Summary:
2 bed flat in Chichester Listed for sale on 18/01/19 @ £215,000 Now = £210,000 Rent = £825pcm Yield = 4.7% Last sold for £174,000 in 2018 (+21% in 1 year)
This two-bed flat is very close to Chichester's city centre; in fact it's just on the Eastern periphery of the city, which seems to be going through a general improvement lately with more 'trendy' bars and shops arriving in and around The Hornet in Chichester.
You don't often see property 'flips' in Chichester, whereby a property is bought, refurbished and sold all within a short space of time. That's because when you consider the buying and selling costs, which now includes an additional 3% stamp duty, it typically isn't worthwhile. In this case the property was purchased last year for £174,000, which seems to be a very good price based on the sale prices of the others in the block (there are just four apartments in the block, which adds to its appeal). It is now for sale for £210,000, which seems a handsome profit (+21%), although when you consider the extent of works inside (a new boiler, kitchen, full decoration and flooring) and what else is on the market nearby, it still seems pretty reasonable to me. The advert also suggests the bathroom and double glazing has been upgraded. And because the refurbishment has already been done, it should suit a landlord looking for a 'ready to rent' investment. I believe they could do so for up to £825pcm bearing in mind it has the bonus of a garage to the rear (worth £50pcm in itself), which is enough to provide a decent 4.7% rental return. Ordinarily smaller blocks like these also have smaller ground rents and service charges attached to them, although in this case the advert suggests it's around £100pcm. That, along with the length of lease (now around 80 years left) might explain why it's sat on the market for sometime. This is certainly something to check, otherwise I think it looks like a very decent buy-to-let proposition. The property is on the market with Sims Williams and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-78660830.html |
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