Monday, 3 December 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Tangmere, £228,000, 4.6% yield

2 bed flat, Hangar Drive, Tangmere, Chichester

2 bed flat in Tangmere
Listed for sale on 12/06/18 @ £240,000
Now = £228,000
Rent = £875pcm
Yield = 4.6%

Last sold for £220,000 in 2017 (+4% in 1 year)

For those landlords who prefer to invest in flats, this two-bedroom apartment in Tangmere could be just the ticket. It's only one year old so is modern throughout with no works required prior to letting. It has two good sized bedrooms and it's own private entrance and garage - so (short of a private garden) it has a few amenities that are often missed in flats compared to houses.

Having been listed in June for £240,000, it has been reduced to £228,000. That's decent value compared to older two-bedroom flats nearby that are listed at £220,000 and is more budget-friendly than the two-bedroom house on the same estate that's for sale for £279,950. It's almost back to the same price it was sold as new last year (£220,000) showing property really isn't a short-term endeavour, particularly when it comes to new-builds.

Tangmere is gaining in popularity due to it being slightly more affordable than nearby Chichester and yet with good links onto the A27 and more facilities coming on board as more estates are both built and planned in Tangmere. I believe this flat would rent for £875pcm, which would produce a decent 4.6% rental return. Here's the kicker for this flat (if the agent's details are correct) - it's listed as being freehold, which should mean a key negative of flats (ground rent & service charges) are avoided. Certainly something to check!

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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