Monday, 30 September 2019

BUY-TO-LET DEAL OF THE WEEK: 1 bed flat in Chichester, £130,000, 5.8% yield

1 bedroom flat, Chatsworth Road, Chichester,
kitchenlounge
Summary:
1 bed flat in Chichester
Listed for sale on 18/07/19 @ £140,000
Now = £130,000
Rent = £625pcm
Yield = 5.8%

Last sold for £99,950 in 2008 (+30% in 11 years)

Whilst I primarily seek out 'buy-to-let deals of the week' in and around Chichester that are two-to-four bedrooms costing between £200,000 - £350,000 (something of a 'sweet spot' in my opinion and the most typical rental properties I take on), it's worth noting that some landlords have a different strategy and many, sometimes dictated by budget, seek out smaller, cheaper properties.

And this brings me to highlighting the cheapest property currently available for sale in Chichester that could be rented in the typical fashion. Priced at £130,000 it has just been reduced by £10,000 having been on the market a couple of months.

It was a studio apartment but has been turned into a (small but feasible) one bedroom property by partitioning the open plan living space. This works fine, but you have to bear this in mind when pricing it versus the competition i.e. the purpose-built one-bedroom apartments. It is also in one of the cheapest parts of Chichester, hence it's reasonable selling price, and as such I believe it will achieve £625pcm. This equates to a 5.8% yield based on the full asking price, which is excellent for Chichester. Even when factoring in the stated ground rent & service charges the yield still sits at a very decent 5.2%.

The flat itself seems to be in a good condition too and has the benefit of gas central heating, which many of the flats in similar blocks around Arundel Park don't. It also has a reasonably modern kitchen and bathroom, so there seems to be little money required to be spent on the cheapest available property to buy in Chichester, which will further suit a landlord on a budget.

The property is on the market with Purplebricks and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-72974122.html


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 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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP



Chichester rental valuation

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