August 26, 2016
HMO Investment opportunity on Edinburgh's Gilmore Place
IME Property, Edinburgh's fastest growing firm of commercial property agents, is welcoming the chance to market another property on a street which has proved to be very popular with buyers and occupiers alike.
The property at 72a Gilmore Place is a superb double upper villa providing 6 bedrooms, including 5 doubles, with large open plan kitchen/lounge and two bathrooms comprising of WCs and shower facilities. It is currently let as an HMO (House in Multiple Occupation) until 30th June 2017 on a short assured tenancy agreement at an annual rent of £26,160.
Due to its south facing aspect the large bay window and dormer can often be bathed in sunshine, depending on the time of year. The current owners have tastefully redecorated both internally and externally giving it a fresh feel complimented by the natural stone work, which is reflected by many of the properties in this area of Edinburgh.
"Gilmore Place enjoys close proximity to the city centre as well as affluent districts such as Bruntsfield and Morningside. As such, it is popular with students and young professionals alike which is why this particular property has consistently performed well and always re-let for the landlord," commented IME managing director, Iain Mercer.
"There is a weight of demand out there from buyers looking to invest in the right opportunity and we feel this HMO investment presents the benefit of strong rental income with the prospect of potential redevelopment at a later stage."
IME has a positive track record on the street having successful sold a former guest house at 67 Gilmore Place and garage on 24 Upper Gilmore Place for £525,000 and £250,000 in 2015 and 2016 respectively. A lease transaction was concluded earlier this year at 119 Gilmore Place with 123 currently on the market to let. Meanwhile 18 and 20 Lochrin Buildings, also on Gilmore Place despite the name, are currently being marketed by the Tollcross-based firm with the latter of these currently under offer.
"We have successfully transacted in this part of Edinburgh for some time and see no reason why this will not continue," he added.
72a Gilmore Place is available to buy at offers over £400,000 and details can be downloaded here