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112 St. Olaf Street, Lerwick, Shetland, ZE1 0ES

Scotland

£255,000

Listed on 01/06/2026

Property Details

Bedrooms
3
Type
Terraced

Description

This property features a unique opportunity for investors or homeowners alike, located on one of Lerwick's historic streets. It comprises three self-contained flats over three levels, providing immediate rental income from the ground floor flat, which is already tenanted. The other two flats have previously served as long-term rentals, and with some refurbishment, they could easily return to this market. Each flat has its own distinct layout; the first and second floors boast generous living spaces that can be modernized to meet contemporary standards, while the open-plan configuration of the top flat maximizes natural light and space usage. The potential for transforming this building into a spacious family home or enhancing its existing rental capacity presents exciting possibilities. The shared hallway leads to all three units, and the external areas include a manageable front and rear garden along with street parking options. Given the prime location near schools and amenities, this property offers substantial investment potential in a desirable area of Lerwick.

Investment Analysis

(ZE1 area)
Area Average
£214/sq ft

Renovation Potential

Medium Refurb
Est. Renovation Cost
£30,000 - £50,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
7
Average per month
Market Turnover
83%
Properties sold annually

Local Market Trend (ZE1)

Area prices are rising by +4.5% over the last 12 months
3 year growth: -1.2%
5 year growth: +24.7%
Investment Disclaimer: Analysis based on ZE1 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

112 St. Olaf Street, Lerwick, Shetland, ZE1 0ES
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.45%

Current average variable rate is 6.60%

Monthly Repayments
£963
Based on a loan of £191,250 over 30 years at 4.45% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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