Kingsway Apartments in Dundee for sale as development opportunity
Shepherd Chartered Surveyors is offering the Kingsway Apartments in Dundee, a high yield income producing site with development opportunity, for sale.
Located on the northern outskirts of Dundee, with frontage to the Kingsway, Dundee’s outer ring road, the purpose-built student accommodation formerly operated by Abertay University are accessed off Alloway Place.
With a total of 38,400 sq ft of accommodation providing space for 144 beds, the buildings were constructed during the early 1980s and refurbished in 2013 and 2017. The site is arranged into three blocks of six flats which each flat comprising eight single bedrooms with shared lounge/kitchen and amenities.
The buildings are three storey with additional projections to the side. Also located at the front of the site are two detached caretaker bungalows of similar construction.
Jonathan Reid, partner in Shepherd’s Dundee office, said: “Situated on a prominent location adjacent to the outer ring road, the Kingsway Apartments are HMO granted and income producing, with a projection of £600,000 per annum.
“Enjoying excellent working relationships with universities and colleges in the city, long term contractors use stretching back 20 years makes this site an excellent investment opportunity.
“With solid long term corporate customers and university take up, as well as the huge demand for quality affordable student accommodation in Dundee, we anticipate keen interest in this opportunity. The 3.9 acres site offers potential for redevelopment and conversion to alternative uses. All interested parties should make their own enquiries to Dundee City Council Planning Department.”
Offers over £4 million are invited. Interested parties should contact the sole selling agent on tel 01382 200454.
For further information please contact Jonathan Reid on tel 01382 200454