About this investment

Manchester, M43 – 6.6% Yield

The Client Brief

We were instructed by an overseas buyer to find an investment property in a strong rental area with good potential for further capital appreciation.  We presented this 3 bedroomed semi detached property in an area we know very well.  The buyer loved it and proceeded to completion.

 

About the Property

Accommodation comprises of hallway, front facing reception room with feature fireplace, modern design kitchen diner with glass doors leading into the garden a side external door with the added feature of a lean too gaining access to the front and rear or the property on the ground floor.

Upstairs boasts three generous sized bedrooms two of which are double rooms and a modern white 3 piece family bathroom suite.

Externally to the rear is a low maintenance paved garden with decorative boarder plants the front offers a paved driveway perfect for off road parking.

 

Transport Links

Three tram / train stops are within a 0.9 miles radius with Droylsden tram stop the closest at 0.6 miles away. The regions local motorway links including the M60, M62 are close by allowing easy access to the Trafford Centre, Manchester Airport and surrounding areas.

 

The Repairs

A lot of the repairs on this property where external, we erected scaffold to enable access to repoint the chimney and point some of the exterior brickwork to prevent any leaks in these areas.  The gutters have also been cleaned and the gutter joints sealed.

Minor repairs in the bathroom completed ready for new tenants, including resealing the bath, installing a new IP rated light fitting and a new shower rail and curtain

After the completion of the EICR (electrical report) a number of repairs where required including, new downlights and installation of metal clad consumer unit.

The Timescales

From initial viewing to legal completion the whole process took approx. 20 weeks, partly due to the upward chain, but this was all managed to a successful completion by our case management team.

The property is let and managed by our sister company @ThePlace at £1,195 per month.

The Numbers

Maintenance Required

Scaffold to 3 elevations to complete exterior works including repointing chimney and patch pointing brickwork
Tidy gardens to front and rear
Replacement of misted double glazed units
Painting to rear bedroom
New IP rated light in bathroom
Gas safety Certificate
Smoke alarms and Carbon Monoxide detectors installed
EICR and repair works including new downlights and installation of metal clad consumer unit
Clean carpets throughout property
General clean of property prior to new tenants moving in

Success Story in Numbers

Purchase Price: £210,000
Refurb Costs: £6,800
Monthly Rental: £1,195
ROI: 6.4%