A few weeks ago I highlighted a two bedroom apartment in Baxendale Road (near Chichester's St Richard's Hospital) as a good buy-to-let opportunity. This week I wanted to take a closer look at a three bedroom apartment in the same development, which I think might actually prove to be an even better buy.
Three bedroom apartments are reasonably rare as most three bedroom homes are aimed at families, who generally want their own privacy and garden (which you don't usually get with a flat). Such is the location of this apartment though that I think it would do very well being targeted at sharers from the Hospital. When you consider two people might share a two bedroom apartment at £850pcm (£425 each plus a 50% share of bills), three people sharing this apartment at £1,100pcm (£367pcm each plus a 33% share of bills) might seem something of a bargain!
And when you consider the two bedroom apartments go for around £220,000, providing a gross yield of 4.6%, this three bedroom apartment price at £275,000 would provide a better yield of 4.8% (based on achieving that £1,100pcm rental figure).
It gets even better when you look at my trusty '£ per square foot' calculator. The two bedroom apartment is a decent size at 732 square feet (£300 per square foot) but this three bedroom apartment is a massive 1,228 square feet (£224 per square foot - a relative bargain!).
All of the above should mean in the long-term the great value this three bedroom apartment is offering should equate to solid capital growth; afterall it is cheaper than the three bedroom houses nearby that are smaller, so if you can forego the garden (or even see them as a hindrance) this three bedroom apartment in a popular part of Chichester really does offer exceptional value.
It is on the market with Joe Graham and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-66887654.html
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