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Summary:
'5' bed house in Chichester Listed for sale on 19/02/20 @ £370,000 Now = £325,000 Rent = £1,300pcm Yield = 4.8% Last sold for £275,000 in March 2012 (+18% in 8 years)
This semi-detached house close to Chichester's hospital is marketed as having five bedrooms. It's certainly a good-sized townhouse and in its current form is used as a five-bedroom student property (requiring it to be licenced). As a result it achieves £2,556pcm according to the advert (a 9.4% rental yield), although that includes bills and is unclear whether it's a full 12/12 months of the year contract. Furthermore, it's unclear whether the house is already let for the next student season and, even if it is, whether that lease will be realised in the current circumstances of University's debating whether they'll open in their current form.
Strip all that back though, and this house remains a good buy even as a 'normal' let. It can indeed be used as a five-bedroom home, although originally these properties were marketed as three-bedroom houses with a reception room on the middle floor (potential bedroom four) and study on the ground floor (potential bedroom five). This makes them very flexible for a variety of tenants and families. As a result I believe it could achieve £1,300pcm, which would provide a decent 4.8% rental return from what is a freehold property in good condition in a popular rental location in Chichester.
Built in 2007, it first sold for £265,000 before being bought by the current owner for £275,000 in 2012. It was listed for £370,000 in February, but two price reductions later sees it now marketed for £325,000. This seems excellent value for the size of property, and means the current owner will only bank a 18% gain in eight years (well below the average price rise of 49% in Chichester in that time) having knocked £45,000 off the original asking price. A similar neighbouring property sold for £335,000 in September 2016, which seems to backup the fact that this house is now available at a very decent price.
The property is on the market with Nexa and full details can be found on Rightmove via the following link:
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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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