Parents with children at college in Scotland or simply investors with an eye for good letting potential will be interested in a new apartment development in a suburban part of Edinburgh close to the new Scottish Government Offices.
Twelve two-bedroom units in four styles are being released from plans this week, priced from £87,750 to £95,500 sterling. Central Apartments is a development of 56 one and two-bedroom units being built by long-established Scottish developer Stewart Milne. Exteriors are of local sandstone and render. Most apartments are two to a landing and there are eight separate entrances. The developer will be marketing the one-bedroom units, while Hooke & MacDonald has responsibility for the sale of the larger two-bedroom apartments. Stamp duty is an enviable 1 per cent.
Hooke & MacDonald is taking bookings for the Edinburgh apartments at its Dublin and Belfast offices. Investors can avail of a "turn-key" package which includes legals, finance, fitout and lettings. Several hundred Irish buyers have invested in Edinburgh and Glasgow in the last few years, drawn by relatively low sterling prices.
Because Leith is just seven minutes' drive from Princes Street, the approximately 600 sq ft two-bedroom apartments command a monthly rent of around £550, according to Renagh MacDonald of Hooke & MacDonald. Leith is situated in the old docklands area of Edinburgh. The area is improving according to Renagh MacDonald, and has a number of restaurants.
Buyers in the Central Apartments development will have a choice of kitchen units, worktops and wall tiles. A built-in gas or electric oven and hob comes with the kitchen. Sittingrooms will have enough space for a small dining table and kitchen/breakfastrooms are separate. there will be a landscaped courtyard for the use of residents. Car-parking is open-plan.
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