Newfield House Development, Elgin

The proposed development of 12 flats at Newfield House in Elgin presents a compelling investment opportunity, particularly given the current dynamics of the local housing market. Elgin is experiencing a significant shortage of rental properties, with demand far outstripping supply. This scarcity is driven by landlords opting to sell properties rather than rent them out, influenced by rising mortgage costs and regulatory challenges. Consequently, rental properties are highly sought after, often receiving multiple viewing requests shortly after being listed.

The planned flats at Newfield House are designed to meet this demand effectively. Each block will contain four flats, with two on the ground floor and two on the first floor, all featuring separate access. The flats will include an entrance hall, two bedrooms, a bathroom, and a kitchen/living area, making them attractive to a wide range of potential tenants and buyers. This type of property is in high demand, as evidenced by the rapid turnover of available rentals in the area.

Investors will find the Elgin housing market promising, as property prices have been on the rise and are expected to continue increasing due to ongoing development and regeneration projects in the town. The combination of a strong demand for rental properties and the upward trend in property values makes this development a strategic investment. Planning documents and related drawings for the project can be accessed online using references 09/02161/APP and 11/00233/APP.

Situation:
The development plot is located in an ideal position to offer city living and the nearby amenities of Elgin with close vicinity to the countryside. Current access to the plot is gained from the A941 road which links Lossiemouth and Elgin with the plot situation next to the Buccaneer garage and accompanying residential dwelling. Elgin is the administrative and commercial capital of Moray and offers primary and secondary education, Health facilities, a range of local and national shops, a range of professional services and excellent local scenery. The city is extremely well served through various established transport links including its railway station and main bus terminus. The larger cities of Inverness and Aberdeen are both within easy distance. Inverness can be reached in around 45 minutes whilst Aberdeen can be reached in an hour and a half. Both locations offer a large range of services and both benefit from airports.

The Business:
Investing in the construction of 12 flats at Newfield House in Elgin represents a promising opportunity, particularly given the current dynamics of the local housing market. Elgin has been experiencing a notable shortage of rental properties, as many landlords have opted to sell their properties when tenants vacate, leading to a decline in available rental homes. This shortage has created a strong demand for rental accommodations, making the development of new flats a potentially lucrative venture. Additionally, the housing market in Elgin is on an upward trajectory, with property prices steadily increasing. The average sold price for flats in the area was approximately £105,083 as of October 2023. This trend, coupled with Elgin’s ongoing development projects and improvements in infrastructure, suggests a favorable environment for property investment. The town’s appeal is further enhanced by its scenic landscapes, proximity to amenities, and reputable educational institutions, all of which contribute to its growing reputation as an attractive place to live. Therefore, constructing new flats at Newfield House could capitalize on both the immediate rental demand and the long-term appreciation potential in Elgin’s housing market.

The Property:
The flats arranged four per block split between the ground and first floor will feature separate access and encompass entrance hall, 2 bedrooms, a bathroom and a kitchen/living area. Planning documents and the related drawings can be accessed online.