0 bed Block of flats (for sale) Brick Lane, Paisley PA3

£280,000
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Auction House Scotland
18 Woodside Place, Glasgow
0141 376 8754
First Published

12th Feb 2020

Last Published

14th Feb 2020

 

Features

  • Type: Block of flats
  • Bedrooms: 0
  • Listing status: sale
  • Country: Scotland

Description

Portfolio of 7 Flats

Outstanding opportunity to purchase a portfolio of 6 x one bedroom flats and a two bedroom flat situated in the popular town centre of Paisley. All one bed flats are currently tenanted with the two bedroom flat fully rental compliant and recently re-decorated. The current rental income is approximately £22,000 per annum with lha rates allowing a potential return of £30,501 per annum. All properties have electric heating with gas available nearby should the purchaser wish to upgrade throughout. It is believed that owning 7 of 12 properties within the building would allow the purchaser to appoint a factor as the majority owner. There is a common garden area to the rear and units can be sold as one portfolio or several units. The portfolio is comprised as follow; Flat 0/1 - Currently rented at £350pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Flat 0/2 - Currently rented at £290pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Flat 0/3 – Is currently vacant and was previously rented at £450pcm and comprises open plan kitchen/lounge and shower room and two bedrooms. The flat has been newly re-decorated and is well maintained throughout. Flat 1/1 - Currently rented at £295pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Flat 1/2 - Currently rented at £300pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Flat 2/1 - Currently rented at £300pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Flat 3/2 - Currently rented at £300pcm and comprises lounge, kitchen, bedroom and bathroom. Would benefit from fresh décor throughout. Please note; The property images displayed show flat 0/3.

Portfolio of 7 flats

Majority share in standalone block 7 of 12 units

Can be sold individually

Six flats are currently tenanted

Current letting income of approx £22,000pa

Close to amenities

Potential income of £30,501pa at lha rates

Area

Paisley sits close to Glasgow airport and the M8 motorway network providing access to Glasgow and all points beyond. There are frequent bus services and two railway stations, which makes it ideal for commuting. Local shopping is available close by including supermarkets and a wider selection of High Street stores are found in Paisley town centre. Excellent local schooling is available at both primary and secondary level. Paisley University and the Royal Alexandra Hospital are also in Paisley, creating much demand for buy to let properties.

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Local info for PA3

Floor plan

 

Property Value Data/Graphs for PA3

Property Type % Avg. current value Avg. # beds Avg. # bathrooms
Flat 48.6% £68,710 1.9 1
Terraced house 18.1% £83,455 2.4 0.8
Semi-detached house 13.9% £114,224 2.8 0.8
Villa 4.9% £99,641 2.7 1.1
Maisonette 4.2% £53,399 2.5 1
Other 3.5% £161,099 3.2 1.6
End terrace house 2.8% £89,238 2.8 0.8
Land 0.7% £49,000 0 0
Detached house 0.7% £239,995 4 2
Parking/garage 0.7% £25,000 0 0
Block of flats 0.7% £145,000 9 3
Cottage 0.7% £69,995 2 1
Bungalow 0.7% £64,995 1 1

Area Information

Average Price Paid

£103,133

Sales

1610

Current Average Value

£83,599

Value Change

£19,534 23.4%

 

Current Asking Prices in PA3 Average: £83,599

Property Type 1 Bed 2 Beds 3 Beds 4 Beds 5 Beds
Houses £64,995 (1) £86,575 (25) £105,580 (36) £219,665 (3) -
Flats £38,570 (14) £77,645 (53) £52,771 (9) - -
All £40,331 (15) £80,507 (78) £95,018 (45) £219,665 (3) -

Nearby Properties

2 bed Semi-detached house () Inglewood Crescent, Paisley PA2 £117,995
2 bed Flat () Meadowside Quay Square, Flat 0/2, Glasgow Harbour, Glasgow G11 £150,000
3 bed Flat () Deanston Drive, Flat 2/2, Shawlands, Glasgow G41 £139,000
3 bed Flat () Croftside Avenue, Croftfoot, Glasgow G44 £85,000
3 bed Semi-detached house () Wallacewell Crescent, Balornock, Glasgow G21 £75,000
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