Monday, 20 November 2017

BUY-TO-LET DEAL OF THE WEEK:2 bedroom flat in Chichester, £179,950, 5.5% yield

Elizabeth Road, Chichester
2 bedroom flat in Chichester
Listed for sale on 07/11/17 @ £179,950
Rent = £825pcm
Last sold for £141,500 in November 2012 (+27% in 5 years)
Yield = 5.5%
This is a relatively inexpensive two bedroom apartment compared to most in Chichester. It is to the East of the city centre, which is still within walking distance (about a mile away). Priced at £179,950 it offers a good amount of space for the money, alongside a decent rental return of 5.5% based on letting it out for £825pcm and paying the full asking price.

It is clean and modern throughout so should rent straight away. It has double glazing throughout but unfortunately the heating is via storage heaters rather than benefitting from the more popular gas-to-radiator central heating.

I think there could be potential in the future to rearrange the internal layout to have an all-in-one lounge/kitchen, or if you wanted to maximise the rental return this could be instigated whilst also reconfiguring a third bedroom where the kitchen currently is. As a three bedroom apartment it could rent well to students or professionals, whilst providing a higher rental figure overall.

It was last sold for £141,500 five years ago, so the current owner has seen a 27% increase in property value during their ownership, which is not unreasonable. This is far better than the owner before them, who had seen the value increase just 4% since buying it in October 2006 for £135,000!

It is on the market with Bell & Blake 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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