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Burnside Court is located in Portsoy, and is one of two schemes in the town. The scheme has 11 flats in the block split over 2 floors, and an attached former warden property.
The average occupancy rate for the scheme is 93.4% over 10 years. Demand for the scheme can be challenging, with vacant properties often proving difficult to let. Demand for Portsoy is split between 2 schemes, which may be a factor here.
Burnside Court has a negative Net Present Value of around -£2 million. This is driven by a combination of lost income due to vacancies and the cost of future investment required at the scheme. This means that the scheme will require significant subsidy from other tenants to maintain it in future.
Portsoy offers a GP surgery, pharmacy and a range of shops for tenants. However, the scheme is located at the bottom of a steep slope, which limits accessibility for tenants with mobility issues. There is a regular bus service to Banff to support public transport options.
The main drivers for considering the scheme for closure are the level of subsidy that will be required from other tenants to maintain the scheme in future, and the challenge in letting vacant properties.
Burnside Court is located in Portsoy, and is one of two schemes in the town. The scheme has 11 flats in the block split over 2 floors, and an attached former warden property.
The average occupancy rate for the scheme is 93.4% over 10 years. Demand for the scheme can be challenging, with vacant properties often proving difficult to let. Demand for Portsoy is split between 2 schemes, which may be a factor here.
Burnside Court has a negative Net Present Value of around -£2 million. This is driven by a combination of lost income due to vacancies and the cost of future investment required at the scheme. This means that the scheme will require significant subsidy from other tenants to maintain it in future.
Portsoy offers a GP surgery, pharmacy and a range of shops for tenants. However, the scheme is located at the bottom of a steep slope, which limits accessibility for tenants with mobility issues. There is a regular bus service to Banff to support public transport options.
The main drivers for considering the scheme for closure are the level of subsidy that will be required from other tenants to maintain the scheme in future, and the challenge in letting vacant properties.
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