Hi there, just picked out another great potential rental property here. This development is quite popular, the flats are modern, it’s not too far from the City centre to still appeal to the commuting professionals and they are great sizes. It’s just off Broomfield Road.
It’s just come to market at a price of £205,000 with an out of area agent, I don’t feel that this is a bad price for it, especially as it comes with parking as well. Of course as with any flat, you will need to enquire as to what the service charges and ground rent would be before steam rolling ahead.
From a rental point of view, these flats rent out for around the £895 pcm mark, so you could be looking at a gross annual return of 5.2%.
At the moment in Chelmsford, the average yield is probably about the 5% mark, so if you can get a property that can produce you around this, you’re not doing too badly.
If you would like any advice on buying a property to let, give me a call on 01245 330500.