I spotted this week's buy-to-let deal of the week a couple of months back when it first came on the market for sale at £230,000. It caught my eye because I manage the (identical) apartment above. In fact, I've moved new tenants into it just this week! I therefore have a good grasp on the property, the block and the area and can confirm that it let very quickly due to its close proximity to St. Richard's Hospital, at £850pcm.
The two bedroom apartment has just been reduced to £218,500, meaning a gross yield of 4.7% is achievable (remember to factor in the flat's ground rent and service charges when comparing the return against a freehold property). It is a good size apartment, albeit the second bedroom is rather small, which limits the potential to house sharers. That's a shame as two double bedrooms would lend itself to this market very aptly, particularly as the master has it's own en-suite shower room so effectively each bedroom has a bathroom. Nevertheless, the rest of the apartment makes up for it as the master bedroom is a good size and the lounge/diner/kitchen all-in-one living space is perfect for young professionals.
The block is about 10 years old, so it maintains a modern feel and should mean you are able to move tenants in straight away without needing to do any major refurbishment work. Its location will mean you should always have a steady queue of tenants looking to rent what is a nicely presented and laid out apartment at a reasonable price for Chichester (where the average 2 bed flat costs £280,000).
It is on the market with King and Chasemore and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-47288337.html
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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
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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