Buy-to-let deal of the week: 2 x 2 bed flats in Chichester, £340,000, 5.3% yield.

This week there's an opportunity to buy two flats and the freehold to the block. This avoids one of my big bugbears against flats by keeping the management of the block to yourself. This means you can control the expenditure yourself and not be forced into paying ground rent and service charges to an outside company.

The flats themselves are in a decent condition, currently being rented for £650pcm and £590pcm respectively. That would 'only' generate a yield of 4.4% based on paying the full asking price of £340,000. However, these rents are below the current market value, having not been increased since the tenants moved in 3 and 10 years ago! If they were to rent for £750pcm each, which is more in-line with the market, the yield would jump to an excellent 5.3%.

It might even be possible to turbo-charge this return further by changing the layout of the flats to create two 2 bedroom apartments. The flats are positively huge; a total of 1,214 square feet combined, which on a pound per square foot basis shows the real value of the property.

It offers a solid yield, would rent well, being both close to town and the hospital, plus it offers potential for further development.

Full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-…/property-33715026.html

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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