Buy to Let property of the Week
If you are on the hunt for a buy to let property in London, then look no further! This large two-bedroom first floor flat located in the heart of Wembley Park is an excellent investment opportunity. The property is located in Carrington Lodge, a block where flats rarely come to market, making it a unique find.
One of the standout features of this property is its location. Situated on the main Forty Avenue, the property provides easy access to the A406 and is in close proximity to many shops, bars, and restaurants that Wembley has to offer. Additionally, London Designer Outlet is only a short distance away, providing ample shopping opportunities for your tenants.
The entrance to Carrington Lodge is very inviting and well maintained, making a great first impression on any potential tenants. Furthermore, the property has parking at the rear, on a first-come-first-serve basis, which is a valuable asset in London.
Once inside the property, you will notice that it is in good condition. The entrance is bright, and there is a bedroom on the left-hand side with an en-suite that overlooks greenery and the rear of the building. On the right-hand side, there is a family bathroom and then the second bedroom, which is also a good size. Off the entrance hall, there is also a large kitchen, providing ample space for cooking and storage. At the end of the corridor, there is a large reception room with three windows overlooking the rear of the building, providing plenty of natural light.
This property is being offered as chain-free, which means that there will be no delays in completing the sale. Additionally, it is ready to view now, making it an excellent opportunity for potential investors to view the property and make an informed decision.
One of the most attractive aspects of this property is its tenure. It comes with a share of freehold, which means that you will own a share of the building and have a lease in excess of 900 years. This is an important consideration for any potential investor, as it provides a long-term investment opportunity.
The service charge for this property is £1397.00 per annum, which is reasonable for a property of this size and location. Additionally, there is a reserve fund of £334.00 per annum, which is a prudent measure to ensure that any unexpected costs can be covered.
The only improvement we would suggest for an investor is that it would benefit from new carpets before a new tenant moved in. Once this is done we would expect to achieve a rent of £1850.00 per calendar month. Looking at the yield once you have factored in the payment of service charges and reserve fund your net yield will be 5.1% on a rent of £1850.00. Which in the current climate is a great return for a buy to let investors in this area.
In conclusion, this large two-bedroom first floor flat in the heart of Wembley Park is an excellent buy to let investment opportunity. Its location, condition, and tenure make it a unique find, and its chain-free status makes it an attractive option for potential investors and its plus 5% yield means that you can start profiting from day 1.
If you’re interested in buying property in the Wembley area, please get in touch with our team at Grey & Co Estate Agents.
Abigail & the team at Grey & Co x
