A property on Lloyd Street which has appealed to many of the developers we work with has just been listed by Philip James for £105,000.
We know of similar properties in good condition that sell in the region of £120,000, so this property is priced realistically and in my opinion it won’t be on the market very long. Most investors purchase these properties to let out as the yield is quite strong whilst avoiding the stamp duty threshold at £125,000. The rental income would be in the region of £600/£650 after a complete refurbishment.
Assuming £10,000 is spent on the refurbishment the return on investment based on the rental figures I have quoted is almost 7% – well above the average yield in The Heatons!
If you’re looking for investment property in The Heatons, do give me a call on 0161 442 1118. I’d be happy to offer advice.