Monday, 17 July 2017

BUY-TO-LET DEAL OF THE WEEK:3 bedroom house in Chichester, £325,000, 4.4% yield

Pecketts Gate, Chichester, 3 bed house
3 bedroom house in Chichester
Listed for sale on 05617 @ £325,000
Rent = £1,200pcm
Last sold for £308,995 in Nov 2013 (+5% in 3.5 years)
Yield = 4.4%
Here is an opportunity to buy a modern townhouse in Donnington, just to the South of Chichester. I've spoken about Donnington many times in the past as an area whereby you get more 'bangs for your buck' than the other side of the A27, yet remains close to Chichester's city centre (closer in fact than the most affluent part of Chichester - Summersdale). It is also likely to benefit from the Southern Gateway development, news of which features in the latest issue of my weekly newsletter.

This property could make a particularly good investment proposition as, priced at £325,000, you are virtually buying it at 2013's price (when it sold new for £308,995). My sources show it then went on the rental market in September 2014 at £1,150pcm, where I imagine it let pretty well. I'd expect a similar rental figure for it now, perhaps being able to stretch it to £1,200pcm.

With three good sized bedrooms and its close proximity to the city centre, I'd expect a young professional family or group of sharers to be the likeliest candidates to rent the property. If they did so at £1,200pcm, that would result in a 4.4% yield based on paying the full asking price of £325,000.

I think there may be an opportunity to get it for a better price than should be possible as the agent is missing a trick in not having a floorplan, whilst the property is rather cluttered. Both those factors mean what is actually a good sized home (995 square feet) is being sold a little short in my opinion. The fact number 9 (an identical property) recently sold for £310,000 also sets a benchmark to get a good sized modern property at a very good price.

It is on the market with Charles Peck 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


Rental valuation

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