* Furnished
* Freehold
* Town/City
The building ownership has accommodation over 4 floors in total. The living
accommodation is based on the first to third floors with an attractive main
door entrance off Nelson Mandela Place. The building was fully renovated
during its current ownership back in 2016 and consists of ten studio
apartments in all. The properties have been managed and maintained well by
Destiny Scotland. All ten apartments run off a well maintained central stair.
On the first floor there are two superior studio apartments on this level
which are spacious and bright benefitting from large windows and the grandeur
of the high ceilings. These apartments are similar in fit out compared to the
other flats however there is more space for a larger living area compared to
the other serviced apartments. Each of eight studio apartments on the second
and third floors have a spacious kitchen / living area including a fully
equipped kitchen, good sized bedrooms with built in storage, stylish shower
rooms and a storage cupboard in each property.
The apartments are currently experiencing high occupancy all year round and it
is likely a new owner could continue to operate as is and look to improve the
current rent roll & operations of the asset. Net income of c. £125, 000 in the
2022/23 financial year reflecting a net investment yield of c. 6. 25% on its
current short let operation. 2022/23 building income was £282, 786 per annum
(net of VAT). With regards to current year performance, the gross income for
the period 1st January to 31st May 2023 is up 11% on the same period the
previous year. Depending on how the asset is managed in the future, there is
potential to develop the net yield further.
Located in the heart of Glasgow City Centre, an area of Glasgow which has
benefitted from significant redevelopment in the last few decades with both
commercial developments and exclusive residential buildings. This location
offers a wonderful central position and a very prominent social location with
the city centre. Nearby there is a wealth of historic buildings and a range of
amenities including both general and specialist shopping, wine bars and many
highly acclaimed restaurants and is also conveniently located for access to
the Merchant City. The property is in close proximity to Strathclyde &
Caledonian Universities, the Glasgow School of Art, the sec and The Clyde
Auditorium. The area benefits from frequent public transport with easy access
to Central and Queen Street Train Stations, and both St Enoch and Buchanan
Street subway stations. Public transport and road links are exceptional.

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