So, I constantly annoy my other half as I am always awake during the night for at least an hour; playing on my phone and reading things. I must say in this hour I am very productive! People have worried about me over the years due to my weird, irregular sleeping patterns, but today I celebrate an article telling me I am normal. (As an aside you can view this article here if you like… DAILY MAIL SLEEP ARTICLE!)
Now that I have shared this with you, I would like to explain why I am telling you this. I spent some time in the early hours of this morning (between 3am and 4am) awake (again!) but this time I decided to look on rightmove.co.uk for investment properties in Stockport.
I am spending many of my working hours enthusing about the Stockport area and assisting other people find investment properties in SK1, SK2 and SK3 or simply giving people who are calling me directly in the office what to buy, where to buy, why to buy in Stockport and telling them that if this is the way they would like to invest to do it quickly!! Properties are going under offer at the asking price, not 10k-15k below, there are very few dooer-uppers as a lot of the beautiful terrace properties have already been ‘done’!
Once these properties have been purchased by the lucky buyer I am simply dying to get my hands on them (the property, not the buyer!) to take the photographs and produce floor plans and market them for Lettings. I love this part of my job as its like a large team of people, investors and Estate Agents all working together to develop an area – in our case Stockport and we are really on a mission.
This morning during my awakening hours (see I told you there was some relevance) I found this little (well HUGE) superstar of a property… RIGHTMOVE – BRIDGFORDS PROPERTY FOR SALE. Now I understand that not everyone will have a cool £765k spare but I felt really excited seeing this property. Yesterday I met with a local investor and seeing what a fantastic job he has done with a huge, previously run down and dilapidated building, that was in desperate need of renovation, and I felt really inspired.
Here’s some more information about the property and an idea of a rental yield…
- 7x One Bedroom flats (wow!)
- 3x Studio Apartments (great!)
- 1 Large Management Office (perfect for me…)
- Currently netting £3000 per calendar month (that’s not bad…)
- Tenants on Rolling Monthly Contracts – therefore no tenants in situ (great… no worries about having to wait for contracts to end)
- 1 Acre of Land (…. brain ticking… does it have planning permission…)
- Huge Basements running the entire length and breadth of the building adding on more development potential (… oh yes, yes, yes…. CONVERSIONS! Another 4 flats perhaps?)
Currently the apartments in their raw state are netting £300 per apartment per month so a total income of £3000, which gives a 4.71% yield. This is acceptable and not too shabby, especially for doing nothing at all. But with some investment and some imagination what could you have…
However, with some spending on the property itself, renovation of all the flats (10 flats in total netting a healthy £500pcm once improved), development of the basement (providing another 4 flats at £500pcm) totalling an income of £7000 plus per calendar month and a £150,000 spend minimum for the works the yield would be around 9.18%. This is fantastic, I am wooping for joy and already spending my income…!!
Oh and do remember that Stockport is changing and the potential for the property to appreciate in value is untold… there is growth there just waiting to happen.
I cannot help but be excited by this property and just wish whole heartedly that I could afford it! POTENTIAL, POTENTIAL, POTENTIAL!!!
A girl can dream… (note the link back to sleeping!)