There are a couple of studio flats on the market in Boxwood Close, West Drayton with local agents both asking £119,950. The location is half a mile from West Drayton station, a short walk via the Warwick Road entrance to the station and the property normally comes with parking.
Whilst looking the sharper I would want to understand how one of the property is heated as the EPC rating is low. However good quality electric storage heaters are not expensive to fit.
The lease length should be around 90 years and I understand the service charge around £900pa.
Rent should be between £600 and £650pcm. Achieving £600pcm would make for a yield of 6% and £650 would make the yield 6.5%, but I would make sure the numbers work on £600pcm.
The last sale in Boxwood of a studio was for £90,000 in December 2012, so just over a year ago. Prices have moved on but I will be interested to see by how much when these sell.
