Friday, 19 February 2016

Two Bedroom Riverview Apartment (Advertised at Almost 1/3 of the Previous Sale Price)

Regular sunderlandpropertyblog readers will know that I think apartments in the Riverview development on Low Street can make decent investments, and this is a good example

It's a 5th floor, 2 bedroom apartment (and it is a general rule of thumb that the higher floors are better), they're all standard layout in Riverview and one of the advantages which makes them versatile is that the 2 bedrooms are identical in size, with no ensuite in either meaning they work well with professional sharers or students as well as young professionals


This apartment was bought in 2005 from new at £180,000 and is now being offered at £62,950

The rents have remained steady for as long as I can remember, with £495pcm being the achievable norm - based on this and the above price and it delivers a very healthy 9.4% Gross Yield (compared to a 3.3% Gross Yield for the purchaser who paid £180k)

It's likely that more of these apartments will come onto the market from people who bought from new (the changes to mortgage interest tax relief may be the straw that breaks the camel's back for many) so as they come up I'd suggest investors take a look - but would also warn that the likely drip feed of properties onto the market will have a dampening effect on prices so I wouldn't factor in any capital growth any time soon

It's being marketed by Hackett so click here for details http://www.zoopla.co.uk/for-sale/details/39482364 and call them to arrange a viewing

Call me if you'd like to discuss the Riverview development or any aspect of property investment in Sunderland - call 0191 567 8577 or email neil.whitfield@belvoirlettings.com

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