Monday, 5 June 2017

BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Chichester, £315,000, 4.6% yield

Harvester close, Chichester, 3 bed property
3 bedroom house in Chichester
Listed for sale on 25/05/17 @ £335,000
Now = £315,000
Rent = £1,200pcm
Yield = 4.6%

Last sold for £210,000 in Dec 2010 (+50% in 6.5 years)
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:


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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