Development Opportunity at South Street, Elgin, Moray

The development opportunity at 13 South Street, Elgin, Moray, presents a compelling investment in both the residential and retail sectors. This project includes eight apartments and a retail unit, strategically positioned to leverage current market trends. Elgin’s residential market is marked by a significant rental shortage, with properties quickly rented upon availability due to limited supply, making it attractive for investors seeking steady rental income. Additionally, the Moray region has experienced a 34% increase in house prices from 2010 to 2021, reflecting a robust property sales market. The inclusion of a retail unit offers further potential, catering to the local community and benefiting from increased foot traffic in the growing area. Overall, the combination of strong rental demand and a stable property sales market underscores the development’s promise as a lucrative investment opportunity.

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.

The Business:
The development opportunity at 13 South Street, Elgin, Moray, offers a promising investment in both the residential and retail sectors. The project, which comprises eight apartments and a retail unit, is well-positioned to capitalise on the current market dynamics. The residential market in Elgin is experiencing a significant rental shortage, with properties being swiftly let as soon as they become available. This high demand is driven by a limited supply of rental properties, making it an attractive market for investors seeking steady rental income. On the sales front, the Moray region has witnessed a steady increase in house prices over the past decade, with a 34% rise from 2010 to 2021, indicating a robust market for property sales. The retail unit adds an additional layer of opportunity, as it can serve the local community and benefit from the foot traffic in a growing area. Overall, the combination of strong rental demand and a stable property sales market makes this development a compelling investment opportunity.

External:
The property features a private drive with a gated entrance from South Street. It includes a total of three parking spaces. Additionally, there is a communal drying area and bin storage available externally.