BTL Deals of the Week #1 - incl. stunning church conversion in Shoreditch
Welcome to the inaugural episode of our new feature, Buy To Let Deals of the Week, where we take a look at the local property market of London to hunt for interesting investment opportunities.
Scouring the market for quality investments can be daunting and, at times, overwhelming. In this feature, Kristjan reviews three listings, one for each of the price brackets set out: up to £500k, £500-750k, and £750-1m. The first property is a 3 bed house in Leyton which, while looking perfectly solid, could benefit from modernisation and an uplift in decor. Second up is the 3 bedroom penthouse in Mile End, a stunning space with two private balconies. Finally this week our showcase ends with a beautiful 2-bed apartment with two receptions in a church conversion located in Shoreditch.
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This 2 bed maisonette is a period property, has a reasonable square footage (735 sq ft) and comes with a private garden of a decent size. All this for just £450,000. Leyton Jubilee Park & Hackney Marshes are an easy walk as is Lea Bridge overground station. The only matter to be aware of is the lease- showing just 60 years remaining, lenders won’t want to touch this. Ideally you want to increase this to 125 years or more if possible (extend to a virtual freehold at 999 years if you can or maybe there is an option to acquire the Freehold or share of it). You need to be prepared that this will likely cost somewhere in the region of £50-60k so make sure that is factored in to any offers and the property is also in need of modernising.
This 3 bed apartment on the market at £650,000 has 3 relatively equal, double bedroom, a decent size open plan kitchen/lounge and benefits from both a private balcony and decent size roof terrace. Moments from Mile End park this property offers easy access in to The City or Docklands as needed. Presented and marketed right, this should achieve around £3k per month in rent giving one of the highest yields I’ve seen for a while in a property that is ready to go- subject to some furniture (possibly). This wont hang around for long so nab it before it’s gone!
This well-sized 2 bedroom apartment not only benefits from Share of Freehold but is also in a character building (church conversion) and is excellently located between the bustling work & nightlife of Shoreditch but also the quieter benefits of the nearby canal, Columbia Road market as well as Broadway Market and is listed at £825,000. Quite literally everything you could want right on your doorstep. The property has two living spaces, a small but beautiful patio garden. The lack of bathroom photos suggest work maybe needed here and to achieve the maximum a buyer may need to look to also up-spec the kitchen. That all said and done, this could be a premium rental property in the local market and, if done right, I would not be surprised to see this achieve £3k per month in the current market.