House of Multiple Occupancy and Self Contained Annex

DESCRIPTION

8 Southside Place, Inverness presents a rare opportunity to acquire an established HMO investment with additional self-contained accommodation, situated in the highly desirable Crown Conservation Area (CA411), close to Inverness city centre.
The property comprises a substantial 165m² semi-detached house, arranged as five HMO units, together with a 19m² self-contained one-bedroom annex. The building has benefited from two extensions over its history, providing well-appointed bedrooms and comfortable communal areas.
Its desirable residential setting and proximity to the city centre and key employment areas have made the property particularly popular with professional tenants seeking comfortable, well-located, longer-term accommodation.
All relevant HMO licensing and landlord registration requirements are in place, presenting an established turnkey investment opportunity with an existing operating model ready to transfer to a new owner.

REASON FOR SALE

The property was acquired by the current owner in 2013 and has been successfully operated as an established HMO investment. After more than a decade of ownership, the property is now being offered for sale due to the owner’s retirement.

TRADE

The property operates as a successful established HMO, benefitting from the strong demand for quality residential accommodation in Inverness. Each room is occupied by a sole tenant under a Private Residential Tenancy (PRT), with both landlord and tenant benefitting from the respective rights and responsibilities of these agreements.

Residents have access to shared facilities including a kitchen/diner, lounge, utility room, loft space and rear garden, together with two parking spaces to the front.

Room rents are set at an appropriate and competitive level, with the self-contained annexe achieving a higher monthly rental. High occupancy levels reflect the continued demand for well-located, longer-term accommodation in Inverness, particularly among professional tenants.

The business currently operates below the VAT registration threshold.

LOCATION

Southside Place enjoys an enviable position within the prestigious Crown district of Inverness, one of the city’s most sought-after residential areas. Within easy walking distance of the city centre, the property is conveniently located for major employers, including Raigmore Hospital and Inverness Campus, as well as shops, restaurants, leisure facilities and transport links.

The combination of a desirable residential setting, proximity to key employment areas, private parking and excellent connectivity makes the property particularly attractive to professionals seeking comfortable, longer-term accommodation. These qualities underpin the HMO’s established popularity and consistent tenant demand.

THE PROPERTY

The property is a two-storey semi-detached house with a low level boundary wall along the street.

The original part of the property has a pitched slate roof and stone walls. The doors and windows have contrasting buff coloured surrounds. There are also dormer windows within the front roof.
The property has double glazed windows and doors throughout.

To the rear is the main house extension, which has a tiled roof and harled walls. A single-storey annex completes the property and has a similar construction and finish to the rear extension.

PUBLIC AREAS

The communal areas comprise an entrance corridor with a storage cupboard, leading to the carpeted staircase to the first floor.
At first-floor level there is a landing and upper corridor, which provides access to the accommodation and a separate utility room.
The communal areas are carpeted throughout, with walls painted in neutral colours.

Lounge
The lounge provides a comfortable and relaxing space for tenants to gather and relax.
The room has a period-style fireplace providing a focal point, although this is not currently in use. There is a selection of soft seating, coffee tables, a large TV and storage.
A large window to the front provides good levels of natural light.

Kitchen/Diner
The kitchen is well-appointed, with two cookers and extractor fans, and is designed to allow all tenants to use the space efficiently.
The kitchen also includes a dishwasher, under-counter fridge and American-style fridge freezer, together with a breakfast bar.
There is ample cupboard storage and worktop space, with a large window to the side providing natural light.
A dining table with seating for six provides an area for tenants to dine together.

Utility Room
The utility room is located on the first floor and is fitted with a washing machine, sink and draining board. The walls are tiled, providing a practical and easily maintained finish.

LETTING BEDROOMS

HMO UNITS

All HMO units are designed for single occupancy and furnished to a similar and consistent standard. Each room includes a double bed, a built in or freestanding wardrobe and chest of drawers, together with access to a bath or shower room, either en-suite or dedicated for the tenant’s use.

All facilities and furnishings are serviceable, fit for purpose and practical for everyday living.
Rooms are carpeted and finished in neutral décor, with neutral furnishings that provide a comfortable and welcoming base, allowing tenants to personalise the space with their own belongings and make the room feel like their own home.

Unit Number Floor SizeFacility
1Ground Floor Double Dedicated shower room
2First Floor Double En suite bathroom with shower over bath
3First Floor Double Dedicated bathroom with shower over bath
4First Floor Double Ensuite shower room
5First Floor Double Ensuite shower room

OWNERS ACCOMMODATION

ANNEX

The self-contained annex, measuring approximately 19m², is situated to the rear of the property and benefits from its own separate entrance, providing a comfortable and private living space.
The accommodation comprises a compact yet comfortable lounge and kitchen/diner, with an external door providing direct access. The kitchen is equipped with an oven and two ring electric hob, washer-drier and under-counter fridge, with a window overlooking the rear.
An inner hallway leads to a double bedroom and separate shower room, fitted with an electric shower. The annex is well arranged to provide practical, comfortable and private self-contained accommodation.

SERVICES

The property benefits from mains water, electricity and drainage, with mains gas serving the main house. The main house has a gas-fired boiler and radiator central heating system, while the self-contained annex is served by electric heating.

ACCOUNTS

Full accounting information will be made available to interested parties subsequent to viewing.

EPC RATING

The EPC rating for the semi-detached house is C (73). EPC Reference: 9100-2512-6000-9227-4701 3.
The EPC rating for the self-contained annexe is D (59). EPC Reference: 2804-1054-5238-1801-4924.


TITLE NUMBER

The title number for the property is INV11812.

PRICE

Offers Over £395,000 are invited for the heritable property complete with goodwill and trade contents (according to inventory), excluding personal items.

OFFERS

All offers should be submitted in writing to ASG Commercial Ltd with whom purchasers should register their interest if they wish to be advised of a closing date, should one be set.

DEVELOPMENT OPPORTUNITIES

The property offers a number of potential development and operational opportunities although a new owner could continue to operate the property as the established and profitable HMO business it is today, retaining the existing accommodation and income model.

Alternatively, the self-contained annex could be used as owner’s accommodation, providing privacy while allowing the main property to continue operating as an HMO.

Subject to the necessary consents, there may also be scope to convert the property into a substantial residential home.

Another option would be to operate the accommodation as holiday lets rather than an HMO, offering greater flexibility and the opportunity to run the business on a more seasonal basis.

GROUNDS

The property benefits from two lock-block parking spaces to the front, together with a shared passageway providing access to the rear.

The communal rear garden is tidy and designed for low-maintenance use, incorporating a washing line, designated bin area, garden shed and an elevated outdoor seating area.

A lock-block driveway provides further access to the rear, passing beneath the neighbouring upper-floor accommodation. There is also one gated external area between the main building and the extension, providing useful, covered outside storage space.

LICENCE NUMBER

The property operates under HMO Licence HMO 211 (I), with the self-contained annexe covered by Landlord Registration No. 529933/270/12051.
Further details of the existing Private Residential Tenancies (PRTs) are available upon request to seriously interested parties, subject to appropriate GDPR and data protection requirements.