3 × 2-bed flat + 2 × 1-bed flat · ZE1 0TQ
For saleReduced £75k (−17.6%) on 14 OctListed 111 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
Reference - KA0673 Welcome to Blacksness House Introducing Blacksness House, a detached building separated into five self-contained flats spanning three storeys, situated on New Street, Scalloway.
Of the five flats offered within Blacksness House, two currently have long-term tenancies in place.
Blacksness House presents a unique opportunity to modernise & renovate well-positioned flats, making them ideal for long-term or short-term tenancies.
Location Blacksness House is situated on New Street in Scalloway, just a ten-minute drive from Lerwick.
A frequent bus service provides transport links to Lerwick, with a bus stop within walking distance of the property.
The building sits in the historic heart of Scalloway, with Scalloway Castle and Scalloway Museum on its doorstep.
Scalloway offers an array of local amenities, including Scalloway Primary School, Scalloway Leisure Centre, the Cornerstone Café, Scalloway Meat Company Shop, Premier Shop, the Shetland Weight Training Club, and the Scalloway Hotel.
Accommodation Flat 1 The first flat is a top-floor, two-bedroom property offering generous accommodation.
The interior includes an open-plan lounge/kitchen, providing ample floor space to accommodate furnishings.
The flat benefits from two double bedrooms and a shower room fitted with a shower cubicle, W.C. And hand basin. This flat currently has a long term tenancy in place.
Flat 2 The second flat is situated on the first floor of the building. The living areas comprise a spacious lounge and a kitchen fitted with a range of wall and base-mounted units.
This flat offers two double bedrooms, one of which benefits from an en-suite W.C. The interior is complete with a shower room fitted with a shower cubicle, W.C. And hand basin.
This flat currently has a long term tenancy in place. Flat 3 The third flat is a one-bedroom property situated on the first floor.
The living areas include a generous lounge and a kitchen fitted with a range of wall and base-mounted units. The flat offers one double bedroom and a shower room fitted with a shower cubicle, W.C.
And hand basin. Flat 4 This ground-floor, two-bedroom flat includes an inviting lounge and a kitchen fitted with a range of wall and base-mounted units.
The flat benefits from two double bedrooms and a shower room equipped with a shower cubicle, W.C. And hand basin.
Flat 5 Flat 5 is a ground-floor, one-bedroom flat, including an open-plan lounge/kitchen offering ample floor space and fitted with a range of wall and base-mounted units.
The double bedroom offers space to accommodate a range of furnishings, and the shower room is fitted with a shower cubicle, W.C. And hand basin.
The property is situated in a conservation area, Blacksness is a Category C listed building.
External Features Externally, the property features a large shared garden to the rear, which is primed for development. Early viewing is highly recommended.
Value & comps
Land Registry doesn’t cover Scotland or Northern Ireland, so previous sales may not be on record.
Returns
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Archie refurb estimate: a Pro feature
0.0% below asking
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Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
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FAQ
About Blacksnesshouse, New Street, Shetland
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