South Street, Elgin

This substantial mixed-use property in Elgin offers an excellent investment opportunity, combining two securely let commercial units with a generous residential dwelling in a location that continues to benefit from strong tenant demand and a shortage of available rental accommodation.

104 South Street has been recently refurbished and is currently let to a hairdresser, producing an annual rent of £6,000. The unit occupies a prominent position with strong visibility and footfall, close to Elgin town centre, Doctor Gray’s Hospital and the A96, making it an attractive and enduring commercial location.

1 Pluscarden Road is let to a florist and produces an annual rent of £4,800. The unit enjoys a highly visible frontage onto Pluscarden Road and offers flexible accommodation suitable for a variety of commercial uses. Both commercial leases run until August 2030, providing medium-term security of income for an incoming purchaser.

The upper floors comprise a spacious residential property, currently occupied, with an estimated rental value of approximately £1,200 per month, or £14,400 per annum. Given the strength of the local rental market and the well-documented shortage of available homes in Elgin, this element offers excellent future income potential and adds further depth to the investment profile.

In addition to the income-generating accommodation, the property benefits from a private courtyard, sunroom and detached garage. The courtyard provides access to the commercial units, residential accommodation and garage, while the garage itself offers useful storage and further potential for improvement or development, subject to the necessary planning consents. These external elements enhance the overall versatility and appeal of the property.

The building as a whole presents a well-balanced proposition for investors seeking a mixed-use asset with immediate income and scope for future growth. The commercial tenants provide established rental streams, while the residential accommodation offers additional flexibility, whether retained as an occupied dwelling or brought to the rental market to maximise returns.

With a current gross annual income of £10,800 from the commercial units alone, and potential residential income of £14,400 per annum, the property offers a compelling overall income profile. Its combination of secure leases, prominent location and strong rental demand make it a particularly attractive opportunity in the Elgin market.

Early viewing is highly recommended to fully appreciate the versatility, income potential and long-term investment appeal on offer.