When I first opened my lettings agency in 2006 I was fortunate to pick up a number of apartments in a newly built block close to my office. I think at one point I sat outside the block for 4 days solid waiting for unsuspecting landlords to appear!
Fast forward 12 years and the rental experience of these owners has been really good. The apartments are largish, well built, well located and very attractive from a tenants perspective. They have gas central heating (many modern ones don't) and tenants can walk to town in 5 minutes. We calculate that the ones we've managed have been empty for around 7 weeks in 12 years which is WAY above average for apartments of that type.
I'm aware that a couple of owners intend to sell their flats soon. I await full details but would expect figures to be roughly as follows:
Fast forward 12 years and the rental experience of these owners has been really good. The apartments are largish, well built, well located and very attractive from a tenants perspective. They have gas central heating (many modern ones don't) and tenants can walk to town in 5 minutes. We calculate that the ones we've managed have been empty for around 7 weeks in 12 years which is WAY above average for apartments of that type.
- 2 bed, 2 bath apartment - £145,000, rented at £700PCM, total annual charges about £1200, lease of 113 years.
- 1 bed apartment - £115,000, rented at £600PCM, total annual charges about £1000, lease of 113 years.
These are in the SOUTHBRIDGE area of town, which runs along the side of the river near the town centre. We sell a number in the area every year - again our location helps - but the flats in this blog are in one of the better blocks due to size and specification. If you're looking at modern apartments in the price range above, these are probably a good bet in comparison to what else you could have locally.
I await full details of what, when and how much, but am expecting to have this soon. If you're interested and want me to contact you when I'm instructed to sell, email me and let me know. richard.baker@belvoir.co.uk.
