Whilst I wax lyrical about the benefits of buying in some of the less pretty areas of town, one thing that has always proved popular over the years are modern, well positioned apartments in Southbridge. We have some more - but only a handful as the owner is retiring and moving abroad.
2 bedrooms, £145,000, long leases, rental potential of £725PCM.
What's so good about them?
There's a lot of flats by the river in Northampton but ridiculously very few of them have a genuine river outlook - strange but true - planners have missed a trick on a major scale. The ones we're selling have sit-out balconies overlooking the river, were built in 2007, and are finished to a high standard - so they are genuinely 'high end' in comparison to the majority.
The location is great also. You're out of town, but can walk to the high street in 5 minutes, or the railway station in 10 minutes. The new university continues to be built immediately adjacent but the outlook of the building means that although it's on top of you, you don't know it's there.
Will they rent?
They certainly will, and are being sold with tenants in situ. We manage the existing tenancies and in most cases we have done since the building was built. Void periods have been close to zero in those ten years.
What are the financials?
Leases were all 125 years from 2007 so the shortest lease now will be 115 years - although there's a possibility some may be extended back to 125. The service charge and ground rent varies by flat, but usually totals between £950 and £1200 per annum. We have 2 bed apartments with balcony over the river for £145,000 with a rental potential of £725PCM.
Who's going to buy them?
These things tend to go to longer term investors who value a bit of kerb appeal over the maximum possible return! The apartments are easy on the eye - most of us would feel we could happily live there themselves which is important for some investors. It's also the case that tenant quality should (theoretically) be pretty good as nice places attract nicer people! So maybe a lower hassle investment than some others.
Interested?
These apartments won't necessarily be advertised as we're likely to have people on our books who are happy to take them. As such contact me - richard.baker@belvoir.co.uk in the first instance.
2 bedrooms, £145,000, long leases, rental potential of £725PCM.
There's a lot of flats by the river in Northampton but ridiculously very few of them have a genuine river outlook - strange but true - planners have missed a trick on a major scale. The ones we're selling have sit-out balconies overlooking the river, were built in 2007, and are finished to a high standard - so they are genuinely 'high end' in comparison to the majority.
The location is great also. You're out of town, but can walk to the high street in 5 minutes, or the railway station in 10 minutes. The new university continues to be built immediately adjacent but the outlook of the building means that although it's on top of you, you don't know it's there.
Will they rent?
They certainly will, and are being sold with tenants in situ. We manage the existing tenancies and in most cases we have done since the building was built. Void periods have been close to zero in those ten years.
What are the financials?
Leases were all 125 years from 2007 so the shortest lease now will be 115 years - although there's a possibility some may be extended back to 125. The service charge and ground rent varies by flat, but usually totals between £950 and £1200 per annum. We have 2 bed apartments with balcony over the river for £145,000 with a rental potential of £725PCM.
Who's going to buy them?
These things tend to go to longer term investors who value a bit of kerb appeal over the maximum possible return! The apartments are easy on the eye - most of us would feel we could happily live there themselves which is important for some investors. It's also the case that tenant quality should (theoretically) be pretty good as nice places attract nicer people! So maybe a lower hassle investment than some others.
Interested?
These apartments won't necessarily be advertised as we're likely to have people on our books who are happy to take them. As such contact me - richard.baker@belvoir.co.uk in the first instance.
