This month's star property is situated on Highfield Avenue, Kirkby-in-Ashfield, near to J28 of the M1 and Ashfield School. The refurbishment project was handled by ourselves and we let the property at £585pcm; more than the closest rental that let...
This month’s star property is situated on Highfield Avenue, Kirkby-in-Ashfield, near to J28 of the M1 and Ashfield School. The refurbishment project was handled by ourselves and we let the property at £585pcm; more than the closest rental that let at £495, and only £10 less than a modern construction rental property on Kirkby Mill View.
Semi-detached properties in the vicinity have sold between £100,000 – £110,000, which puts our client in a good position, seeing the value of the property already increase by 20% when comparing to current sold values.
To add to this, there is a new build site being developed off Sutton Road, and the sheer scale of the development will increase the size of one of the UK’s largest schools; Ashfield School.
Additionally, the locality has the amenities and infrastructure to accommodate the influx of people that will be moving to the area, examples such as easy access to both J27 & 28, a large Aldi and two nearby train stations (Kirkby & Sutton Parkway) all contribute to making this area of Kirkby a great place to live, and invest.
So, what did we do to add value to this property?
- Full electrical rewire
- New oven & hob
- Replacement UPVC door
- New flooring throughout
- Full redecoration
- Exterior paintwork of facias & soffits
- Cut and deweeded the lawns
- Professional clean
Luckily, this property did not need extensive bathroom/kitchen work, and the boiler did not need replacing, so the owner saved a considerable amount of money from the outset, here are the before and after pictures:
Information for investors
There was a property for sale by public auction on Wednesday 26th July 2017 at Derby Auction, shown in image above (click here for Rightmove link). The property sold for £80,000 at auction.
The above property is for sale on Berry Avenue, Kirkby-in-Ashfield, for offers in excess of £80,000. After some light refurbishment you may let this property in the region of £500, attracting a ~7% gross yield.
Comparing this to the next street, Banks Avenue, there is a property for sale at £99,950, and considering the success of Highfield Avenue plus the local new development, this popular residential area of Kirkby may have a fortuitous future.