BTL Deals of the Week #3 - incl. a 5-bed house in New Cross Gate!
Scouring the market for quality investments can be daunting and, at times, overwhelming. In this week's Buy To Let Deals video, 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 2-bed flat in Bow, situated within a delightful period property moments from a tube station. Our second property is a 5-bedroom house, available for the seemingly amazing price of £725k. The last featured property this week is a lovely Clerkenwell 2-bed-2-bath in a converted gin distillery.
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Max £500k
Located on Bow Rd in the heart of E3 is this delightful 2-bed period flat with a private patio garden. Ideally located for everything East London has to offer, this delightful period property could do with a light refresh but, with private space, I’d expect this property to achieve in the region of £2100 per month representing a sound return on investment. Period properties typically have low(er) Ground Rent & Service Charge costs meaning limited overheads and period properties are always in demand. The other great thing about a period property? There is a limited supply, so they only become more desirable over time. With no leasehold info available on the listing you just need to make sure there is a decent amount of years remaining (ideally 100+).
£500-750k
New Cross Gate, SE14 - Ervin’s Estate Agents
A 5-bed house for £725,000 is a bargain almost anywhere in London- add on the fact this is a Freehold house with off-street parking and a private garden and this sets off the claxon! Reading the description, the owner claims to have an annual income from this property of a whopping £45k offering one of the highest instant yields of a property on the open market I have seen in recent memory. Get your bids in fast this won’t be on the market for long!
£750k-1m
Clerkenwell, EC1V - Hurford Salvi Carr
This 2 bed 2 bath flat measures almost 800 sq ft and is located in the heart of prime Clerkenwell with easy access to the City & West End alike and is in a character building- that of a converted gin distillery. The apartment is both bright and benefits from an unusually large private patio garden. The apartment could do with a cosmetic overhaul to bring the interior up to modern design standards and I feel the patio garden offers the greatest opportunity to create an amazing entertaining/extended living space to ensure you maximise the appeal of this property. At £800k and with a ‘virtual freehold’ in place (973 years left on the lease) this appears to be a great option and, refurbished and presented right, I see no reason why this property could achieve £3k+ per month. The property benefits from underground parking (which, if not needed by a tenant could be let separately- subject to lease consent) generating extra income and the development has a daytime porter- a great tick in the box for tenants to meet the needs of deliveries, visiting contractors, etc. Given the amenities, the near £3.5k annual Service Charge appears a fair rate.
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