Monday, 30 July 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £225,000, 4.5% yield

3 bed flat, Whyke Marsh, Chichester, West Sussexkitchenlounge

2 bed flat in Chichester
Listed for sale on 14/03/18 @ £260,000
Now = £225,000
Rent = £850pcm
Last sold for £176,000 in 2012 (+28% in 6 years)
Yield = 4.5%

This two-bedroom apartment in Chichester is in great condition, and better yet it's just been reduced in price for the third time! Originally marketed in March for £260,000 it is now for sale at £225,000, which is a massive 13% reduction from it's original price. Bear in mind though that's still 28% more than the £176,000 the current owners paid when it was newly-built in 2012, so it's not all bad for them.

Formally the show home, it is in great condition with little to do prior to letting it out. Because of this it should prove popular with tenants, particularly young professionals who want to be reasonably close to the city centre. It may also get some 'trickle' benefit-effect from the future Southern Gateway plans, which are only half a mile away.

The benefit of a private rear garden makes it suitable for young families too and the carport (which could be converted to a proper garage) should help it rent for around £850pcm. That would equate to a decent 4.5% rental yield based on paying that full asking price of £225,000.

Some have shunned this estate as it is accessed via Hay Road - where three-bedroom houses can be purchased for £250,000 (so, not much more than this; a two-bedroom flat). Whilst that could be a more sensible choice on the face if it, some landlords who allow a little emotion to rub off on the properties they buy may feel happier to purchase on this new estate. For them, I think the decent size rooms and the bonus of a garden makes this more comparable to a house than many apartments and its freshness should attract decent tenants too. 

The property is on the market with Cubitt & West 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

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