Summary:
3 bedroom house in Chichester
Listed for sale on 27/01/18 @ £329,950
Rent = £1.250pcm
Yield = 4.5%
Last sold for £265,000 in July 2014 (+25% in 3.5 years)
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I've written very positively about The Meadows estate in the Donnington area of Chichester before ("Why The Meadows might be my favourite estate in Chichester"). I still stand by much of what I said then - only prices and rents have gone up considerably since! That can be seen in this property; marketed for sale at £329,950, compared to its previous sale price of £265,000 in 2014.
The thing is, I think this property is actually underpriced!
You see, the most recent sales on The Meadows estate (which includes Deer Close, where this property is on) were for £335,000 (2017), £310,000 (2016 - but recently re-marketed for £375,000!), £335,000 (2016) and £336,500 (2015).
And yet this property has had a rear extension, new kitchen, new bathroom and new en-suite fitted!
It also has a garage and driveway out front and maintains the benefits of gas central heating, double glazing and decent sized rooms when built in 2006 (when it was sold for £269,000; so if you factor in the cost of the upgrades it's barely any more expensive than a decade ago!)
This all adds up to what I think is a great buy; a good sized detached house on a nicely-located estate just a mile South of Chichester's railway station, with minimal maintenance costs in the foreseeable future. It should attract young professional tenants willing and able to pay £1,250pcm, therefore providing a very decent 4.5% rental yield from a freehold property with scope for capital growth in the future.
It is on the market with Kenton Budd and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-71141531.html |
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