Monday, 3 April 2017

BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Chichester, £349,000, 4.1% yield

Mill Pond Crescent, Chichester 3 bed property
3 bedroom semi-detached house in Chichester
Listed for sale on 22/02/17 @ £349,000
Rent = £1,200pcm
Last sold for £284,999 in Nov 2013 (+22% in 3.5 years)
Yield = 4.1%
This three bedroom semi-detached house on Canal Walk in Donnington, Chichester was one of the first houses to be built on the development. It was then rented back to Barratts (the developer) and used as their showhome - which was originally the three garages to the side of the property you can see in the top picture.

I've written about Canal Walk before, exclaiming it to be perhaps the best new-build site in Chichester. A couple of years on I maintain that stance, as anyone who drives around the development should notice it to be particularly open and spacious, particularly considering it has all been built in the past few years (when developers seem to be squeezing more houses into a site and adding third stories onto many of the homes).

I let and manage several houses on Canal Walk and so know the development well and have let an identical property to this for £1,200pcm. That is still an accurate valuation for what is a good sized three bedroom semi-detached house with a driveway and garage to the Southside of Chichester (in close proximity to the canal, as the name suggests).

The asking price of £349,000 seems a tiny bit toppy to me and, to be honest, perhaps a tad greedy from the buyer who bought it at the fantastic price of £284,999 in November 2013, representing an excellent 22% return in three and a half years; the majority of which it would have been let back to the developer at a generous and guaranteed rent. That would equate to a 4.1% yield from a nearly new house that has been well-looked after by the builder and still boasts 18 months of its five year builder-warranty (the earlier properties on site were given a five year all-inclusive warranty compared to the standard two years); a big plus, which the estate agent neglects to mention.

It is on the market with Hawkins & Smith 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 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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