Monday, 6 November 2017

BUY-TO-LET DEAL OF THE WEEK:2 bedroom flat in Chichester, £200,000, 5.0% yield

Bewick Gardens, Chichester, PO19
2 bedroom flat in Chichester
Listed for sale on 25/09/17 @ £200,000
Rent = £825pcm
Last sold for £159,950 in February 2005 (+25% in 12.5 years)
Yield = 5.0%
This is a very typical buy-to-let rental property that a Chichester landlord might look to add to their portfolio. Whilst I don't necessarily agree with the popular opinion, two bedroom apartments are the archetypal buy-to-let property of choice due to their perceived ease of management and strong tenant demand. This particular two bedroom apartment in Chichester does appear to fit that mould though, as it is relatively modern and in great condition throughout, whilst being close to St.Richard's Hospital will mean it is likely to indeed have strong tenant demand.

Priced at £200,000 it appears to offer good value too, being some £25,000 cheaper then a virtually identical (but actually smaller) apartment in the same block. It is just 25% more expensive than when it was last sold in 2005 for £159,950; so prices haven't run ahead of themselves here either. Four similar apartments have sold in Bewick Gardens in 2017; ranging in sold price between £190,000 and £205,000.

Whilst the apartment is modern throughout and benefits from double glazing, one minor negative is that it only has electric heating rather than gas central heating. This can put some tenants off due to the higher running costs and as such the achievable rent is likely to be £825pcm-£850pcm, rather than £850pcm-£875pcm as you might achieve in nearby two bedroom apartments that are equally as modern but benefit from gas central heating.

Even at £825pcm though this would equate to a gross rent of 5%, which is a strong return. The property can be rented straight away, there will be good tenant demand and it appears to be for sale at a fair price. It seems like a very worthwhile buy-to-let property at this price level in Chichester to me.

It is on the market with White & Brooks 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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