Monday 29 October 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £190,000, 5.7% yield

2 bed flat in Chichester
Listed for sale on 13/08/18 @ £215,000
Now = £190,000
Rent = £895pcm
Yield = 5.7%

Last sold for £54,950 in 1997 (+246% in 21 years)

Longer-term readers may be scratching their heads a little with my buy-to-let property pick this week. Many of you will know I prefer freehold houses to leasehold flats, but only the keenest Chichester Property News fan will pick up on the fact that I've previously said flats in Parklands are something of a no no. Why? Because the main draw of Parklands is the catchment area to the great schools - and schools mean children - and children normally mean space is required and, ideally, a garden.

Fortunately this two-bedroom flat in Parklands has a good amount of space to it, with two double bedrooms, a large lounge and a decent sized kitchen. Perhaps more importantly for the target audience it also has a private garden. This means it will be well-suited to a young family who are eyeing up a reasonably inexpensive way to get within the catchment of Parklands Community Primary School or St Anthony's or Bishop Luffa Secondary Schools.

By reasonably inexpensive I mean £190,000, which is some £25,000 less than it was originally marketed for a couple of months ago (meaning it's been reduced by more than 10%!). The condition may be putting some first-time buyers off, as there are works to be done. I'd recommend a new kitchen and carpets, and seeing as the bathroom hasn't been photographed it suggests this probably needs changing too. Ideally if gas central heating could be installed that would be a great benefit.

If a landlord were to buy it and do these works I think they could fetch £895pcm. This is relatively strong for flats in the area, but cheaper than nearby two-bedroom houses (which are actually smaller). Plus it would be practically new inside - a great place for a new family to create a home for themselves. Whilst the headline rental yield of 5.7% is therefore a little misleading (it doesn't factor in the renovation costs), it does illustrate the good value for money this flat offers.

The property is on the market with Cubitt & West 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

Chichester rental valuation

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