January has been absolutely crazy for Lettings! We have had so many Instructions for new rental properties in SK1, SK2 and SK3 and so many Lets Agreed within these areas that my time has been taken up dealing with happy tenants and delighted Landlords. So, I am consequently living in a state of euphoria! However, I am not here today just to boast about my lettings prowess, nope… I am here to tell you about a fantastic investment opportunity that I have come across and this type of investment is my absolute pleasure!
Since being young I have been an avid watcher of ‘Grand Designs’ and I love seeing the transformation of an old, quirky building with numerous period features being delicately revealed and methodically restored. So, imagine my delight when today I came across this building on Rightmove! For a cool £88,000 you could purchase a one bedroom apartment within this historic building in central Stockport, opposite Market Hall. This building is called Bank Chambers and it has been purchased and restored by local developers who have done a fantastic job and produced 9 luxury apartments which are a mixture of one and two bedrooms.
The building used to be the Midland Bank, which is a stunning, grade two listed building and it is in the heart of the Old Town Centre of Stockport which has become an extremely trendy location within SK1. These types of property/conversion are starting to pop up all over Stockport now which is extremely exciting, as more and more investment comes to the area and the regeneration gets underway!
So, ‘what would this property rent out at Gemma!?’, I hear you cry.
I believe a one bedroom apartment in this charming building would rent for somewhere between £600 per calendar month and £650 per calendar month based on the furnishings i.e. unfurnished vs. furnished. I have found that people moving into the city centre do like some furnishings and that higher rental prices can be achieved if furnishings are available. So, this would give you a very healthy yield of 8.1% to 8.8%. I think this is one of the best yield’s I have seen in 2017-2018 so snap it up investors!
This property has been listed with Sebastians of Cheshire, (see link below) so please do give them a call to arrange a viewing and then pop into my office before you leave Stockport to discuss rental properties with me! For more information or for a chat with me call 0161 474 8668.