- 9% Net Yield
- University Town
- Town Centre Location
- Local Amenities Nearby
- Good Transport Links
- Only 35 Miles from Edinburgh
Off-market 7 bed property previously operated as a B&B. It has a large kitchen/diner, 6 WCs, an existing fire suppression system and its still classified as a commercial property, so there's no need to apply to change its use.
It's a 7 bedroom property, which could be easily reconfigured to give 9 bedrooms. It's situated on a first and second floor above 2 retail units in a town centre location.
The plan is to refurbish the property to a good standard, re-configuring the layout to give 9 bedrooms and let the rooms to students and contractors, with the option to rent the rooms on a SA basis to tourists also, particularly in summer months.
The property is located in Galashiels town centre. Galashiels is a busy university town in the Scottish Borders, 35 miles from Edinburgh. As well as having a student market, the town has many contractors and
tourists visiting regularly.
Total cash investment required: £188,000
Purchase price: £138,000
Net yield: 9%
Refurb cost + fees etc: £10,000 - £35,000
Student rental (7 beds for 9 months): £18,900 pa
9 bed configuration: £26,325 pa
AirBnB per annum: £5,000 - £8,000
Monthly costs: £1,000 - £1,200
Monthly optimal profit: £1,660
Potential gross income: £31,356 pa
Positive monthly cashflow: £1,000+
Average room rates in the area are £300-£350 pcm. There is also the option to rent the rooms on a SA basis to tourists and short stay visitors, particularly in summer months, while the students are away, this could achieve an extra income of between £5,000-£8,000 during the 3 summer months.