Summary:
2 bed flat in Chichester Listed for sale on 30/05/19 @ £210,000 Now = £204,950 Rent = £795pcm Yield = 4.7% Last sold for £99,950 in 2001 (+105% in 18 years)
Two-bedroom apartments close to St Richard's Hospital in Chichester typically rent well to Doctors, nurses and hospital workers, be they a couple or two sharers. There are some older ex-council flats in the area along with some that have been newly-built in the past 5-10 years. This block is a little older than that, being built in 2001.
Everything looks original from 18 years ago, meaning it's getting to the stage of needing a refurbishment to the kitchen & bathroom, although it seems to have been kept in decent condition given its age. It could definitely do with re-decoration and re-carpeting though. What has changed since 2001 is the price! The first and current owner of the flat paid £99,950 when it was new 18 years ago, meaning it has more than doubled in that time to sit at it's current asking price of £204,950 (which was reduced from £210,000 when it was first marketed around a month ago). I mentioned in this week's article that flats underperformed the market as a whole, and so it is with this flat - in the same time the average house in Chichester has risen 130%, with flats sitting up 107% (so pretty much in line with how this particular flat has fared). Interestingly there are already tenants in the property paying £750 per month. This is a little low for the property, but could see a void-free rental return of 4.4% from day one. Alternatively, the advert mentions this the rental figure being nearer to £800pcm if the property was re-decorated. £795pcm is the going rate for a flat in this block, so assuming that's the case it could provide a 4.7% rental return based on paying the full asking price if it were let to its full potential. Along with the normal caveats when it comes to leasehold properties about checking the lease, ground rent and service charges, also bear in mind that this flat is all-electric. With gas central heating seen as the norm (although it's set to be banned in the next decade!) there is a chance this flat could be left behind in regards to the amenities it offers to tenants and future homeowners. The property is on the market with Leaders and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-82211255.html |
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E-mail me on clive@crjlettings.co.uk 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:
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