sahib
Well-known member
JohnRoberts said:.....If by tenement you mean rental income property ....
John, here the tenement refers to the multiple occupancy (flats) buildings which were built (in general) Victorian times, vast majority of which is in red sand stone.
One of the reasons that the tenement flats (apartments) do not lose value is because of the spaciousness due to tall windows and high ceilings. The lowest height you will see is 10'. We have 12' high ceilings. Our building is over 100 years old and still going solid. New built buildings are just glorified card board boxes. After 4-5 years they start to get tired.
However, my comments on new built excludes the conversions. These are again solid, sand stone buildings originally built for commercial use. Or the churches. When we got married our first flat was in a church conversion. It was a small one bedroom but 10' high ceilings and large windows. We bought it new in late '80s and sold it after two years walking away with £15K profit in our pockets. At that time there were new buildings by the Clyde side averaging with 20K in negative equity.