This one bedroom ground floor apartment currently on the market with Connells is a cracking investment IF (if, if ,if!) it is purchased under the right terms.
Currently it is on the market for £390,000. Internally it looks to be sound so this is a tick in the box although a closer look at viewing would be necessary.
The ground floor location and the price are th sticking points but only to a certain degree,
Its true value sits around £325,000 - £350,000 rather than the price stated. I know this from property sold in this particular block in addition to its neighbouring blocks and the notable difference with this particular apartment is that it is situated within the social housing section. Having said that we currently rent two in this particular block which both command very, very good rental figures which have appreciated year on year along with the captial value and have not once had a void period.
In the neighbouring blocks for Empress Court I currently and actively manage 4 ground floor apartments and they have all appreciated in an upwardly manner both in rent and price since their purchase. As an example on the block in question my client purchased a one bedroom apartment for £235,000 in 2011. He then sold this property in 2015 for £350,000.
This particular apartment would fetch £1250 - £1300pcm on the rent and against the £325,000 I think it is worth this would fetch a 4.6% yield which in the centre of Oxford is almost unheard of nowadays!
A very good buy at the right price.
Call me if you would like to know more.
Best
Richard
No comments:
Post a Comment