Property for sale in Thistle Street, New Town, Edinburgh EH2

We are delighted to present a rare residential investment opportunity to acquire a strong yielding clean block of 8 apartments and a double garage in central Edinburgh.

This exceptional property benefits from accommodation over 4 floors and has been well maintained through its current ownership after a full renovation of the building in 2019. All eight studio apartments run off a central stair and follow similar style in layouts with only slight variances in size on the different floors. The building is currently factored by Murray and Currie and the communal stair is cleaned frequently.

All apartments have the right to apply for a permitted parking space as well as ample on street parking in the local areas. Each apartment has good sizes open plan kitchen/dining/ living room including a fully equipped kitchen, a principal bed area with wardrobe storage and a separate stylish bath or shower room. All flats benefit from a central storage cupboard.

All the apartments are currently let and have been maintained in good order since there were let via private rental tenancy leases (PRTs) and are in similar condition as when purchased in 2019 after the building's full renovation. The apartments are currently fully occupied, and it is likely a new owner will be able to look to improve the current rent roll as tenancies expire and relet. Flats 1 & 2 rented in May & June 24 respectively at £1,095 which gives an idea of what increases may be possible on other flats.

The flats were initially deigned with a short let serviced apartment usage in mind. Due to Covid-19, the owner was forced to look at long term rentals when overseas travel was prevented and therefore in order to change this operational use, it will require council planning approval and potential licensing and would be subject to council approval. We have found central properties such as Thistle Street can attract higher incomes should such an operation be possible which could create further opportunity for an investor.

There is potential for substantial tax savings on such a residential purchase of more than 6 dwellings in Scotland via Multiple Dwellings relief and all interested parties should get their own tax advice.

Thistle Street has all the amenities of Edinburgh's city centre on its doorstep. Situated roughly equidistant between the New Town's prestigious Charlotte and St Andrew Squares, it is within easy walking distance of the shops and restaurants of Princes Street, George Street and Multrees Walk, including Harvey Nichols and the vibrant St James' Quarter. Thistle Street is also within easy reach of other attractions such as the Royal Mile and Edinburgh Castle, Royal Botanic Gardens, National Gallery of Scotland, Scottish National Portrait Gallery and the popular shops and cafés of nearby Stockbridge and picturesque walks along the Water of Leith.