Independently, a few local guys interested in investing in rental property have been talking to me about flats in Knowles Close, West Drayton. They have seen flats come onto the market and go quickly and are keen to know whether they offer a good return.
The 97 properties at Knowles Close were built in the late ‘80’s by Wimpey on the site of the West Drayton Water Pumping Station, off Horton Road, Yiewsley. Knowles Close is close to the High Street and just round the corner from West Drayton Station. With Crossrail coming in 2018 property close to the station is ‘on trend’. Some of this excitement is reflected in the price, Knowles Close one bedrooms have sold since 2010 for an average of £136,900 and are currently priced at around £155,000. So if the person who bought in 2011 for £130,000 sold today at the current asking price they would see a tidy return.
Over the last year rents in the Close for a one bed vary between £725pcm and £850pcm and have averaged £779pcm. At the moment that’s a yield of just over 6%.
Another benefit to Knowles Close is the properties I have seen come with very long leases, around 960 years. Which should outlast us all!
Like the investors I have been talking to, if you would like our opinion on what to buy, feel free to come into our office on Hillingdon Hill. We don’t sell houses but we will help you find a great buy to let property.
