Summary:
2 bed flat in Tangmere Listed for sale on 21/05/19 @ £205,000 Now = £185,000 Rent = £850pcm Yield = 5.5%
Longer-term readers will know I like Tangmere as an area for investment - you get good value compared to nearby Chichester and it appeals to tenants due to its quieter feel and easy access to the A27.
Longer-term readers will also know I prefer houses to flats, however there are always exceptions to the rules and in the case of this two-bed flat in Tangmere, I'd rather buy it to a nearby two-bed house. Primarily that comes down to the price...£185,000. On all sorts of levels this a bargain in my opinion. It's been reduced from £205,000 when it was first listed just a couple of months ago, which is a good start. Identical flats in the block have sold for between £188,000 and £206,500 in the past three years, so you definitely aren't overpaying. New-build flats in Tangmere are selling for around £210,000+, so you're getting a decent discount for it being 'old' (the block is less than 10 years old...). And finally it is in excellent condition and comes with the bonus of an en-suite shower room, which the new-builds and nearby two-bed houses mostly don't have. One of these flats is currently up for rent at £895pcm, which seems a bit ambitious to me considering two-bed houses are available for £900pcm with a private garden and a garage. However 'nice' these flats are inside, you'll normally find people favour houses regardless due to their privacy and ease of parking. Even so, at a fairly conservative £850pcm this flat will provide a stonking 5.5% rental return. That is high for the area, although of course you do have to factor in ground rent and service charges. On blocks like this that can typically stretch to £100pcm, which would still mean a 4.9% return, which is very favourable compared to most freehold houses in Tangmere and Chichester. If you're looking for a ready to rent investment that is available at a decent price and in a growing and popular area, this one really ticks the boxes. The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-81954332.html |
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