Tuesday, 8 November 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £329,000, 4.4% yield

Pecketts Gate Chichester House
3 bed house in Chichester
Listed for sale on 28/10/16 @ £339,950
Now = £329,000
Rent = £1,200pcm
Yield = 4.4%
Last sold for £299,995 in October 2013 (+9.7% in 3 years)
I've let and now manage several three bedroom homes in the Donnington area of Chichester. They are generally highly sought after due to their close proximity to the A27, train station and Chichester's city centre.

Pecketts Gate is a three year old development of varying sized properties. This property is a three bedroom, three storey house, with excellent sized bedrooms and a good sized lounge and kitchen downstairs. For a townhouse the layout is traditional (living area & kitchen downstairs, bedrooms above), which is good as some can have the kitchen and living areas set over different floors, which can be off-putting to some.

Being just a few years old it is in excellent condition with no works required prior to letting. It will also appeal to tenants due to its clean lines and spacious rooms, so a rent of £1,200pcm should be achievable, which would provide a 4.4% yield. Priced at £329,000 it has also just been reduced by over £10,000 just one month into marketing. This shows a keenness to sell and with shopping for Christmas now on most families radars rather than shopping for a new home, it could be a good time of year to buy such a property.

One dark cloud hanging over this property's head though is the A27...what will happen? Noone likes uncertainty and with Donnington being particularly badly affected should option two go ahead, it could be another reason that the property could be bought for a good price. It's a shame it doesn't have a driveway or garage but at least it has two allocated parking spaces. Having increased just 9.7% in three years it also hasn't gotten ahead of the market (unlike the smaller one round the corner that sold for £290,000 in 2014 yet the owners decided to try and sell it for £350,000 a couple of months ago!!!....funnily enough it didn't sell).

It is on the market with Martin & Co and full details can be found on Rightmove via the following link:


If you are looking for an agent that is well-establishedprofessional 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.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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