Monday 9 September 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Tangmere, £210,000, 4.9% yield

2 bed flat, Hangar Drive, Tangmere
2 bed flat in Tangmere
Listed for sale on 08/04/19 @ £220,000
Now = £210,000
Rent = £850pcm
Yield = 4.9%

Last sold for £205,000 in 2016 (+2% in 3 years)

This two-bed flat in Tangmere is on the new Bader Heights development, which has offered up some decent 'second-hand' properties only 1-3 years after being built. This flat has just been listed with a second agent, having originally been marketed in April at £220,000. A recent £10,000 price drop and the addition of another agent indicates the owners are struggling to sell but are probably keen to do so. Having paid £205,000 in September 2016, it seems they might have to sell at an overall loss (factoring in buying and selling costs) three years later if they are to move on now.

The flat itself is a slightly awkward layout with long, narrow rooms with multiple angles to them. But overall it is a good size and being in such great, modern condition should attract tenants at around £850pcm. This would provide a very good 4.9% rental return, although when you factor in the service charges (£917 for 2019) and ground rent (£250pa) this drops to a more average 4.3%.

For a reasonably affordable entry into buy-to-let though, in a nice area that is becoming increasingly popular with tenants and buyers alike, this nearly new apartment could be a solid buy.

The property is on the market with Purplebricks and full details can be found on Rightmove via the following link:

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 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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