This property presents an intriguing renovation and investment opportunity nestled in the heart of Castle Douglas, Kirkcudbrightshire. Previously utilized as a dental surgery, it has recently been granted planning permission (24/0177/FUL) to transform the first floor into a three-bedroom residence, while the second floor is set to become a two-bedroom flat. This flexibility offers potential developers and investors a unique canvas for creating multiple rental units.
The planned layouts for both floors are designed to maximize space and functionality. The first-floor conversion will include an entrance hallway, kitchen, three double bedrooms, a bathroom, and a lounge area. Meanwhile, the second floor will feature its own entrance hallway leading to a spacious lounge, kitchen/diner, bathroom, and two generously sized bedrooms with ample storage options throughout. This thoughtful design caters to modern living needs and could attract quality tenants.
If successfully converted, the combined properties could yield an estimated rental income of £1,400 to £1,500 per month—translating to an annual return of approximately £16,800 to £18,000. At the suggested guide price of £100,000, this investment appears poised for a gross yield of around 18%. Market trends in the area further support strong returns; comparable properties have sold recently for higher values—such as 43 Carlingwark Street at £205,000 in June 2024.
With renovations executed thoughtfully in line with market expectations, this property could achieve a Gross Development Value (GDV) nearing £375,000. Such figures highlight its significant investment potential within this desirable region.
Castle Douglas itself enhances the appeal of this opportunity. Known as the "Food Town," it boasts a rich agricultural heritage and vibrant local produce scene, making it an attractive place for families and professionals alike. The town features excellent amenities including educational facilities like Castle Douglas High School and various community organizations that foster engagement among residents.
Convenient transport links are another advantage; Castle Douglas is well-connected via the A75 road route to larger towns such as Dumfries and Stranraer. Regular bus services further enhance accessibility for both residents and visitors.
Overall, this property not only offers immediate development potential but also promises long-term value in a picturesque market town known for its community spirit and quality of life.