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Showing posts with label graylingwell park chichester. Show all posts
Showing posts with label graylingwell park chichester. Show all posts
Monday, 31 October 2016
BUY-TO-LET DEAL OF THE WEEK:3 bed house in Chichester, £325,000, 4.4% yield
Monday, 9 May 2016
BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £269,000, 4.1% yield
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Monday, 19 October 2015
BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £169,995, 5.3% yield
Summary:
2 bed flat in Chichester
Listed for sale on 13/10/15 @ £169,995
Rent = £750pcm
Yield = 5.3%
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One of the options available to the landlord referred to in last week's article ("Are one or two bed flats best in Chichester?") looking for a flat in Chichester with a budget of £180,000 could be this two-bed apartment in Charles Avenue.
Being at the low end of the two bed flat market in Chichester it is something of an 'Ugly Duckling'. It is, however, in a reasonably central location (I think the estate agent is pushing it a little with "Cathedral Views" though!).
It's in good ready-to-rent condition having been refurbished. Ideally that renovation work will include a new bathroom, as the one in the photos looks a little dated. The lack of gas central heating could also be a deterrent to prospective tenants, although that is fairly common amongst the apartments in this area and at least the flat has updated uPVC windows.
Whilst the median rent for a two bed apartment is £850pcm you must bare in mind the median price of a two bed apartment in Chichester is £259,950 (53% higher than the asking price of this apartment). Two bed apartments in Chichester start from £715pcm with a large quantity in the £725-£775 price range and I think that is where this flat would sit. A rental figure of £750pcm would provide a 5.3% yield on a two bed flat that is £10,000 cheaper than a very similar one nearby and is in a ready to rent condition.
Full details can be found on Rightmove via the following link:
Being at the low end of the two bed flat market in Chichester it is something of an 'Ugly Duckling'. It is, however, in a reasonably central location (I think the estate agent is pushing it a little with "Cathedral Views" though!).
It's in good ready-to-rent condition having been refurbished. Ideally that renovation work will include a new bathroom, as the one in the photos looks a little dated. The lack of gas central heating could also be a deterrent to prospective tenants, although that is fairly common amongst the apartments in this area and at least the flat has updated uPVC windows.
Whilst the median rent for a two bed apartment is £850pcm you must bare in mind the median price of a two bed apartment in Chichester is £259,950 (53% higher than the asking price of this apartment). Two bed apartments in Chichester start from £715pcm with a large quantity in the £725-£775 price range and I think that is where this flat would sit. A rental figure of £750pcm would provide a 5.3% yield on a two bed flat that is £10,000 cheaper than a very similar one nearby and is in a ready to rent condition.
Full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-55377110.html
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If you are looking for an agent that is well-established, professional 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.
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Monday, 28 September 2015
BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £259,950, 4.2% yield
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Monday, 30 March 2015
BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Graylingwell Park, £350,000, 4.6% yield
This is one of the larger 3 bed houses from phase one of the Graylingwell Park development. Originally sold in December 2010 for £315,000, it is now on the market for just 11% more (£350,000 asking price).
Still immaculate inside, you are buying an almost new-build property but without the new-build premium. It would rent for £1,200 per month (another one is listed at £1,250pcm but will soon be empty, losing the landlord money overall). This would generate a reasonable 4.1% from an immaculate, ready to rent, highly desirable property with little on-going maintenance.
As per last week's article about Graylingwell Park though, the addition of solar panels and the generous feed-in-tariff that was offered back in 2010 adds £150 to your monthly income, boosting the yield to 4.6%. This becomes a very decent return from such a low-hassle rental property that should also benefit from good capital growth in the future due to its desirable location on the Graylingwell Park development in the Summersdale area of Chichester.
Still immaculate inside, you are buying an almost new-build property but without the new-build premium. It would rent for £1,200 per month (another one is listed at £1,250pcm but will soon be empty, losing the landlord money overall). This would generate a reasonable 4.1% from an immaculate, ready to rent, highly desirable property with little on-going maintenance.
As per last week's article about Graylingwell Park though, the addition of solar panels and the generous feed-in-tariff that was offered back in 2010 adds £150 to your monthly income, boosting the yield to 4.6%. This becomes a very decent return from such a low-hassle rental property that should also benefit from good capital growth in the future due to its desirable location on the Graylingwell Park development in the Summersdale area of Chichester.
Full details can be found on Rightmove via the following link:
Thursday, 26 March 2015
Is Graylingwell Park a good place for buy-to-let in Chichester?
I’ve been helping a couple of landlords expand their buy-to-let portfolios in Chichester recently. They have a preference towards newer properties so the ‘eco-development’ at Graylingwell Park got mentioned.
Due to be completed in 2017, the 750 homes will form the UK’s largest carbon neutral development. Opinions on the styling and ‘feel’ of the development vary, so I thought I’d look at some of the facts as to whether it could be a good place to invest in a buy-to-let.
The first consideration when looking at the site is whether to buy a brand-new home or one of the earlier ‘second-hand’ properties (built around 4 years ago).
There are a variety of new properties being built; with 1 bed apartments starting from £200,000, 2 bed apartments from £275,000 and 3 bed houses from £400,000.
With rents in the order of £750pcm for the 1 bed apartment, £950pcm for a 2 bed apartment and around £1,300pcm for one of the (large) 3 bed homes, these new-build properties should provide a gross yield of between 3.9% and 4.5%.
Is there better value to be had from the pre-existing homes from phase one of the development (Lloyd Road)? From a price perspective there is, with several 3 bed houses for sale ranging in price from £309,950 to £350,000.
Depending on size, these houses would rent for around £1,100 - £1,200 (they are smaller than the new ones), generating a reasonable yield of 4.1% - 4.3% from a ready-to-rent freehold property.
As I crunched the figures, what occurred to me was the impact of having a property with solar panels versus without. Only available with some of the phase one houses, they come with a generous feed-in-tariff estimated to bring an additional £2,000 per year income!
Based on a £320,000 house with a rent of £1,150pcm, the yield would increase from 4.3% to 4.9% if the house has solar panels (the feed-in-tariff goes to the landlord whilst the tenants benefit from cheaper electricity bills).
When you factor in the capital growth Graylingwell Park has seen, the investment case becomes even more positive. Properties in Chichester have increased 13% in the past four years, yet in Lloyd Road the 3 bed houses on the market now have increased an average of 19% over that same time frame.
If you’re considering investing in buy-to-let and would like a free consultation about your options, please get in touch. As I don’t sell property I can remain impartial on which particular one you buy, ensuring you optimise your investment.
Clive Janes, CRJ Lettings
01243 624 599 / clive@crjlettings.co.uk
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