Monday, 13 January 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Chichester, £347,500, 4.8% yield

4 bed house, Longacres Way, Chichester
kitchenlounge

Summary:
4 bed house in Chichester
Listed for sale on 26/07/19 @ £375,000
Now = £347,500
Rent = £1,400pcm
Yield = 4.8%


This good-sized townhouse is on the Shopwyke Lakes development to the East of Chichester's city centre. It's only a couple of years old, so it retains everything you would expect from a new build, although this four bedroom end terrace also has a decent-sized garden, driveway and garage.

It's been on since July and I'm a little surprised to see it still on the market six months later whilst the (more expensive) new houses have sold around it (there's only a couple left of the first phase of the development now). Especially when it was originally listed at £375,000 (which seemed reasonable value for a property of this size and age) and it has been reduced in price a couple of times since - most recently the week before Christmas, bringing it down to £347,500.

Although the bedrooms aren't the biggest (notably bedroom four is labelled as a study on the floorplan) being spread out over three floors does mean a total floorspace of just over 1,000 square feet, which makes it a sizable home for the price. In fairness, three bedroom townhouses are of a similar overall size, by way of turning what is currently a fair sized double and a small single on the top floor with a shared bathroom, into one large en-suite master bedroom. Even if you think of the house like that (and effectively use bedroom four as a dressing room), it still offers good accommodation for the price.

A professional couple or young family may well use the property with that type of set-up in mind, so you'll be competing with three-bedroom houses that are a similar size. Even so, it remains a four-bedroom house and based on it being relatively new it is likely to attract a premium rent, in the region of £1,400pcm. If it does it would achieve a 4.8% rental yield, which is strong for such a new freehold property in Chichester.

The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-83546993.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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