West One, Sheffield City Centre with 7% Yield
Tremendous one bedroom apartment in one of the most popular developments. I canâ€™t see this property staying on the market for much longer!
The current rent achieved on this property is Â£675pcm, but I feel Â£700 is most certainly achievable at the right time of year i.e. July â€“ September.
Vendorâ€™s often accept about 5% lower than asking price and I feel Â£120,000 would be accepted by the vendor. If an offer was accepted at this price and the rent was Â£700pcm, you would be looking at a yield of 7%, which is good.
Rents in West One are increasing faster than most developments in the city centre with a few exceptions which seem to match the rate of increase. So the Â£700pcm that I feel could be achieved from this summer could soon become Â£800 in a few years to come. With this I imagine the value of this property would increase in line with the rent increases.
It is important to not only consider the current rent when looking to buy a property to let, but to also look at the potential for an increase in rent.Â
West One has plenty of potential and I feel is the development to be investing in.