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Roll Up Roll Up For Record Yields In Devon


Wayo
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New build apartment block in Marine Parade, Dawlish, South Devon, EX7 9EX. Was formerly the Great Cliff hotel, which was demolished due to subsidence or some such to make way for this monstrosity, which stands over 1 storey higher.

Right beside the main London - Plymouth railway, other desirable features include waves breaking over the second floor balcony when the moon and sun line up.

Several to my knowledge (about 25-30 in all) have not been occupied, although the developer no longer carries them on its website (MIDAS HOMES). Original brochure prices on completion in 2006 were not far short of £250k.

Rightmove currently has 4 - 2 bedroom lots for sale, asking between £235k and £249.5k. This seems to tie up with Nethouseprices which produces value around the £230k - £240k mark during the back end of 2006, which is a hell of a lot for the area, espcially given the way the units are squeezed in and the other desirable features mentioned.

However Rightmove also has 3 - 2 bedroom apartments for rental, part furnished for between £750 and £795pcm! Even giving the LL the benefit of the doubt, £795pcm / £228k is only a whopping 4.2%, way below even the BoE base rate.

I thought I had it good renting a furnished 1 bed with water rates inc. for 4.9% of market price.

Obviously the rumoured Plan A of letting them as holiday flats for £1000pw got washed away in the rain then?

What times ahead?

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New build apartment block in Marine Parade, Dawlish, South Devon, EX7 9EX. Was formerly the Great Cliff hotel, which was demolished due to subsidence or some such to make way for this monstrosity, which stands over 1 storey higher.

Right beside the main London - Plymouth railway, other desirable features include waves breaking over the second floor balcony when the moon and sun line up.

Several to my knowledge (about 25-30 in all) have not been occupied, although the developer no longer carries them on its website (MIDAS HOMES). Original brochure prices on completion in 2006 were not far short of £250k.

Rightmove currently has 4 - 2 bedroom lots for sale, asking between £235k and £249.5k. This seems to tie up with Nethouseprices which produces value around the £230k - £240k mark during the back end of 2006, which is a hell of a lot for the area, espcially given the way the units are squeezed in and the other desirable features mentioned.

However Rightmove also has 3 - 2 bedroom apartments for rental, part furnished for between £750 and £795pcm! Even giving the LL the benefit of the doubt, £795pcm / £228k is only a whopping 4.2%, way below even the BoE base rate.

I thought I had it good renting a furnished 1 bed with water rates inc. for 4.9% of market price.

Obviously the rumoured Plan A of letting them as holiday flats for £1000pw got washed away in the rain then?

What times ahead?

the 4.2% you quote will probably be a bout 3% in reality once fees/ voids and discounts are taken in - happy days - true value is probably around 175k to make this pay

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