Every so often we use our expertise to search the local property market for good potential investments, not only for new landlords looking to dive into the residential property market but also portfolio landlords looking to bulk up their portfolio. The residential property market is vibrant in North Leeds at the moment and should continue like this for some time to come.
Since our last Buy-To-Let Of The Week it is evident that property prices are rising and yields are being squeezed but there are still some great deals to be had with attractive yields.
This week we've spoken with a local estate agent and found this 6 bed student property which when fully let could allow for a potential gross yield close to 8.5%.
This spacious 6 bed mid-terraced house is located in Hyde Park, a very popular student districts of Leeds, on the door-step of lots of fantastic shops, restaurants, bars and pubs. More importantly it's close to Leeds University and the City Centre and excellent transport links which take you to Headingley and Leeds Beckett University.
Bearing in mind we let all of our Hyde Park student properties before Xmas this really is located in a high demand area.
According to the agent's description this VERY SPACIOUS SIX DOUBLE BEDROOMED TERRACE with FOUR BATH/SHOWER ROOMS is SITUATED IN THIS POPULAR AND VERY CONVENIENT LOCATION, CLOSE TO HEADINGLEY, BURLEY PARK TRAIN STATION AND WITHIN EASY REACH OF THE UNIVERSITIES & CITY CENTRE. The property is currently let until 30th June 2016 with a gross rent of £22,526 p/a and then re-let until 30th June 2017 at a gross rent of £24,180 p/a
The description goes on to explain that features include gas central heating, double glazing, fire and security alarms. Viewing recommended to appreciate the all round generous room proportions and well maintained accommodation.
The agent's photos would suggest that the property is in a decent state of repair and decor. Although I do feel with a little TLC there is an opportunity to command a higher rent and increase the yield. Looking at the floor-plans all the bedrooms are doubles so no tenants are left feeling they have come away with the rough end of the stick.
Currently on the market at £285,000 and let until the end of June 2016, and then let again until the end of June 2017 the figures stack up enough to make it more than work in our opinion.
Although the property is currently in a very lettable condition how do you think you may be able to add value to this property, if at all? Do you think it could compete with Redbrick's 10 Hottest Properties or make it to our Limited Edition range? Let us know in the comments box below.
A few points to note, according to the agent's particulars:
There could be a whole host of reasons as to why you want to buy, from it being the preferred option to a traditional pension, or maybe your savings interest rates are falling below your expectations. From the start you need to know exactly what you should be looking for, what cautions you will need to take as an investor, whilst looking at your investment as if it is you that is renting the property.
Redbrick Properties can benefit landlords through offering advice and guidance in areas such as:
Disclaimer - The information displayed about this property comprises a property advertisement. Redbrick Properties (Leeds) Ltd makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information. The above does not constitute property particulars. The information is provided and maintained by Castlehill, Headingley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Redbrick Properties was established back in 2002 and since then has gone from strength to strength building up a fine portfolio of residential properties along the way.
We could never be accused of being a faceless agency as both Mark and I still work front-line in the office along side our experienced and capable staff.