Purfleet, RM19 1LL | Investment Property for Sale | VES-RM19-001

Opportunity to purchase an apartment in Purfleet generating £9,420 rent pa and a gross yield of 4.7%

£199,950

Apartment

VES-RM19-001

INITIAL INVESTMENT

£90,577

GROSS RENT / YIELD

£9,420 / 4.7%

NET RENT / YIELD

£5,373 / 2.7%

The property

TENANCY

Tenanted

TENURE

Leasehold

GROUND RENT

£250

SERVICE CHARGE

£1,500

2 bedrooms

1 bathroom

1 reception room

539

Unfurnished

Leasehold information

  • Length of lease: 125 years
  • Year lease started: 2005

Market Trends

Sales Trends

  • Prices in RM19 have increased 34% over the last 5 years (0% over the last 12 months) and are £203k which varies by property type (£149,000 for a 1-bed flat to £322,000 for a 5-bed detached property). On average, there have been 10 properties sold per month in the area in the last 12 months.

  • In comparison, prices in the wider Romford RM area are £324,000 (+1% over the last 12 months) and range between £182,000 for a 1-bed flat to £845,000 for a 5-bed detached property.

Rental Trends

  • Rents in RM19 are now at £909 per month (+11% over the last 12 month). On average, there have been 10 properties listed for rent per month in the area in the last 12 months.

  • Given prices in the area, gross yield is currently 5.2% which is higher than the national average of 4.7% and higher than the wider Romford RM area of 4.8%.

  • This property is currently achieving a gross yield of 4.6% which 13% lower than the area.

Source: REalyse - 26/04/2019 Note: prices and rent are median and averaged over the last 12 months, unless stated. Data from property listings is taken from c. 20 different sites and agents.

Tenancy

RENT

£9,420 p.a. / £785 pcm

TENANCY DEPOSIT

£0

TENANCY TYPE

FRI Lease

TENANCY AGREEMENT STARTED

over 4 years ago

TENANCY AGREEMENT ENDS

12/2/2019

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to the property is supplied by the vendor and the latest available at the date of listing.

Certain information may expire or become inaccurate over time and should be verified by the purchaser’s solicitor.

Financials

Rental Income

GROSS RENT PER ANNUM

£9,420

Equivalent of £785 per calendar month (PCM).

GROSS RENTAL YIELD

4.7%

Gross rent per annum divided by the purchase price.

NET RENT PER ANNUM

£5,373

Gross rent per annum minus fully managed operating costs.

NET RENTAL YIELD

2.7%

Gross rent per annum minus fully managed operating costs divided by the purchase price.

FULLY MANAGED OPERATING COSTS

£4,047

The total estimated sum of expenses calculated annually assuming a fully managed service.

Click to understand assumptions.

Disclaimer

This information is for illustration purposes only and does not constitute advice. It is correct at the time of writing. For advice specific to your personal circumstances, please speak to a financial adviser.

About Purfleet, Essex

Purfleet is a modern village in the Thurrock unitary of Essex just outside the Greater London boundary. It is located between the A13 to the north, the river Thames to the south and within easterly bounds of the M25 motorway.

Purfleet railway station serves frequent trains to London Fenchurch Street taking around 30 minutes. Other travel destinations include Rainham, Barking, Grays, Tilbury and Southend. The station is on the c2c and London, Tilbury and Southend Line.

Benefitting from the riverside of the Thames Purfleet offers great opportunities for riverside walks, plenty of green areas and children playgrounds as well as a good choice of sports and leisure centres and the nearby Lakeside shopping centre.

Some of the big local employers include a Unilever site, producing Stork, Flora, Bertolli and ICBINB! Margarine; an Esso lubricants plant; the head office of Carpetright; High House Production Park, home of the Royal Opera House scene-making facility, Acme Studios & The Backstage Centre.

Kendal,

Essex,

Essex,

England,

RM19 1LL

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