Thursday, 11 June 2015

Stunning Bonners Raff Duplex Apartment Nearly Half The Original 2004 Price (7.1% Gross Yield)

There are certain Sunderland apartment blocks I don't think very much of and then there are a few which I like, both from an aesthetic point of view but also based on how they stack up as investments - Bonners Raff in SR6 is one of my favourites and this bargain 2 bedroom duplex looks to be worthy of investigation

The original sale price back in 2004 was an eye-watering £196,201...it's now being advertised for nearly half that at £110,000


That looks good, but on further investigation I reckon you may be able to chip away and get it for even less!

There have been very few sales in the building in recent years, the last sale was back in 2011 for a 2 bedroom apartment that went for £89,000 (this in itself was 40% down on the original sale price of £148,000 in 2007)

This means that there's little to go on for comparison and you may be able to strike an even better deal (the ad mentions they're a 'motivated seller' looking for a quick buyer) 

I'd not hold my breath for any double digit capital growth or expect to offload it for close to £200,000 any time soon but if you could buy it for around £100 - £110k you'll inevitably get a significant increase in value in the long term

The last time we rented out one of these duplex apartments was a couple of years ago and it went (quickly) for £600pcm but looking at recent activity I'd suggest £700 is very achievable

Based on this it will return 7.1% Gross Yield


Click here for details http://www.zoopla.co.uk/for-sale/details/35151002

Call me about this property or any aspect of property investment in Sunderland - call 0191 567 8577, email neil.whitfield@belvoirlettings.com or come to our 11 Frederick Street office for a chat

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