These types of property are very popular in the rental market, either 1 or 2 bedroom apartments, and there are quite a few of them around. They’re not going to be a super high spec property with massively high rents, but if you are looking for minimal outlay initially and a good yield, you can’t go far wrong with these properties.
One thing you will have to look in to is the length of lease remaining on the individual units, (this is something the agents should advertise). Some of them have quite short leases, so may only be available to cash buyers and of course there will be the obligatory service charges and ground rent that comes with buying a leasehold property.
This particular one is a 1 bed that I have spotted just come to the market, personally, I would go in and give it a once over with some magnolia, just to neutralize it a bit, other than that, it looks fairly standard. It’s on the market for £107,500 and we rented one recently in the adjoining block for £575 pcm. Even without any negotiations this would produce you a yield of 6.8%!
Other people will have seen what a good deal this is, so get in touch with the selling agent sooner, rather than later.
