Summary:
2 bed flat in Chichester
Listed for sale on 13/10/15 @ £169,995
Rent = £750pcm
Yield = 5.3%
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One of the options available to the landlord referred to in last week's article ("Are one or two bed flats best in Chichester?") looking for a flat in Chichester with a budget of £180,000 could be this two-bed apartment in Charles Avenue.
Being at the low end of the two bed flat market in Chichester it is something of an 'Ugly Duckling'. It is, however, in a reasonably central location (I think the estate agent is pushing it a little with "Cathedral Views" though!).
It's in good ready-to-rent condition having been refurbished. Ideally that renovation work will include a new bathroom, as the one in the photos looks a little dated. The lack of gas central heating could also be a deterrent to prospective tenants, although that is fairly common amongst the apartments in this area and at least the flat has updated uPVC windows.
Whilst the median rent for a two bed apartment is £850pcm you must bare in mind the median price of a two bed apartment in Chichester is £259,950 (53% higher than the asking price of this apartment). Two bed apartments in Chichester start from £715pcm with a large quantity in the £725-£775 price range and I think that is where this flat would sit. A rental figure of £750pcm would provide a 5.3% yield on a two bed flat that is £10,000 cheaper than a very similar one nearby and is in a ready to rent condition.
Full details can be found on Rightmove via the following link:
Being at the low end of the two bed flat market in Chichester it is something of an 'Ugly Duckling'. It is, however, in a reasonably central location (I think the estate agent is pushing it a little with "Cathedral Views" though!).
It's in good ready-to-rent condition having been refurbished. Ideally that renovation work will include a new bathroom, as the one in the photos looks a little dated. The lack of gas central heating could also be a deterrent to prospective tenants, although that is fairly common amongst the apartments in this area and at least the flat has updated uPVC windows.
Whilst the median rent for a two bed apartment is £850pcm you must bare in mind the median price of a two bed apartment in Chichester is £259,950 (53% higher than the asking price of this apartment). Two bed apartments in Chichester start from £715pcm with a large quantity in the £725-£775 price range and I think that is where this flat would sit. A rental figure of £750pcm would provide a 5.3% yield on a two bed flat that is £10,000 cheaper than a very similar one nearby and is in a ready to rent condition.
Full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-55377110.html
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