Monday, 23 September 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £200,000, 5.4% yield

2 bed flat, Whyke Marsh, Chichester, West Sussex
kitchenlounge
Summary:
2 bed flat in Chichester
Listed for sale on 30/08/19 @ £220,000
Now = £200,000
Rent = £895pcm
Yield = 5.4%

This is perhaps the best valued flat for sale in Chichester today in my opinion. It's in excellent condition being relatively new and with its own private entrance and garden, it has much of the benefits of a house but with the price tag of a flat (I spoke about this in a recent article - "Is a (ground floor) flat a good buy?", although this flat is on the first floor yet has its own garden). I had spotted it when it was first listed only a few weeks ago for £220,000, but now it's really something of a bargain at £200,000. Considering a near identical flat in the street is also for sale at £240,000 (it was at £260,000 until this one was reduced this week!) it seems clear that this is now available at an excellent price.

Not only is it in great condition and benefitting from its own entrance, garden, gas central heating & double glazing, but fundamentally it is also a very good size, with a large open-plan kitchen/diner/lounge and the two bedrooms both being very decent doubles. This is important as it widens the net of prospective tenants to include two sharers (who don't want to fight between a big room and a box room) as well as couples and those with a young child. For all these reasons you should be optimistic in finding a tenant promptly for this apartment, at around £895pcm. This would provide an excellent 5.4% rental return based on the £200,000 asking price; which proves once again the excellent value that is on offer here.

As ever being a leasehold property it's important to check the lease for ground rent and service charges as well as the lease length and any arbitrary restrictions of the property's use. But for a landlord looking for a 'vanilla' buy-to-let that will rent well and is available at a great price, put simply this property is it when it comes to this price point in Chichester.

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-84341675.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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