stunning views of Arthur’s Seat, Calton Hill, and beyond to the picturesque waters of the Forth. A convenient commuting base amid a vibrant community, the bright, open plan residential properties benefit from landscaped grounds, underground car parking, secure entry system with lift access, and is fully occupied.
INVESTMENT FUNDAMENTALSFor Sale6 apartmentsBlocks 2, 5, 6 and 7Visio - Hawkhill CloseEdinburghEH7 6LA
• Rare opportunity to purchase 6 flats in adjacent blocks
• Developed by WestPoint Homes in 2007
• Underground car parking
• 100% fully occupied
• Income producing of £54,000 per annum
• Offers over £1,000,000 are sought representing a 5.4% gross yield
LOCATIONA true cultural and business landmark, Scotland’s cosmopolitan capital city is the administrative hub of Scotland, boasting a population of some 480,000 people, whilst playing host to a diverse business base for a number of international headquartered organisations. Edinburgh’s unique character, mixing beautiful historical architecture with a forward-thinking outlook and all with lush countryside just a stone’s throw away, makes it an attractive and desirable place to live. The capital boasts a strong heritage of the finest galleries, theatres and museums, matched by some of Scotland’s best shops, restaurants and bars - and you don’t have to travel far from the city centre to escape to the stunning green idyll that is the Lothians and its many leisure opportunities.
Indeed, it's no coincidence that the city was recently voted the best and most desirable place to live in the UK, based on a quality of life index.
Edinburgh is the most well connected city in Scotland for accessibility by road,
rail and air, making it ideal for business and tourism alike. The city benefits from
direct access to the UK’s wider motorway network, as well as being home to two
designated train stations, Edinburgh Waverley and Haymarket. Furthermore,
Edinburgh International Airport is one of the busiest airports in the UK and serves
millions of passengers every year to a variety of worldwide destinations, making
for a true transport hub.
The Visio apartments in Hawkhill Close are located within an area which has
enjoyed significant sensitive regeneration and investment over the last few years,
transforming it into one of the city’s most vibrant and modern neighbourhoods for
young professionals with numerous retail and leisure amenities on the doorstep.
Indeed, awaiting residents is a bustling community replete with fashionable shops
and boutiques – leading department store Harvey Nichols is close by – high end
restaurants, busy bistros, cool cafes and stylish bars, not to mention wide
recreational opportunities for the active-minded.
City of Edinburgh Council is currently spearheading a waterfront regeneration
programme and proposed tramline down Leith Walk to serve the wider Edinburgh
north region, further enhancing the appeal of Scotland’s eclectic capital.
More precisely, the subjects are accessed directly off Hawkhill Avenue which
forms part of Albion Place, linking directly to Easter Road, and forms part of a
modern development built by recognised housebuilder Westpoint Homes, one of
Scotland’s most highly regarded developers and renowned for excellent quality of
finish.
DETAILED PROPERTY SPECIFICATIONS
ENTRANCE FOYER AND COMMUNAL AREASSecure underground parking
Elevators provide access to all properties
Fully landscaped communal gardens
EN-SUITE BATHROOMContemporary white sanitaryware by Porcelanosa
Mosaic wall tiling from a selected range to feature walls
Chrome mixer taps to bath and wash-hand basin
Quality vanity furniture by Porcelanosa
Wall mounted mirror
Timber Shelving by Porcelanosa
MODERN ESSENTIALS
Full walk on balconies or terraces are provided to the majority of properties
External lighting to all terraces and balconies
Veneered flush panel doors throughout
Quality chrome ironmongery
Chrome sockets and switches to kitchen
Telephone and TV points provided to lounge, master
bedroom and kitchen
MODERN ESSENTIALSA mains-connected smoke detector is placed at a central location in each property
UPVC double glazed windows as standard
Full gas-fired central heating fitted throughout
Walls finished in emulsion.
FLOOR CONVERINGSLaminate flooring applied to kitchen, hall, lounge and shower room
Carpeting provided to all bedrooms and en-suite bathroom
KITCHENDesigner range of quality fitted kitchens
Integrated steel 4-ring Gas hob with integrated extractor fan
Fully integrated washer/dryer
Stainless steel one and a half bowl sink with chrome mixer taps
Combination of ceiling mounted and under-unit lighting
Stainless steel-effect back plate
SHOWER ROOMContemporary white sanitaryware by Porcelanosa featuring
semi pedestal wash-hand basin
chrome mixer taps
Thermostatic shower by Hansgroghe
Mosaic wall tiling from a selected range to feature walls
Quadrant or rectangular shower tray with chrome-framed enclosure
Mirror and shaver point
Chrome towel rail
VISIO
Shopping Bars Restaurants
1. Jenners
2. Cruise
3. Hugo Boss
4. Whistles
5. Jo Malone
6. Beluga
7. The Dome
8. The Opal Lounge
9. Candy Bar
10. Rick's
11. Valvona & Crolla
12. The Witchery
13. The Scotsman
14. The Tower
15. Harvey Nichols
TENANCY & ACCOMMODATION SCHEDULEA breakdown of the income profile and accommodation for the portfolio can be summarised in the table below;
The cumulative rent received per annum equates to £54000.
Full tenancy information can be provided to genuinely interested parties
that note their interest through the selling agents.
Address Rental per month Rental per annum Accommodation
2/8 Hawkhill Close
2/11 Hawkhill Close
5/1 Hawkhill Close
5/6 Hawkhill Close
6/9 Hawkhill Close
7/3 Hawkhill Close
£750
£750
£750
£750
£750
£750
£9,000
£9,000
£9,000
£9,000
£9,000
£9,000
2 bedroom en-suite
2 bedroom en-suite
2 bedroom en-suite
2 bedroom en-suite
2 bedroom en-suite
2 bedroom en-suite
Date Address Bedrooms Selling Price
18/04/2016
08/04/2016
31/03/2016
8/4 Hawkhill Close
9/5 Hawkhill close
15/2 hawhill close
2
2
2
£168,550
£165,000
£180,000
RECENT SALES EVIDENCE
EDINBURGH’S RESIDENTIAL MARKETEdinburgh’s residential market continues to outperform the rest of Scotland and the majority of the UK, with the exception of London, despite the recent economic trading conditions and the introduction of LBTT in 2015.Demand for 1, 2 & 3 bedroom apartments within the £120,000-£250,000 bracket has been strong and sustained from both the buy-to-let investors and first time buyers’ market with the average monthly apartment price increasing by 3% over the past 18 months throughout Edinburgh.City centre property prices are now rising at twice the national average against the backdrop of a well-doc-umented shortage of new and affordable homes throughout the region.Certainly, statistics from Registers of Scotland now show that the average house price in the capital for October-December was £233,255 – an increase of 3.2% on the same quarter the previous year.Edinburgh also recorded the highest volume of property sales and was up 21.4 %, compared with the largest drop in Aberdeen where the number of sales was down 12%.This hugely buoyant market means that a significant proportion of the money that comes into Scotland for the buy-to-let market ends up in ever-popular Edinburgh. Therefore, it represents a natural first stop for those looking to invest.
ALTERNATIVE USESAside from traditional residential dwellings, the properties are perfectly suited to be used as holiday lets due to its location in adjacent blocks. In a context of a booming property market, this portfolio offers the possibility of acquiring a number of properties located in the same development reducing the time and management costs involved.
PRICEOffers over £1,000,000 are sought, reflecting a gross yield of 5.4%.
VATVAT has not been elected and it is envisaged that the sale will be treated as a VAT free transaction.
LEGAL EXPENSESEach party to bear their own legal expenses in connection with this transaction
Graeme Millar BSc (Hons) MRICS Investment Surveyor
Tel: 0131 240 5290
Email: [email protected]
Keith Watters BSc (Hons) MRICS Partner
Tel: 0131 240 5326
Email: [email protected]
Viewing and Further Information
This investment is owned by Shastra Property and Development an SRA Ventures group company.
The agents for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this property. APRIL 2016.