EYES ON…THIS WEEKS INVESTMENTS IN NEWARK!!!

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Here is this weeks round up of new properties for sale in NG24 up to a value of £150,000.

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: Elizabeth Road, Newark, NG24 4NR
Asking Price: £137,995
Property Type: 3 Bed Semi Detached House
Estate Agent: Haart
Condition: Light Decoration Required
Rent Range: £550-600pcm
Yield: 5.21%
Comments: Well presented property, living room lets in down so i’d redecorate it. Fair price, #74 sold in March 2018 for £132,500 without the loft conversion or conservatory.

Address: 50 Whitfield Street, Newark, NG24 1QX
Asking Price: £115,000
Property Type: 2 Bed Mid Terraced House
Estate Agent: Winkworth
Condition: Work Required
Rent Range: £450-500pcm
Yield: 5.22%
Comments: Lovely modern extension, red carpet not the best but could be worse and i’d get rid the over bed storage. The property is an EPC ‘F’ with a new heating system upgrade required to reach an ‘E’, you cannot let it out if it’s not an least an ‘E’.

Address: 11 Barnby Crossings, Newark, NG24 2NG
Asking Price: £129,950
Property Type: 2 Bed Mid Terrace House
Estate Agent: CPG Property
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 4.85%
Comments: Those kitchen tiles are pretty marmitey! #3 sold in Jan 2018 for £120k which also had an extension however the current vendors of #11 bought this is for £126k in April 2017 but have done nothing to it since.

Address: 155 Goldstraw Lane, Fernwood, Newark, NG24 3FD
Asking Price: £140,000
Property Type: 2 Bed End of Terrace House
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.93%
Comments: Lovely looking property, nice and modern so a good starter property as maintenance costs will be pretty low. My ONLY concern is the built in bedroom furniture as a lot of tenants will already have a bed!

Address: Harcourt Street, Newark, NG24 1RF
Asking Price: £110,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.72%
Comments: The kitchen size and finish lets this one down as does the EPC, if you want to spend the money updating the kitchen then you may manage an extra £25pcm but i’d focus on getting the property legal to rent. Bathrooms off the bedrooms always get mixed feedback.

Address: 46 Cranmer Road, Newark, NG24 4ET
Asking Price: £132,500
Property Type: 3 Bed Mid Terrace House
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.21%
Comments: Good sized property, the bold wallpaper throughout and black bedrooms are down to a matter of taste but they may be a bit much for a rental property. The generous garden and parking is good but the lack of bath isn’t great for families.

Buttercross Best Buy
Address: Victoria Street, Newark, NG24 4UT
Asking Price: £147,000
Property Type: 2 Bed Mid Terrace Cottage
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.9%
Comments: Gorgeous. Tenants will have to compromise on parking but they will be able obtain a permit from the council. Check the EPC before committing to anything. Where do i sign?

Address: 19 The Brewhouse, Castle Brewery, Newark, NG24 4AF
Asking Price: £130,000
Service Charge: £850 (every 6 months)
Annual Ground Rent: £125
Property Type: 2 Bed Second Floor Apartment
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £545-595pcm
Yield: 5.41%
Comments: We let this property at the end of last year for £575pcm, it looks much better in person than how Purple Bricks have presented it on this listing!

Address: 1a Albert Avenue, Balderton, Newark, NG24 3HE
Asking Price: £147,500
Property Type: 2 Bed Converted Coach House
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.88%
Comments: Spacious character property, purchased in June 2015 for £124,950, it hasn’t changed much aside from a colour change here and there. Street parking but has a garage, fancy something a bit different?

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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EYES ON….The Investment Property Of The Week…..

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Here’s my investment property of the week in NG24 for less than £150,000

Address: The Courtyard, Castle Brewery, NG24 4FF
Type: 2 Bedroom First Floor Apartment
Asking Price: Offers in the Region of £115,000
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £525-575pcm (once completed)
Yield: 6%

Located in the very sought after Castle Brewery development, this first floor apartment is perfect for someone looking for modern, professional accommodation with the added bonus of allocated parking and in house gym access, ideal for a working couple! With Albert Street and Asda on one side and Iceland and the cinema on the other within just a couple of minutes walk, tenants will never be too far from the local amenities; it’s close enough to Newark Castle to be able to walk to the station yet far enough out of the centre to go straight to the A1/A46 down London Road.

We recently let out a 2 bed first floor flat in The Courtyard without a juliette balcony but with a recently renovated bathroom for £600pcm and we had no end of enquiries from both couples and single professionals; there is nothing wrong with the current bathroom, it’s just very vanilla, however if you wanted to reach £600pcm then some beautiful floor to ceiling tiles along with a modern bath panel and shower screen would certainly get you there.

Apartments don’t come up for sale in the Courtyard very often, particularly 2 bedroom ones, the last one sold in 2014 for £106,500 with the last 1 bed selling in 2015 for £85,000 however prior to that was a penthouse 1 bed with a balcony that for £124,000 in 2015 so do you think the price is right? Higher or Lower?!

In conclusion, i think this is a great apartment that would tick the boxes for many professional people, £600pcm for a modern apartment with parking, gym access and good connections for trains and cars. From an investors perspective this would be ideal for a first time investor or an established one, it requires very little maintenance or work as the bathroom update is just a suggestion, the question is….will you be booking a viewing?

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.

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