Summary:
3 bed house in Chichester Listed for sale on 15/08/19 @ £275,000 Rent = £1,100pcm Yield = 4.8% This week's buy-to-let deal is an interesting one as I suspect it's a former student-let property for which the landlord has decided to exit the market. It's a three-bedroom house in a very 'studenty' part of Chichester and the furniture inside (and the dining room being used as an extra bedroom) indicates it was formerly let to students. I've had quite a few student landlords contact me these past few months as they simply haven't been able to let their properties to students like they have done for many years previously. Most of the calls have come from landlords with properties in this exact part of Chichester, or off of Bradshaw Road behind the hospital (another prime-student location). With more purpose-built student accommodation becoming available, students are turning away from shared houses whereby they have to share one bathroom between four students (which would have been the case here) and where only single beds have been provided (again, the case here). As it happens this house is much better than the ones I've visited with landlords in this predicament; both in its condition (very decent) and size (large). It could easily revert to a 'normal' family let and I think with it's three excellent sized bedrooms and good downstairs space (ideally the kitchen would be knocked into a kitchen/diner when the time comes to replace it) it would make an excellent family home. I think it would do so for £1,100pcm, which based on the £275,000 asking price would provide a very decent 4.8% rental return. There's no previous sales data on Land Registry (which runs from 1995) so I assume the current owner has owned it a long time, and it's likely they've done well from it as a student let and in regards to its capital growth. With tax changes and,, perhaps more importantly, changing student demand, it's no surprise quite a few ex-student properties are coming to the market at the moment, which offers a family a great opportunity to buy or a fresh-faced landlord to step in and let it to a different market. The property is on the market with Henry Adams and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-84026786.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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