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.