Marmite style Penicuik property opportunity!

I spotted this property today as I was doing my trawl for good properties for the Penicuik Property Blog.  It reminded me of Marmite – you either love it or hate it .... there is no in between!

This property is literally right in the heart of Penicuik.  It is a one bed, first floor flat at 15c John Street which is in the pedestrianised part of John Street; the flat is directly above The Original Factory Shop.

The flat is in a contempory block and it is in walk in condition.  It has a lounge, dining kitchen, double bedroom with walk in cupboard and a bathroom which has a shower over the bath.  The decor is neutral.  This short of property would suit a professional individual or couple.  One point to consider is insurance – flats above shops are generally more expensive/harder (but by no means impossible) to get insurance for given the increased fire risk from the, at times, unoccupied shops below.

https://espc.com/properties/details.aspx?pid=355894

So why is it a Marmite style property?  It’s because of its location.  Potential tenants will either love or hate being right in the heart of Penicuik.

This flat is on the market with ide legal.  This is a new one on me but their website says that ‘ide legal is a small firm currently located in the heart of Edinburgh's West End’.  It is on the market for offers over £80,000.  Let’s say it goes for £90,000 given that it recently on the market with Edinburgh agents who may have more Edinburgh, rather than Penicuik, price strategie/expectations.  The right tenants should pay £525 - £550 for a house like this so that’s a yield of 7% - 7.3%. 

We hope you find our posts useful.  If you want some buy to let advice on this property, another property you have in mind or anything else property related, come and see us in our office (6 Bank Street, Penicuik) or email either of us (robert@thekeyplace.co.uk; linda@thekeyplace.co.uk).