Property

The apartments at 23 Nelson Mandela Place are currently experiencing high occupancy all year round. A new owner could continue to operate as is and look to improve the current rent roll & operations of the asset. NET income of c. £128,000 in the 2023/24 financial year reflecting a NET investment yield of c. 6.4% on its current fully managed short let operation. 2023/24 building income was c. £300,500 per annum (net of VAT). There is currently £140,000 of gross revenue bookings taken for the 24/25 financial year giving a very strong start to the year. Depending on how the asset is managed in the future, there is potential to develop the NET yield further.

The building ownership has accommodation over 4 floors in total. The living accommodation is based on the first to third floors with an attractive main door entrance off Nelson Mandela Place. The building was fully renovated during its current ownership back in 2016 and consists of ten studio apartments in all. The properties have been managed and maintained well by Destiny Scotland. All ten apartments run off a well maintained central stair.

On the first floor there are two superior studio apartments on this level which are spacious and bright benefitting from large windows and the grandeur of the high ceilings. These apartments are similar in fit out compared to the other flats however there is more space for a larger living area compared to the other serviced apartments. Each of eight studio apartments on the second and third floors have a spacious kitchen / living area including a fully equipped kitchen, good sized bedrooms with built in storage, stylish shower rooms and a storage cupboard in each property.

Located in the heart of Glasgow City Centre, an area of Glasgow which has benefitted from significant redevelopment in the last few decades with both commercial developments and exclusive residential buildings. This location offers a wonderful central position and a very prominent social location with the city centre. Nearby there is a wealth of historic buildings and a range of amenities including both general and specialist shopping, wine bars and many highly acclaimed restaurants and is also conveniently located for access to the Merchant City. The property is in close proximity to Strathclyde & Caledonian Universities, the Glasgow School of Art, the SEC and The Clyde Auditorium. The area benefits from frequent public transport with easy access to Central and Queen Street Train Stations, and both St Enoch and Buchanan Street subway stations. Public transport and road links are exceptional.