This week's buy-to-let property pick has just been reduced by £30,000 (13%) to £195,000. It's located near to Chichester's St. Richard's Hospital, which is a popular position for young professionals, whether they are sharing or a couple.
It is a first floor maisonette, which means it has it's own private entrance. This, combined with a private garden combats some of the negatives that many associate with living in a flat rather than a house. It also has allocated parking and is in a seemingly good condition throughout, albeit there is no gas central heating; having economy 7 electric heating instead.
The second bedroom is rather small, but I think the space could be used much better so as to create a 2nd double bedroom. To do so would also give the possibility of using the lounge as a third bedroom, suitable for three sharers to each have their own room and then share the kitchen/diner and bathroom. Doing this is likely to increase an already good 5.1% yield by renting it as it is for £825pcm, to closer to a 7.4% yield by renting three individual rooms at £400pcm each.
Another positive aspect to this particular flat is the lease still has 115 years left and the service charge is just £150 per annum. This means the gross yield isn't impacted too greatly by high service charges that are common amongst newer build flats.
It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-61154110.html
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c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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