I spotted this two bedroom apartment in Westhampnett when it first came to the market a few weeks ago, price at £265,000.
I had a particular interest in it as last October I highlighted the apartment below it as my buy-to-let deal of the week. The ground floor apartment is actually more attractive in my eyes, as it has a large conservatory off the lounge that leads into a private garden.
With this property, the upstairs maisonette (meaning it has it's own entrance), there's no chance of installing a conservatory (although I did see one on a first floor once!) and whilst it also has a private garden, it's a slightly more drawn out walk downstairs and around the building to access it.
I was particularly pleased when one of my Chichester Property News subscribers actually bought the ground floor apartment having seen it as my buy-to-let deal of the week. They then kindly gave me the opportunity to find tenants for it, which I did at £995pcm and within a few weeks of marketing had the tenants moved in - a great result.
This week's buy-to-let deal, the top floor apartment, has just been reduced in price from £265,000 to £250,000. That's still £10,000 more than was paid for the downstairs flat (according to Land Registry) and I think the rental price will be a fraction lower as it does without the conservatory and immediate garden access.
Nevertheless, Westhampnett is always a popular area among tenants and this property is just begging to be occupied by a Rolls Royce employee who can take a leisurely stroll up the road to work. At a rent of £975pcm it would be similar to nearby houses, but this apartment is larger than the houses (a point I pushed when marketing downstairs) and is beautifully presented, so that should be an achievable rent. It would mean a gross rental yield of 4.7% based on paying the, newly reduced, £250,000 asking price.
Considering the apartment was bought new in June 2009 for just £173,000, that equates to a fantastic 44.5% capital growth in 8 years for the current vendors - illustrating that this apartment can provide not only a decent rental return but also strong long-term capital appreciation.
It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-58971622.html
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