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Press Release

SVA PROPERTY AUCTIONS LTD
 

24 April 2019

 

 

 

 

 

12 FLATS FOR SALE IN COASTAL TOWN OF METHIL

 

Dundee’s former Work and Pensions offices offers opportunity for

re-development as student accommodation

 

SVA Property Auctions, Scotland’s independent auction service, will be putting 34 lots under the hammer on Wednesday 1st May at Glasgow’s Trades Hall.

 

The May auction offers SVA’s customary range of residential and commercial properties, land plots and, more unusually, a portfolio of 12 flats from a single vendor.

 

The 12 flats are in the coastal town of Methil in Fife and its immediate surrounding area and range in size from one bedroomed to 3 bedroomed apartments. The flats, which are being offered by a vendor dealing with the administration of a small property company, are in varying conditions of repair. Says Shaun Vigers, SVA Property Auctions director and auctioneer: “These lots offer up opportunities for DIY enthusiasts right through to small building companies. A couple of the flats are pretty much ready for immediate occupancy, whilst others need some considerable work done on them, perhaps by local landlords wanting buy-to-let investments. And then there are a few which would probably need the expertise of a builder to attend to the requirements of comprehensive re-wiring and repairs etc. The guide prices reflect the condition of the flats which are set at between £18,000 and £55,000.”

 

Another highlight of the auction is the former Department of Work and Pensions, a stately listed building in Dundee, situated on Dock Street, one of the arterial roads into the city centre. The property, which extends, in part, over 3 floors, sits on a prominent corner site of 0.317 acres and offers considerable scope for redevelopment. The ground floor is open plan with the first and second floors providing a mix of smaller open plan areas interspersed with private offices. Whilst the lot would be appropriate for immediate occupation as office accommodation, it also has potential to be re-developed as mixed hotel and commercial use or in this flourishing university town, as student accommodation. The property is anticipated to sell at auction for between £475,000 and £500,000.

 

Another handsome stone property featuring in the May auction is the former care home “Auchinlee” in Campbeltown, which extends over 1,139 sq.m on a 2.27 acre site with open views across Campbeltown loch. The property is an Italianate style 3 story B Listed former villa with a modern two storey extension to the east. As a care home it provided 24 en-suite residents’ bedrooms, arranged over 3 floors and serviced by a lift. The lot includes a reasonable portion of land which could be split-off for a small scale residential development, providing investment capital for redevelopment work. At a guide price of £275,000, SVA Property Auctions is confident that Auchinlee will be given a new lease of life.

 

The next SVA Property Auctions sale will take place at 2pm on Thursday 27th June at the Marriott Hotel in Edinburgh.


 

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For further information, please contact Shaun Vigers, SVA Property Auctions on 0131 624 6640.

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