Quite like this property listed at offers over £225,000. It’s a three bed maisonette property, that let’s be frank, is not the most picturesque. But it does offer a solid proposition.
The property is located on The Coppice off Royal Lane. Within walking distance of West Drayton Station, Hillingdon Hospital, Brunel and a short drive to Stockley Park. Proximity to these great employers/university/transport nodes are one of the reasons why Royal Lane is in my list of top Buy To Let areas in the Uxbridge area.
If you let this property on a single let it might go for circa £1200pcm. Let’s say you pay £225,000. That makes for a yield of 6.4%. However I would look to make the property into a small HMO for three sharers and would aim at the student market.
This location is outside of the Article 4 Direction as the road is in Yiewsley rather than Brunel or Uxbridge South. So there should be no planning issues for a property of this size, namely for three people. Work would be needed on the fire safety measures such as extinguishers, fire doors and a mains wired alarm to name a few. These need to be done properly and then it’s a question of simply furnishing for the student market.
I would expect to let for circa £100 per person per week. Which makes for monthly rent of £435 x 3 people = £1305pcm, a yield of 7%. Keep the property pleasant and maintained and you should attract good students each year.
I like students, they have a strong record of paying their rent on time and will commit to a year, unlike professionals who are often more transitory and unstable as groups in a shared house. You often find yourself with someone leaving which makes for voids.
It’s best if you can find an existing two bed property with two reception rooms and can convert one into a bedroom and still keep communal space and this further pushes yield, but I would try to keep communal space other than the kitchen to make the property a nice home to live in. But you are unlikely to come across extra space in a property at this price.
