What was already a decent buy-to-let deal when it first came to the market last week at £335,000 just got even better, having been reduced by a not insignificant £20,000 to £315,000. For that price you get a great sized three bedroom townhouse in a good position close to both Chichester's city centre and St Richard's Hospital. This location is perfect for a whole host of tenants, be they a family or sharers working at the hospital or in town.
The house is reasonably modern, having been built in 1999, and remains well-presented. I'd be looking forward to the day the kitchen does need replacing though so that the wall can be moved back to create a decent kitchen/diner, which is much more in-keeping with today's tenants wish list. The house benefits from double glazing and gas central heating and also has parking and a garage - a great bonus for a property so close to two 'pinch-points' when it comes to parking.
Numbers-wise, £315,000 for a modern three bedroom house in Chichester with 1,100 square feet of internal space seems reasonable. Even more so when you consider a similar townhouse on the street is sold subject to contract, having been marketed for £339,950 (although it is an end-terrace). You do have to swallow the fact the current vendor has done rather nicely from the property though - having paid just £210,000 in December 2010. That's less than was paid in 2005 for the property and represents a 50% return in six and a half years - very impressive! The house was first sold for a little over £129,000 in June 1999; showing just how well property in Chichester has done since the new millennium. More recently a similar property on the street sold for £249,950 three and a half years ago, showing that these particular houses have been popular and I think will continue to be so and thus offer good prospects for capital growth.
It should also offer a decent rental return in the meantime. I've already said it should be popular with a range of tenants and should rent relatively quickly and easily. I think it should rent for around £1,200pcm, generating a yield of 4.6%, which is pretty good for a modern freehold property in Chichester.
It is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-66355883.html
_______________________________
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
__________________________________
| 
No comments:
Post a Comment