ACTING on behalf of specialist real estate investor and asset manager Mapeley Estates, Shepherd Chartered Surveyors is offering a rare residential development opportunity in Perth city centre for sale.
The development opportunity arises from the securing of planning permission for the conversion of Water Vennel House into 20 one, two and three-bedroom flats.
Constructed in 1984, the property is a three floor 12,500 sq ft purpose built office.
Water Vennel is a popular and busy pedestrian thoroughfare leading to Tay Street, which runs alongside the River Tay.
It is a mixed residential/commercial location within the city centre flanked by the retailing locations of South Street and St John Street.
South Street is a busy thoroughfare leading to and from the town centre whilst St John Street is a pedestrianised retailing location.
The location therefore offers an excellent opportunity to provide residential accommodation within a popular and prosperous city centre.
Jonathan Reid, partner at Shepherd, said: “This property provides a rare and exciting opportunity to acquire and develop a significant city centre site where we believe there will be good tenant and owner occupier demand.
“The consent secured provides a good mix of accommodation which will prove attractive in the market. The property would also suit continuation of the existing office use and potential alternative commercial uses.”
Offers in excess of £600,000, with the benefit of the existing planning consent for the freehold interest in the property, are invited.
For further information please contact Jonathan Reid Tel: 01738 638188
Issued on behalf of Shepherd by Liquorice Media tel 0141 561 4018 www.liquorice-media.com
Date 9th August 2012.
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