Greenstar Serviced Apartments, 48 Bell Street, Dundee, Scotland, DD1 1HF

The Greenstar serviced apartments form the upper floors of the Listed Mercantile Building occupying first, second, third and fourth floors. Each apartment has been developed to a very high standard both in terms of sustainable features and also design with a modern clean décor.

In December 2021, the heating was upgraded and insulation was added. The apartments have HHR SMART heaters that are interlinked using a hub and controlled remotely using an App. This gives the owner total control over settings and reduces energy wastage, as well as costs.

Comprising the first, second and third floors of the historic Mercantile Building. The group of apartments are next to Abertay University in the heart of Dundee City Centre, within a very short walk of the McManus Gallery, Overgate Shopping Centre and the acclaimed waterfront development housing the V&A Museum Dundee.

Dundee is the fourth largest city in Scotland with two universities and a widely acclaimed reputation in the fields of biomedical research, technology and gaming / cyber security. It is the UK's first UNESCO City of Design.

The city centre has benefitted from a £1bn Masterplan to regenerate the waterfront area and connect it to the city centre with the V&A Museum opening in 2018 and the area developing a thriving bar and restaurant culture.

As well as having its own airport the city is well connected by the A90 to Perth and across the impressive Tay Bridge to Monifieth and further to Carnoustie.

Greenstar Apartments will be sold as a fully fitted business with all furniture, except for art work, cushions and throws. This includes pots, pans, cutlery, washing machines, microwaves, beds, chairs, tables, sofas, curtains and blinds.

New towels and linen were acquired in November 2023 and beds upgraded in December 2021 to hotel standard zip and link mattresses in all but one apartment.

Comprises six individual apartments as follows:

1. Ocean - 3 bed, 2 bath Duplex - max capacity 8 guests
2. Discovery - 3 bed, 2 bath - max capacity 8 guests
3. Abertay - 2 bed, 1 bath - max capacity 6 guests
4. McManus - 1 bed, 1 bath - max capacity 4 guests
5. Mercantile - 1 bed, 1 bath - max capacity 4 guests
6. Bell - 1 bed, 1 bath - max capacity 4 guests

This successful business has traded since 2017 and the two Directors now wish to continue alternative pursuits. The opportunity has therefore arisen to acquire a successful business with commercial planning consent for short let use (Class 7), which would work extremely well as a stand alone investment or to add to a wider portfolio.

There are no staff employed by the business. Cleaning is contracted out.

A trading summary will be made available to suitably qualified parties at the time of viewing.

Change of use from four residential flats to six serviced apartments : 18/00150/FULL Approved subject to conditions May 2018.

Internal Alterations to form new layouts - 18/00366/LBC - Granted subject to condition July 2018.

Freehold

There is currently a contract in place to provide accommodation using five of the six apartments which expires in March 2024.

1 bed apartments - Rateable Value £1,300 each effective from April 2023
2 bed apartment - Rateable Value £2,600 effective from April 2023
3 bed apartments - Rateable Value £3,900 each effective from April 2023