Like the property I looked at yesterday, on the market is another short lease property. This time the flat is located close to West Drayton Station so will appeal to Crossrail investors. Crossrail starts to roll through West Drayton in 2019.
New Garden Drive is located off Drayton Gardens, which is on Station Road, West Drayton. So you are very close here to the cafés and shops of West Drayton. Nice and handy to pop out for a coffee on a Sunday morning!
The property looks nice and others have let in the area for around £900pcm in the last year. Although another let for £750pcm although the reasons for that aren’t clear as that is quite the variance. I would expect close to £900pcm to be achievable.
So the short lease. With 67 years remaining and the a higher valuation the indicator is that the lease extension would, perhaps, cost £12,000 to £14,0000.
With rent of £900pcm, a lease extension cost of £12,000 and paying £175,000 the gross yield would still be 5.8%. Good location too – I woudl rate this as worth looking at.
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.
