The Chimes, Sheffield City Centre with 7.68% Return at the Right Price!
Much too expensive! A property in The Chimes sold in December 2014 for just over Â£170,000, but this was a penthouse with an exceptionally large balcony.Â
This property is more comparable with two properties that were sold in The Chimes about this last time last year, these sold for in the region of Â£130,000 – Â£140,000. I feel this property is worth more than these and a parking space is included with this property which would achieve Â£70pcm if let.Â
I feel Â£150,000 would be a fair price, I certainly wouldnâ€™t want to pay anywhere near Â£170,000.
With expected rent to be around Â£895pcm and with the additional Â£70pcm for the car parking space, you would be looking at a yield of 6.78% based on asking price, but at Â£150,000, you are looking at a very handsome yield of 7.68%.
The service charge at The Chimes has just been reduced by Â£10pcm following a change of management companies.
The Chimes is very popular, particularly amongst students, but a lot of professionals are drawn to The Chimes because of its close proximity to Fargate, West Street and Division Street.