This week I have been scouring the Edgeley area for a great investment deal and I am pleased to tell you that I have found just the property for you! The property is located on Bloom Street, Edgeley and please do excuse the pun, but it is a BLOOMIN’ good deal!
The property consists of 5 bedrooms, but it has already been split up into flats, so thre are 4 flats in total, broken down as follows…
- Flat 2 – A Studio Flat – currently rented at £395pcm
- Flat 3 – A Studio Flat – currently rented at £395pcm
- Flat 4 – A Studio Flat – currently rented at £410pcm
- Flat 5 – A Two Bedroom Flat – currently rented at £550pcm
There is also development potential in the form of a double garage to the rear and large cellars below the property that could be converted to more flats in the future. All of the flats are currently occupied and therefore the total income currently stands at £1750pcm which is £21,000 per annum. This would therefore net you a yield of 7.24%, based on the for sale price of £289,950. With the development potential too, this could be even higher in the future, but as it stands it is currently a very good opportunity for an investor! From the images online (see the link below) the property looks to be in very good condition, with neutral, tasteful decor throughout so no modernisation or works would be required. I also think that on reletting these flats the rent could be a little higher so the Studio’s could be getting £425pcm and the two bedroom flat £600pcm, so that would already increase the rental income per month to £1875pcm and in total £22,500 per annum giving a higher yield of 7.76%.
The property is on the market currently with Edward Mellor in Edgeley but for any information on the potential future rents, or if you would like assistance with viewings etc. please give Gemma a call on 0161 474 8668.