Today we look at a property on the market in Waterford House, West Drayton as a potential buy to let investment.
On Thorney Mill Road to the south of West Drayton, Waterford House is popular with landlords and tenants alike. The design and ambience of the building is lovely. The property was developed into flats in 1995. Being a listed building in part, the original mill building is dated from late 18th Century when the owner also built the nearby bridges over the Frays. The property retains a lot of charm set over the Frays and parts of the Mill workings are still in place.
The location is about a mile from West Drayton station, which is a short bus ride or a longer walk away. So commuting distance from Heathrow. A popular location and the gated parking is good for commuters.
We manage a couple of properties in the location. Often with two beds you will attract families but with a weir below the property this sometimes puts off some tenants with children. So the area is attractive to young couples and people sharing.
This particular property is on the market at OIEO £265,000 so at a price of £1150-£1200pcm would generate a gross yield of around 5.2%. Given the location and ambience I am sure that there are good grounds for future capital growth, especially with Crossrail coming in 2018.
Two beds here were selling for £210,000 to 220,000 a couple of years ago in 2013 and have seen strong capital growth reflected in the current asking price.
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.
