I-Quarter, Blonk Street, Sheffield City Centre with 7% potential return
Listed yesterday by Reed Rains is thisÂ modern, average size one bedroom apartment located on the Wicker. Although considered central, there are more desirable areas of the city centre.
The advert indicates that this property is currently let at Â£525, which is a reasonable rent in this development, but I feel there is potential for a higher rent this summer, if this property was available in September, I would be confident of achieving Â£550pcm.
If this property was to achieve Â£550pcm and sold for Â£110,000, this would mean a yield of 6%, which is below average.Â
I feel this apartment is over-priced and I would suggest paying no more than Â£95,000. At Â£95,000 and at a rent of Â£550pcm you would be looking at a yield just short of 7%, which is quite good, but by no means fantastic.
A lot of tenants that want to live in the city centre want to live as close to West Street as possible, so this development is often a bit too far away, but nevertheless anywhere central is always popular.
At the right price, this property is worth a look, but at Â£110,000 this is too expensive.