On the 2nd of February Edward Mellor Auctions brought to market a 2-bedroom, Ground Floor apartment in a modern development on Mill Lane in Woodley. The Guide Price is £75,000 and the date has been set as the 17th of February for the auction itself. However, a purchase can be made prior to this under Auction conditions.
The description of the property does mention a short lease length, and the apartment requires a full refurbishment internally.
With this house the figures would work out, in basic terms as below;
- £75,000 Guide Price
- Expected Rental Return of £625 per month
- Gross Yield of 10% per annum
However, these figures will not take into account the cost of a lease extension or refurbishment, so further research would definitely be recommended.
Based on yield alone this could be a great opportunity for those of you willing to take on that bit more than normal.
The advert for the apartment can be found here and, as always, please do not hesitate to give me a call on 0161 427 0733 if you would like a general chat about lettings/investment, or if you have a property to let.