My buy-to-let property pick for Chichester this week comes in the form of a good sized three bedroom end of terrace house, just to the South of Chichester in the often-mentioned (by me) Donnington area. I think it's a nice looking house and is situated in a cul-de-sac with a driveway and garage alongside.
It would perfectly suit family living, with good downstairs accommodation and two double bedrooms and a single upstairs. It also offers a cloakroom downstairs plus a family bathroom and en-suite shower room to the master bedroom upstairs. The garden is a decent size and isn't overlooked, adding to the spacious feel of the house. It is reasonably modern and has the essential double glazing and gas central heating that most modern tenants will look for, particularly in what is likely to be a family home.
All of this means there should be little renovation work to do in the short-term with plenty of prospective tenants seeing it as an ideal home. I've just let a similarly sized three bedroom house nearby at £1,250pcm, but as that was newer I think this should be priced at £1,200pcm. That would still provide a great 4.5% yield from a property in a good location that offers excellent prospects for long-term capital growth, particularly as much of the improvements to Chichester's city centre come at the Southern entrance to the City.
The current owner bought the property for £208,000 in October 2003 so has seen a 54% increase in their 14 years of ownership.
It is on the market with Charles Peck and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-50530434.html
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