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SVA Properties find market bouyant for cash rich buyers

Highlights of the summer auction include a large, stone-built detached house in Selkirk. “Edenhall” is an attractive Category C listed house with 4 public rooms and 5 bedrooms, a front garden with plenty of parking space and a good size rear garden with outbuildings, garage and greenhouse. The house requires fairly extensive renovation, which is reflected in the auctioneer’s expectations of bidding settling around the £300,000 mark. However, the property has enormous potential to be restored to its former glory as an exceptional home.

A further restoration project is a distinctive small mansion in Magdalen Yard Road, Dundee, most recently used as an office and assessment clinic. The property, called The Vine, was built in 1836 as a house and art gallery for local MP George Duncan and features Graeco-Egyptian temple style stonework and Doric columns. It is currently laid out to provide a reception hall and 10 rooms with ancillary accommodation over 2,824 sq ft. The formal garden area extends to 0.59 acres, is enclosed by stone walls and has parking for 6 cars. Says Shaun Vigers, SVA director and auctioneer: “The Vine is of course suitable for continued use as office or clinic premises or after refurbishment could once again house an art collection or be used as a striking mansion home. It could also provide a fabulous backdrop for conversion to premises for a stylish architectural practice or dental surgery. We are looking to secure at least £300,000 for this property under the hammer.”

For buyers looking for retail investment, one of the best is undoubtedly a large shop unit in Duns, Berwickshire, currently operating as a pharmacy and provider of photographic services. The premises have a stair access to a mezzanine floor with a staff canteen and toilets and the overall high quality shop fit out suggests a successful and substantial business operating from the premises. Above the shop there is an accommodation unit with potential to be developed as offices or flats, subject to the appropriate consents. The retail unit is let on a long lease with 18 years remaining at an annual rent of £20,500. The shop premises is expected to sell at auction for around £200,000 and the accommodation above for a sum between £75,000 and £100,000.

Finally, a 23 acre site at Stromeferry by Kyle of Lochalsh is likely to be another major auction attraction with considerable interest already generated. In addition to the acreage extending over hillside covered with rough grass and trees, the site also contains a derelict hotel and a further derelict building known as the White Lodge. Outline planning consents exist for the development of the land for new housing and the re-development of the existing buildings. Realistically, however, the new proprietors would be likely to want to review the nature of the consents. Bidding is likely to rise to between £250,000 – £270,000.

Says Vigers: “This auction is a typical SVA auction, offering a wide mix of commercial and residential lots. Despite the fragility of the market just now, over recent months we have been seeing a significant investment in property by people who are cash rich and able to operate independently of loan resources. People who might have kept their money in the bank are finding they prefer the more exciting approach of investing in retail properties with annual returns of between 5% and 6%.”

The next SVA Property Auctions sale will take place at 2pm at Glasgow’s Swallow Hotel on Wednesday 30th September.

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