Commercial/residential development opportunity
This is an excellent commercial to residential development opportunity, comprising of two units which are adjoining. The first unit is over first and second floor and the second unit is over, first, second and attic floor. These floors were previously used as storage space and staff facilities for the ground floor commercial unit. The property faces onto High Street and Tolbooth Street with access on Tolbooth Street. The floor area over the three floors equates to approx. 2500 sq. ft. The property also has great potential for development into HMO with the necessary consents or a business run as Air bnb. If this is a commercial to residential project then the associated VAT may be at the reduced rate of 5%. If you carry out work to an existing building you will normally have to charge VAT at the standard rate. You may, however, be able to charge VAT at the reduced rate of 5 per cent if you are converting premises into: a ‘single household dwelling', a different number of ‘single household dwellings', a ‘multiple occupancy dwelling', such as bed-sits premises intended for use solely for a ‘relevant residential purpose'. Speak to your tax advisor for confirmation prior to purchase. The reduced VAT rate can also cover costs relating to fabrics of the buildings such as walls, roof, floors, stairs, doors, windows, plumbing and wiring; Provision of facilities such as water, power, heat and drainage; Installation of sanitary-ware, central heating, light fittings and fitted kitchen units. This is an ideal development opportunity subject to the relevant planning to turn this commercial property into beautiful flats.
There is no VAT applicable on this purchase
Town centre location
Fantastic builder / developer opportunity
Excellent commercial to residential development
Potential for HMO
Kirkcaldy is situated on the East Coast of the Firth of Forth and offers a wide range of shopping, recreational facilities and amenities including a theatre, museum and library. There is nursery, primary, secondary and further education facilities available. The town benefits from having centre rail and bus stations. The railway station is situated on the main east coast Aberdeen to London line and offers an Edinburgh connection. The bus station has a direct bus service to Glasgow and Edinburgh. The town is also well placed for access to the motorway network. There is a selection of parks, beaches and coastal paths along with two 18-hole golf courses.
Please note that the vendor is a connected person under the terms of the Estate Agents Act 1979.
Administration Charge - Purchasers will be required to pay an auction fee of 1% of the purchase price subject to a minimum of £3,000 inc VAT unless otherwise stated
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.