Here’s my investment property of the week in NG24 for less than £150,000
Address: Maltings View, George Street, Newark, NG24 1LU
Type: 1 & 2 Bedroom Residential Apartments
Asking Price: Starting at £90,000 for 1 bed.
Estate Agent: Richard Watkinson and Partners
Condition: Ready to Rent
Rent Range: £475-£550pcm (dependant on apartment)
Brilliant opportunity as a first time investment property or a great way to get on the property ladder, finished to a high standard, these 1 and 2 bedroom apartments just 5 minutes walk from Newark North Gate will require little maintenance and even have a gym just around the corner.
Maltings View comprises of 9 residential apartments, 5 of which have already sold, the 4 remaining are:
– Apartment 1 – 2 Bed – £120,000 – £525pcm – 5.25% yield
– Apartment 2 – 2 Bed – £120,000 – £525pcm – 5.25% yield
– Apartment 6 – 1 Bed – £90,000 – £475pcm – 6.33% yeild
– Apartment 7 – 2 Bed – £105,000 – £550pcm – 6.29% yield
The finish and location will make these apartments ideal for professional commuters needing a second home throughout the week with piece of mind that their weekday home is secure in an apartment block when they’re away at the weekend; you could contact the local gym to get a reduced rate for the 4 apartments and include it in the rent as a USP.
Open plan living, parking and a short distance to Newark town centre and all of its amenities, these apartments will tick a lot of boxes for couples looking for modern living at a reasonable price, George Street has a small amount of parking so the additional perk of off street parking will make all the difference. Apartment 6 and 7 certainly seem to be the best options with both the asking prices and the yield although Apartment 6 does have the lowest rental return at £5,700 as opposed to Apartment 7 with £6,600 but it depends on what you’re wanting, could a deal been done on the asking prices of the apartments if several were bought?
Not one to buy if you want a fixer upper but perfect as a first time investment or for a landlord who doesn’t have the time to be around their properties a lot, 6.33% yield certainly isn’t something to be scoffed at; most tenants want high end properties with good broadband and parking, with fibre optic and virgin media available, where do i sign?
If you’re interested in this property and would like a detailed report on it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.