31 Chapel St
Dunfermline KY12 7AW
Retail Property For Sale

Commercial and Residential Property - For Sale or Rent, with no money down deal available. If you’re interested in 'Rent to Buy' or 'Lease only' then the present owner is willing to pay the redevelopment costs against all required materials to reinstate the internal building, and you provide the labor in exchange for a ‘rent free period’ - achieving no initial capital outlay. Chapel Street Dunfermline KY12 7AW Estimated Post Development Value: £1.3 Million Sale Price: Offers Over £595,000 Special Conditions available:- This seller will consider taking another property in 'part exchange' against this Lot. Lease To Buy Option - The purchaser may delay full purchase for up to 5 years via an 'option to purchase contract' available under payment terms of 4% per annum of the agreed purchase price - If finance is required to purchase then this option could work out much cheaper and less problematic. An excellent Large mixed commercial & residential property situated within the historic town of Dunfermline city centre:- Part Ground Floor - 35 m2/ 376 sq/ft @ 3.5m High Open Plan 1st Floor Area 1 - 56 m2/ 602 sq/ft @ 3.5m High Open Plan 1st Floor Area 2 - 124 m2/ 1333 sq/ft @ 3.5m High Open Plan 2nd Floor Area 1 - 56 m2/ 602 sq/ft @ 4.2m High Open Plan 2nd Floor Area 2 - 124 m2/ 1333 sq/ft @ 4.2m High Top Floor x1 Bedroom Flat - 56 m2/ 602 sq/ft Top Floor x3 Bedroom Flat - 124 m2/ 1333 sq/ft Additional Storage/ Toliet Areas - 30 m2/ 322 sq/ft x2 Concrete Staircases From Ground To Top Floors Total Floor Area 605 m2/ 6503 sq/ft (Excluding stairs & landings) Substantial prominent building situated within the historic town of Dunfermline city centre. In recent years the buildings external fabric, including roof & windows has been completely refurbished at a substantial cost. The internal aspects of the building have been stripped back to shell and therefore require reinstatement. This property is situated between the newly completed Dunfermline Bus Station and the Tesco’s Superstore which has recently been constructed adjacent. Three hours free parking for all is available within the adjacent Tesco's superstore car park. Presently commercial/ part residential, this property could be either retained as present use or changed completely to commercial or residential use. One way forward to maximise profit may be to convert the building to a Home Improvement Center incorporating complementary companies selling kitchens, bathrooms, flooring, double glazing and conservatories, etc. In doing so this would attract the large number of passing foot-fall customers to a ‘one stop shop’ in order to facilitate their entire home improvement needs under one roof. The varied companies renting floor space could also benefit from one shared advertising budget. This may be a route the new owner wishes to pursue. The anticipated gross rentals received following completion are as follows:- Commercial Aspects (4246 sq/ft) - @ £15 per sq/ft per annum - £63,690 Residential Aspect -Two Bedroom Flat per annum - £6,600 Residential Aspect - Three Bedroom Flat per annum - £7,800 Total Achievable Rental Per Annum: £78,090. Estimated Cost To Complete Renovation: £80,000 - This amount includes both materials & contractor labor costs. This amount would be much less if you did not have to pay for all labor costs by doing some labor yourself. If you’re interested in 'Rent to Buy' or 'Lease only' then the present owner is willing to pay the redevelopment costs against all required materials to reinstate the building, with a rent free period being offered against the labor aspect - achieving no initial capital outlay. Total purchase & renovation costs of £700,000 would achieve an annual yield in excess of 11.15%. Based upon the above anticipated rental amounts and a future investor looking to achieve a 6% annual yield, the re-sell property value would stand at around £1.3 Million.