New to the market this week is a two bedroom apartment in Chichester, ideally located for St. Richard's Hospital and the city centre. It is in a modern block (less than ten years old) and therefore has the amenities you'd expect from a contemporary build i.e. gas central heating and double glazing. It is also well presented, with neutral décor and a modern kitchen and bathroom; ideal for landlords who don't want to undertake a refurbishment project and simply want to find tenants for the property and start earning money from day one.
It is a good size, with two double bedrooms, and has the benefit of a private patio space. It should be relatively easy to find tenants for the apartment at a rent of around £850pcm, which would provide a 4.6% yield based on an asking price of £220,000. If you wanted to turbocharge your return a little further, I think there's scope to create a third bedroom at the expense of reducing the size of the lounge. That could potentially give you three bedrooms to rent in an area popular amongst sharers who work at the Hospital.
As it is a leasehold property you do of course need to watch out for ground rent and service charges. At £125pa (ground rent) and £88pcm (service charge) that is a sizeable chunk of income taken from the rent, which reduces the overall yield to around 4.1%. It is for this reason (and many more) that I frequently preach that freehold houses tend to be a better buy than leasehold flats. However, I am aware that some people simply prefer to buy flats and I will admit that modern apartments such as these can offer up a solid investment and are popular amongst tenants. The fact it has some private outside space also bridges the gap between house and flat somewhat, which also helps its cause.
It is on the market with Henry Adams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-64434185.html
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