A “rare development opportunity” in what is described as “the highly sought-after historic town of St Andrews” has been brought to market, with offers over £2.5 million sought.
Law firm Thorntons is conducting the sale of Marine Place, a complex of 15 residential units on North Street in the “ancient heart of the town” between St Andrews Castle and Cathedral. This complex is described as enjoying “a secluded, leafy setting”.
The development is being marketed as a package, with Thorntons declaring it is “expected to generate significant interest among property developers”.
Thorntons said: “Formerly comprised of self-contained apartments for older people, Marine Place incorporates a studio flat; 13, one-bedroom flats; and one, two-bedroom flat “at almost 800 sq ft."
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It added: “The development has private front and rear gardens, and several apartments enjoy sea views, while others have garden views.”
The site, which extends to around 0.13 acres, is described as being “a stone’s throw” from Castle Beach and is within walking distance to the Old Course, St Andrews University, and a range of shops and restaurants.
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Peter Ryder, managing director of Thorntons Property Services, said: “Marine Place is a very rare opportunity to acquire a development opportunity in the beautiful, historic town of St Andrews. The home of golf, St Andrews is regularly ranked as one of the prettiest and best places to live in UK-wide.”
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“Marine Place offers various development options, ranging from basic modernisation to a complete redevelopment, subject to obtaining the necessary planning permissions.”
He added: “Given its location and the high demand for accommodation in St Andrews, we anticipate that the site will generate a keen interest by property developers.
“We look forward to assisting potential buyers with their enquiries.”
Thorntons said: “St Andrews is one of the most prestigious and sought-after residential locations in the UK.
“World famous as the birthplace of golf with the Old Course hosting some of the most prestigious international championships in the golfing calendar, and home to the oldest university in Scotland, it is also a leading tourist destination attracting visitors from all over the world.”
The law firm added: “Its key elements - golf, education and tourism, have boosted the St Andrews housing market with properties selling well over their asking price. Recent data also shows that nearly half of the buyers are based outside of St Andrews.”
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