Monday 14 January 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £230,000, 4.4% yield

2 bed flat, Peter Weston, Chichesterkitchenlounge
2 bed house in Chichester
Listed for sale on 09/01/19 @ £230,000
Rent = £850pcm
Yield = 4.4%

Last sold for £200,000 in 2014 (+15% in 5 years)

This two-bedroom apartment in Chichester is a likely candidate for a traditional landlord who may be led towards investing in a city-centre apartment. At £230,000 it's a relatively inexpensive way to enter this market compared to nearby apartments that offer similar accommodation, but for 10%-20% more money.

It's only real downside is the size of bedroom two, which may put off a core market of city-centre apartment tenants - two sharers. For a young couple though (or an elderly couple as it's located on the ground floor) the second bedroom will likely be used as a study or occasional room and the large living space and good-sized kitchen would more than compensate.

With allocated parking and it's central location, I'd expect a rental figure of £850pcm, which would provide a 4.4% gross yield. As ever with apartments, bear in mind the lease, ground rent and service charges. Having last sold in 2014 for £200,000 it's now at a realistic price (having increased 15% in five years). Prior to that it sold for just £69,950 in 1996 (just as house prices were about to take off); more than tripling in value in the two decades after.

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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