Wednesday, 11 March 2015

Bargain Alert! 2 Bedroom Marina Apartment (6.2% Gross Yield but Great Capital Growth Potential)

This 2 bedroom ground floor apartment is on the sought after North Haven development by Sunderland Marina and as such will be attractive to a wide range of tenants

What's more, it looks to be a bit of a steal at £94,950 so is likely to have great capital growth potential

Being on the ground floor it will appeal to those who favour 'stair free living' - I love this Estate Agent term but joking aside it does mean it is ideal for older downsizers as well as young professionals

The Gross Yield is OK but not spectacular at 6.2% (based on the £94,950 asking price and £495pcm rent) and of course it's leasehold so there's service charges to pay...but what caught my attention was the long term potential for this property given the asking price

These apartments were built in 1999 and bought new would cost around £73,000 - not many have been sold since then (they tended to attract owner-occupiers at the time and still do) but looking at the most recent comparable sale (which dates back to 2010) a similar 2 bedroom property achieved £122,000 and the highest paid was £155,000 in 2009

Click here for details https://www.onthemarket.com/details/912826/

For more information call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com

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