St. Pauls Square, Sheffield City Centre S1 with 6.4% Return
Listed yesterday with Belvoir, is this one bedroom apartment at St. Pauls Square.
I always have a keen interest in properties in St Paulâ€™s City Lofts so as soon as this one bedroom apartment came onto the market it certainly caught my eye.
These apartments are amongst the most popular in Sheffield and the building comes with a reputation of a prestigious nature so therefore prices from both a rent and sales perspective reflect such.
Â£135,000 may seem high for a one bedroom apartment in Sheffield and believe me it is, but the rental income that can be expected is also high. A monthly rent of Â£725 can be achieved with a high end one bedroom apartment at City Lofts but with this one being on floor 15 of 32 and appearing smaller than average, Iâ€™d suggest a realistic monthly rent of Â£695. This would then result in a yield of 6.4%.
Whilst this is a pretty good yield for somewhere that is so easy to find quality tenants, you must then factor in the service charges of this development which are pretty high in comparison with others in the city centre. This is due to the security levels and 24 hour concierge on site so, as people say, you do get what you pay for!
I would never say St Pauls City Lofts is a bad place to invest and wouldnâ€™t advise against it but I do believe there to be some better yields on offer than this particular apartment, even within the same building.