A grateful landlord was buying me coffee in Contini in
George Street yesterday when he asked my thoughts on this Edinburgh property as
he thought it had good development potential.
This property is 2 bed flat in traditional tenement block
in Upper Grove Street. Upper Grove
Street is very central being just off Morrison Street.
This apartment has a large lounge, a separate kitchen, 2
double bedrooms and bathroom. The
property needs some work done to it but not a full refurbishment. It needs work to the kitchen, bathroom as
well as re-decorating and re-flooring throughout which I would reckon could
cost you around £15,000.
Turning to the financials.
The asking price for this property, which is on the market
with Westgate is offers over £115,000 so let’s say it goes for £130,000.
Adding in the cost of the works mentioned above gets you
to a spend of £145,000.
Based on our recent experience of renting this type of
properties in this area, a rent of £900 pcm should be achievable on this
property. So that gets you to a yield of
7.4% which is really good so a traditional property of this type in Central
Edinburgh.
No comments:
Post a Comment