Of paramount importance when assessing the value of a property is the demand for its existing use and to evaluate carefully the future potential of the building.
Within the commercial sector, a number of buildings utilised as commercial properties are now being marketed with a view to change of use to residential and offering opportunities for private individuals and property developers.
Harry Stott, of CKD Galbraith's commercial team, said:
"We have been involved in many sales of commercial properties where we have determined that demand for commercial uses was limited and that a property's prospects were greatly enhanced by promoting them for alternative use, in particular residential. Many present fantastic residential opportunities for developers or potential home owners alike to create some unique and stunning homes full of character and history."
One good example is the Former Ballathie Estate Office which at present offers limited demand as a commercial property, but presents an exciting prospect for residential purposes subject to consent. Situated in a desirable rural location in beautiful Perthshire, the Former Ballathie Estate Office is an attractive single story U-shaped stone building arranged around a private courtyard with feature archway. The property was constructed in 2001 and has been utilised as a farm shop and caf and estate office. The internal accommodation comprises two self-contained units which could be used as two separate residential units or linked to form one larger property.
Offers over 220,000 are being invited for Former Ballathie Estate Office.
North Range, East Lodge at Stanley Mills is another such commercial property which lends itself well to residential use. Formerly used as office space, North Range East Lodge forms part of Stanley Mills, a listed complex of buildings established as a cotton mill in the 1780s. However, restricted demand in the area for office use has resulted in CKD Galbraith applying for a change of use consent on North Range, East Lodge to residential which is where the firm believes the principal demand lie.
Offers in the region of 250,000 are being sought for
This trend also particularly applies to townhouse properties in Edinburgh as experienced by Katie Gibson, a commercial agent within CKD Galbraith's Edinburgh office. Katie said:
"We have recently been involved in the sale and purchase of Edinburgh Townhouse Commercial properties in Gayfield Square and Chester Street, which again were of more interest to the residential market. Whilst there is greater demand in Edinburgh for commercial use of townhouse buildings the potential returns and demand are often far greater for residential conversion particularly in the New Town. We also get a number of private client requests looking to purchase townhouses and commercial buildings that have outlived their current usage and offer fantastic opportunities for residential conversion."
For more information on the commercial to residential change of use consent options available please contact Harry Stott in CKD Galbraith's Perth office on 01738 456065 or Katie Gibson in Edinburgh on 0131 240 6981.