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This week's buy-to-let deal in Chichester is a cracker - if you're happy to let to students...
This 'five' bedroom house in Chichester's Little Breach is actually a three-bedroom home that has been re-configured to provide as many lettable rooms as possible so as to maximise the rent.
The current owners have done a decent job of this, by having a bedroom where the bathroom normally is and positioning the one and only bathroom to where an en-suite or part of a bedroom sits in other properties on the street.
For me though, this is the type of student let that won't last too much longer. With more halls of residences being built by the University itself, students will be used to good facilities (this house has only partial double glazing and is heated by electric) and en-suite bedrooms; so having five people sharing the one house and one bathroom won't be palatable in my view.
For now though, the rent is a whopping £1,975pcm, meaning there's an amazing 7.3% yield on offer from a freehold property that already has students lined up for the 2018/19 season. That compares to a likely £1,150pcm if let to a couple or family; providing a more average 4.2% rental return.
This is all based on an asking price of £325,000, which is reasonable just on a bricks and mortar valuation compared to other sales in the street (you'll tend to pay a premium for a property already set-up as a student let / HMO). The current owner has seen a 40% increase in its value since buying it in 2011 for just £232,000.
The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-73454015.html
If your are looking for an agent that is well-established, professional 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 clive@crjlettings.co.uk 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
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