On with Hunters in Hillingdon, this studio flat in West Drayton is a vacant repossession, so is offered with no onward chain. The price is £92,500 which is in the low range for a studio.
The location is Knowles Close, just off Horton Close, which is very handy for West Drayton station.
Lease length is unknown at this stage and a buyer will need to know this. The agent advises the property is in fundamentally good condition, but I understand redecoration is needed in the bathroom. Often repossessions need work so viewing and your own research essential as always.
At £92,500 and letting for £620 pcm the yield would be 8%! With questions over the lease and redec needed, costs will go up but 8% is a fine place to start.
Investors often ask, Jeremy, if you were buying now, what would you look at? Something like this peaks my interest; good location, it looks like a good property and a good yield. A little tidying up work is fine.
Provided the legals/lease is straightforward this will not hang about on the market.
