Monday, 22 April 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Tangmere, £200,000, 5.1% yield

2 bed flat, The Boulevard, Chichester

2 bed flat in Tangmere
Listed for sale on 13/04/19 @ £200,000
Rent = £850pcm
Yield = 5.1%

Tangmere has cropped up in my buy-to-let deal of the weeks quite a few times recently. This week it's a two-bedroom flat in a modern, but not new-build, block on the edge of the village. It's in excellent condition and has gas central heating and double glazing as well as two double bedrooms and two bathrooms. It has a nice open plan kitchen / living space and, other than a little decorating to neutralise a few walls, it needs next to no money spent on it. There's even the bonus of a garage.

All in all I think it is 'future proofed' in regards to the amenities and space it offers. In the short-term it is likely to attract young professionals - either a couple or sharers (which is where the benefit of those two bathrooms really shines). It should rent for £850pcm all things considered, which would be a very decent 5.1% rental return based on the asking price of £200,000.

As ever with flats, be sure to check the ground rent and service charge costs. Particularly being a modern block these are likely to be on the high side, so consider the impact they'll have on your gross rental return. Similar apartments in the same block have been sold for just shy of £200,000 several times in the past two years, so it seems there's been little price inflation in the past couple of years, so it could be a good time to buy at this price.

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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