Monday 4 July 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed flat in Chichester, £200,000, 5.4% yield

chichester flat
living room

3 bed flat in Chichester
Listed for sale on 08/06/16 @ £210,000
Now = £200,000
Rent = £900pcm
Yield = 5.4%
Last sold in July 2006 for £164,950 (+21% in 10 years)
Three bedroom apartments are quite a rare breed of property; mainly because not many want to live in one! By the time you have that many bedrooms you want the space (and garden) that a house affords you. BUT with this three bedroom apartment being cheaper than most two bed apartments in town, it seems worth investigating further.

When I did, I was pleasantly surprised....a split level layout makes it feel like a house inside and it has its own private section of garden. The bedrooms are large and the apartment has an additional study and dining area too. Infact, the apartment is pretty huge at 940 square feet....meaning it costs just £213 per square foot, which is cheap for Chichester!

It's in a pretty decent condition too. Ideally when the kitchen is due for replacement you'd want to move the kitchen wall back further into the lounge to create a bigger space (the galley layout at the moment is very tight). This does present just one negative of being a leasehold flat...having to get permission from the freeholder to do any structural work.

Whilst you're at it, you could look to completely change the apartment so it has five lettable rooms; which would suddenly produce a HMO producing a yield of over 10%! For the less adventurous, its good size rooms, decent location close to town, neutral decor, double glazing and gas central heating could mean you're able to simply let it out as is (probably to a family) for around £900pcm, which would provide a yield of 5.4% based on paying the £200,000 asking price.

As ever with flats, be sure to check the lease for any restrictions as well as its length, ground rent and service charges & schedule.

It is on the market with Cubitt and West 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

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