Monday 28 May 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom flat in Chichester, £269,950, 5.1% yield

2 Bed flat, Longley Road, Chichester, PO19kitchenlounge
2 bedroom flat in Chichester
Listed for sale on 02/05/18 @ £285,000
Now = £269,950
Rent = £1,150pcm
Yield = 5.1%

Last sold for £255,000 in 2014 (+6% in 4 years)
I've listed a couple of two-bedroom apartments on Graylingwell Park in Chichester before as my buy-to-let deals of the week. I've also let and managed a couple, achieving £925pcm & £950pcm for them.

This particular two-bedroom apartment however is much larger than either of those and has an en-suite to the master bedroom. This makes it more valuable than the standard £950pcm they typically go for (and a couple are on the market for at the moment). The details allude to the fact it previously let for £1,200pcm, and there's another on at £1,225pcm, but I think that's a little steep when you consider there are three-bedroom houses around the corner on Graylingwell Park for the same price. £1,150pcm is the top-end I'd expect to achieve, although I'd be concerned with such a high price relative to other two-bedroom apartments and alternative properties in Chichester as to how quickly you could find someone.

Even so, with a price tag of £269,950, this offers excellent value bearing in mind the more typical two-bedders here have recently sold for £250,000 (achieving a 4.6% rental return). In fact, when you consider this apartment sold for £255,000 four years ago, you're almost able to buy the property at 2014 prices (property values in Chichester are up 25% on average since then!). The fact it has just this week been reduced from £285,000 really means it's a great prospect for a canny buyer in my opinion.

It also means you'd be getting a very solid 5.1% gross rental return from a property that is in excellent condition and should need little work for years to come (having been built in 2014).

The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:

If your 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

Chichester rental valuation

No comments:

Post a Comment