Monday, 9 December 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £187,500, 5.3% yield

2 bed flat, Shamrock Close, Chichester, West Sussex
kitchenlounge
Summary:
2 bed flat in Chichester
Listed for sale on 29/11/19 @ £187,500
Rent = £825pcm
Yield = 5.3%

Last sold for £192,500 in 2016 (-3% in 3 years)


It's not often I write about a property in Chichester that has lost its current owner money. That in itself gives an indication a property is now available at a decent price. I believe that's the case with this two-bedroom flat in a good rental location (right next to St Richard's Hospital).

It's just been listed at £187,500, which is £5,000 less than the current owner paid in early 2016. Based on a rental value of £825pcm, it could provide a very good 5.3% rental return. Having said that the service charge at £1,322 last year is rather high for a block of this age and nature and will instantly drag that rental return down to a less spectacular 4.6%. At least the ground rent is only £10 a year and the lease has a decent enough 92 years left on it (although money will need to be spent extending that in the not too distant future).

The flat itself is a very good size with two double bedrooms. It's also in great condition, with a modern kitchen and bathroom. It's neutrally decorated throughout and has double glazing and gas central heating - so it really is ready to rent with very little money needed to be spent on it. As a bonus it has its own private garden - something I've written about before that is a huge draw for a flat in the 'flat vs house' debate.

All of the above makes it a versatile home to accommodate a variety of tenants - be that an individual / couple / friends / sharers / those with or without children. That should mean it is always in strong demand from tenants, which is one of the core principles at the heart of a good buy-to-let property.

The property is on the market with Charles Peck and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-87052457.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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