This week's buy-to-let deal is currently the cheapest property on the market in Chichester (except for retirement apartments and park homes).
The problem is there's very little I can say about it as the estate agent has done a terrible job of 'marketing' it. They've provided a few external photos and a couple of the nearby Chichester canal alongside a few bullet points. This gives little away about the property, but I gather it's a first floor one bedroom apartment in Waterside Drive, just to the South of the A27.
Due to the lack of internal photos I would guess the apartment is in need of a full cosmetic overhaul (although the front windows are double glazed at least). Assuming the proportions inside are decent (again, there's no measurements...) it should achieve around £700pcm, which is a 5.3% gross yield based on the asking price of £160,000. You'll need to take into account any ground rent and service charges to conclude whether the net return remains as strong which, yes you've guessed it; the estate agent hasn't mentioned.
In the long-term, the area is one I've highlighted before in my buy-to-let deal of the week section and the £160,000 asking price seems decent value. The current owner has seen a 129% increase in the property's value since they bought it for £70,000 in April 2001. I often say property should be seen as a long-term investment, but if we assumed a similar return in the future it would mean a price tag of £366,000 for this apartment by the year 2033. In the meantime it should prove to be a popular proposition amongst tenants in a nice area close to Chichester's Southern area, which is planned to be regenerated.
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-67121402.html
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