Thursday 1 October 2015

Is Roussillon Park a good development for buy-to-let investment?

As you may already be aware, Roussillon Park is a new housing development to the north of Chichester City centre on the site of the historic former military barracks. Previously the home to Royal Sussex Regiment and Royal Military Police, the site is being redeveloped to provide 250 new dwellings.
It generally takes a short amount of time to let properties on the developments. Tenants consider the proximity of the city centre to be an advantage, as well as the luxury of living in a new property. A two bedroom coach house, depending on size and outdoor space, could be purchased for around £280,000 or £290,000. The rents that could be achieved for these are between £975 and £1000 per month. This means landlords can potentially expect yields of around 4.3% per year.
Two bedroomed apartments can be purchased between £260,000 and £270,000 and they typically can let for between £900 and £950 per month. There is usually the service charge that a landlord needs to pay to the freeholder of the building, this usually includes building insurance and grounds maintenance. Even after paying that service charge, yields of between 4% per year are achievable.
If you have already done a search for property or are trying to figure out where to start, we’re happy to advise on properties before you buy. It’s in your interest that you purchase something that can let, so please give me a call on 01243 887887 or visit our office on Southgate. 
Developers website - http://www.roussillonpark.co.uk/

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