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.

As ever, here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor.

Address: 10 Clarke Avenue, Newark, NG24 4NY
Type: 3 Bedroom semi-detached
Asking Price: £140,000
Estate Agent: Richard Watkinson
Condition: Ready to rent
Rent Range: £600-650pcm
Yield: 5.57%
Comments: Recently renovated to a very good standard and a new ground floor extension added to the rear, it’s quite obvious they’ve spent a lot of money on the property; Whether it justifies the price considering Number 39 was sold in August for £110,000 it is up to you to decide.

Address: Parsons Close, Fernwood, Newark, NG24 3UX
Type: 1 Bedroom quarter house
Asking Price: £92,000
Estate Agent: Martin and Co
Condition: Ready to rent
Rent Range: £375-425pcm
Yield: 5.54%
Comments: Located on the popular Fernwood development with allocated parking, this size property would be ideal for a couple however without any photos it’s impossible to know what it’s like inside!

Address: 55 Appleton Gate, Newark, NG24 1LN
Type: 2 Bedroom end terrace
Asking Price: £120,000
Estate Agent: Jon Brambles
Condition: Ready to rent – apart from the kitchen!
Rent Range: £525-550pcm
Yield: 5.5%
Comments: Good location for the train station and town centre, the property is neutrally decorated until you get to the kitchen which has different colour cupboards, tiles and splash back that i know i wouldn’t want.

Buttercross Best Buy
Address: 120 Winthorpe Road, Newark, NG24 2AX
Type: 3 Bedroom semi-detached
Asking Price: £139,950
Estate Agent: JHW Home
Condition: Ready to rent
Rent Range: £625-675pcm
Yield: 5.78%
Comments: Properties like this one on the street don’t appear on the market very often, it’s in a great location for the A1/A46 and would suit most types of tenant, however the shower unit could do with coming out of the bathroom and replacing it with a bath and an overhead shower as it will appeal to more tenants.

Address: 103 Elizabeth Road, Newark, Nottinghamshire, NG24 4NR
Type: 3 Bedroom semi detached
Asking Price: £134,950
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £625-675pcm
Yield: 6%
Comments: The owners have clearly spent a lot of money on the property, it was bought 2 years for £37k less than the current asking price so it looks like there hard work has paid off. Great property for a family with plenty of living space and a large enclosed rear garden.

If you’ve seen a property in Newark or Nottinghamshire 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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Eyes On… Robins Court, Newark

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This week we are talking about this 2 bedroom apartment on Robins Court, Newark.

This is the first time I have written about an apartment but this one caught my eye for several reasons.
I have been in one of these apartments, which at the time was lived in by a single female occupant. The apartment was immaculate, the communal areas were also very well kept. She had styled the interior in a modern way so it shows you can create any feel in what is potentially a blank canvas.

This apartment looks very inviting, like you want to have a cup of tea & a kit kat by the gas fire…. just a little flash back there.

Essentially it is ready to move into. Yes the décor might be slightly outdated but that is a minor point & easily remedied.

The main issue I have noticed is that there isn’t a bath, just a shower. Potentially this could put some tenants off but if we think about who might want to rent this type of property, I would say single occupants or couples of any age group. It perhaps wouldn’t be the choice of rental for a family with children.

Robins Court is situated incredibly close to the centre of Newark and the beautiful Georgian market square, so all amenities are very close by.

Apartments can sometimes catch you out with the ground rent & annual maintenance but in this case ground rent is £50 per year & maintenance around £300 per year, so not bad. We have done a recent post about Fernwood & maintenance charges there can be £1000 plus.

Interestingly when Robins Court first came on to the market it didn’t have long left on the lease but now it appears that an extension application is in for 99 to 125 years which is good news. I am assuming that the vendor will be covering this cost but this would need to be clarified.

The apartment is Council tax band A which is always pleasing news for a tenant as it reduces the monthly outgoings.

This is on the market for £97,500
It last sold for £70,000 in August 2013, so that is just over a 39% increase in less than 3 years.

Typically this type of property would rent for £475 per month.
Potential yield of 5.8%

The Estate Agent is Jon Brambles 01636 613513

We currently have tenants waiting for 2 bed properties in the area.
If you have a rental property or are thinking of investing, please contact us.

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