34/2 High Street

Overview
This is an exceptional opportunity to acquire a spacious and well-appointed two-bedroom apartments in the much sought after Montrose town centre. This apartment comprises one of three flats in a traditional 19th century three story town building and both consist of 2nd and attic floor. it boast high-quality finishes and ample natural light. The property is currently tenanted and has been since 2017, but is currently below the current market rental value. Rent increases were issued May of 2023 in line with the Scottish Governments regulation 3% and can be increased again as of May 2024.

Location
The apartments are located in the vibrant and well-connected seaside town of Montrose, with easy access to a wide range of amenities, including shops, restaurants, bars, cinema and Angus Alive with its gym and pool. The nearest large supermarket is but a 10-minute walk away. There are other numerous cultural attractions and the Angus Glen’s and Cairngorms National Park are nearby.
The properties are also well-served by public transport, with several bus stops on the high street and the train station a 10-minute walk away. These transport links provide easy access to the nearby towns of Arbroath and Brechin and then further afield to Aberdeen in the north and Dundee in the south. The A90, which is the major road link to the north and south, can be easily accessed just outside Brechin, approximately 10 miles away.
Local schools include St Margarets Primary, Lochside Primary, Southesk Primary, Borrowfield Primary and Montrose Academy. For further education there is Arbroath College, Dundee University and Aberdeen University.

Employment
Some of the larger local employers include, Halliburton, GE, Glaxo, Montrose Port Authority and most recently, Seagreen Offshore Wind Farm, the largest windfarm in Scotland. There are numerous associated companies that help service the above. Agriculture is another big employer.

Investment Information
The property is currently tenanted just below the market rate, still providing a positive rental income for investors. The property benefit from their prime location, which is expected to continue to see strong demand in the coming years due to investment in the port and the Seagreen wind farm. It is also an affordable alternative to Dundee or Aberdeen. This makes it an excellent investment opportunity with the potential for significant capital appreciation. Flat 34/2 has had a slight water ingress into the upper bedroom in the valley where the dormer meets the sloped roof, however, this is the only substantial outstanding maintenance issue between the two properties.

We highly recommend purchasing this and its neighbor in tandem to maximise your returns.

Purchased Alone: £49,000
Current Gross Yield: 9.80%
Gross Yield Market Value: 12.86%

Purchased Together: £95,000
Current Gross Yield: 10.42%
Gross Yield Market value: 13.26%