This property presents a significant redevelopment opportunity in the core of Motherwell, boasting approximately 1,770 sq ft of space over two levels. The first floor spans 874 sq ft while the attic provides an additional 896 sq ft. With a strategic refurbishment and reconfiguration, there's potential to transform this asset into four two-bedroom flats and one one-bedroom flat, supported by preliminary architectural insights. Alternatively, it can remain as commercial office suites or be adapted to other residential uses.
Income prospects are considerable; with market rents estimated at £750 monthly for each two-bedroom unit and £600 for the one-bedroom flat, total annual rental income could reach £43,200. If operated as serviced accommodation, potential earnings could exceed £120,000 per year based on projected occupancy rates and average daily rates.
The property is advantageously located close to key amenities including schools, shops, and transport links, all within walking distance. This area is currently seeing a £19 million investment aimed at revitalizing the town centre which will likely enhance property value and demand. With a modest initial investment for substantial returns on development or rental strategies, this is an intriguing opportunity for savvy investors or developers looking to capitalize on growing local demand.
