This one bed flat St Helen’s Close, Cowley is not the pettiest in Uxbridge but in time it could offer a reasonable return. It is on the market for between £150,000 and £160,000. It has been on the market since June and the number of agents marketing it has increased which indicates vendor who is looking to sell the property although the price has remained the same.
Studios are going for around £125,000 and so at £150,000 this offers a reasonable opportunity. The location is very good for Brunel and is in walking distance of Uxbridge or West Drayton station. For those less fond of walking than me there are nearby bus services to both locations.
With Brunel close students are a possible target customer for this flat.
Sitting Tenants
I understand there is a sitting tenant in place until January 2016. They are paying £600pcm and I would be looking for £800pcm at the moment for this property. A studio will often let for circa £650pcm. £600pcm seems a low rent. Few tenants would be willing to accept a rent increase of £200pcm so one possible outcome might be that you would have to pay costs to evict the tenant at the end of the term. I would always look at a compromise rather than evicting a tenant. It is not often that this is required but I would factor costs for this in my calculations. My attitude is prepare for the worst and hope and aim for better.
Future Improvements?
It looks like it needs a touch of sparkle to improve it and you would need to establish on a viewing what was required. Always better that these are done whilst an understanding tenant is in situ rather between tenants adding to a void. Better to reward long term tenants with improvements to the property where they look after the property.
So the yield on say £155,000 would be 4.6% until the market rate is achievable of £800pcm then the yield would be 6.2%.
Belvoir Uxbridge don’t sell property, we are lettings specialists, but we do guide people based on our experience as to what might make a good buy to let property investment in the Uxbridge, Hillingdon, Hayes and West Drayton area. We don’t charge for this service but we would like to manage your property or help you find great tenants.
Based on publicly available information a review is not a recommendation to buy, more to share what we are thinking about the property. Talk to us if you want to know more.
