Had a query from a landlord looking to spend up to £160,000 in West Drayton. This property ticks that box being 0.3 miles from West Drayton station and is located just off the High Street. A third of a mile is a brief stroll in my book.
The property has recently had the lease extended, but I would want to understand the length. It’s worth investigating getting an extension for as long as possible rather than just to 100 or 125 years if you have involvement. The Leasehold Reform Housing and Urban Development Act 1993 (as amended) gives rights to extend the existing lease by 90 years under certain circumstances.
But back to New Garden Drive, West Drayton. The one bed maisonette is on the market at £159,950 and property in the area of this type is normally marketed for rent of around £775pcm to £850pcm. At £775pcm this makes a yield of 5.8% and at £850pcm the yield will be 6.4%. The differences between achieving the two different rents can be down to how much competition you face from other property and how well your property is presented.
I always recommend seeing property and perhaps the numbers might work for you but it’s always worth looking round and seeing what is available and comparing them carefully.
