Our latest property investment of the month is slightly different to usual and is about the new residential development in Medway called Chatham Waters. There are 199 luxury flats being built with prices starting from £190,000.
There are a mixture of one bedroom, two bedroom and three bedroom apartments in the development and forms part of Peel’s Chatham Waters masterplan, which will combine retail, leisure, office and residential accommodation to create a unique and desirable place to live, work and play.
The accommodation at Chatham Waters raises the bar with features such as uninterrupted views of the waterfront, wrap-around glazed balconies, a residents gym, a courtyard garden overlooking the docks, secure internal car parking and generous apartment sizes.
Chatham has seen prices over the last 5 years increase by 38%. With the rents in the Chatham Quays development achieving £900 for a 1 bedroom flat and £1,150 for a two bedroom flat.
We would anticipate a similar rental figure so here are the yields:
- Purchase price £190,000
- Rental of £900 PCM
- Yield of 5.68%
- Purchase price £225,000
- Rental of £1,150 PCM
- Yield of 6.13%
We feel both these yields are very respectable and are slightly higher than the area average.