Monday, 28 January 2019

BUY-TO-LET DEAL OF THE WEEK: 1 bed flat in Chichester, £135,000, 5.8% yield

1 bed flat, Meadow Way, Tangmere, Chichesterkitchenlounge

1 bed flat in Chichester
Listed for sale on 17/01/19 @ £135,000
Rent = £650pcm
Yield = 5.8%

Last sold for £120,000 in 2015 (+13% in 4 years)

As most landlords tend to be bargain hunters, it makes sense to highlight this one bedroom flat that has just come to the market - it is now the cheapest property available to buy in Chichester.

Marketed at £135,000, it's just £15,000 more (13%) than when it last sold in 2015. If it were picked up at the asking price it would generate an excellent 5.8% rental return if it were to rent for what I expect it to: £650pcm. Although the bedroom is small (it was formerly a studio flat) the décor, kitchen and bathroom are all in excellent condition. This, along with its decent location one mile from the city centre and an allocated parking spot, should make it a well-equipped and desirable home for a single person or a couple.

It has a decent length lease (120 years) but, as ever with leasehold properties, be sure to check the service charges and ground rent. Whilst I typically prefer to buy freehold houses, for someone looking for an entry-level buy-to-let property in Chichester, this flat could make a good proposition. It's in excellent ready-to-rent condition and produces a good yield, so I expect someone to snap it up pretty quickly.

The property is on the market with Bell and Blake 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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