Monday 1 May 2017

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom apartment in Westhampnett, £250,000, 4.7% yield

Tilemakers Close, Westhampnett
2 bedroom apartment in Westhampnett
Listed for sale on 08/04/17 @ £265,000
Now = £250,000
Rent = £975pcm
Yield = 4.7%
Last sold for £173,000 in June 2009 (+44.5% in 8 years)
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:


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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