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 |
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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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