Investor opportunity - The Pump House, Barry.

The Pump House is a building of iconic status in Barry that is currently being converted for mixed use purpose. The developer, DS Properties, is creating a long term sustainable mixed use development of the highest calibre. The Pump House will complement the areas’ Innovation Quarter with a variety of A3 units including a fitness studio, restaurant and coffee shop on the ground floor and full live/work accommodation on the first floor.

Absolute Property Management (South Wales’ premier independent service management company) will service manage the property.

 

 

** 6 Apartments Remaining **

 

There are only 6 remaining apartments available to purchase at The Pump House. The apartments are truly unique blending modern, luxury accommodation into the iconic and historical Pump House building. Each accommodation unit can be used for work and living, allowing residents to register and run their business from The Pump House address.

 

Investor Key Points

• Purchase prices range from £109,000 to £119,000.
• Rental income estimated at between £600 and £650 per calendar month.
• Gross yield expected to be between 6.0% and 7.1%.

Further information available at www.loftco.net

 

Proposed Apartment Detail 

• Video phone entry system  
• Maintain all existing building elements including red brick, trusses, sky lights etc.
• Handle-less kitchen with all appliances supplied
• Separate finishes to each apartment to include stripped existing floorboards, tiles , wet room finishes etc.
• Lighting, sockets, TV, telephone allows total flexibility of use with regards live/work including sockets in floor of lounge area
• 42 inch Smart TV built into wall in a very modern setting to allow presentations, use as a PC, general use.
• Lighting to include comfort lights to staircase, recessed lighting to bath, industrial type lighting to main live /work areas
• New windows , high end openings , thermally broken aluminium.
• Bathrooms to be full size modern units with towel rails , mirrors, shower screen etc.
• Heating via modern slim line electrical panel radiators
• Instantaneous 150L unvented hot water system
• Designated utility area housing washer/dryer as well as boiler in hallways.
• Designated car park space per unit
• Huge piazza area and open grounds 

See the project details at www.loftco.net

 

 



Barrat Homes iPAD apartments in Pontypridd

Over the last few months I've had a number of investor conversations regarding Barratt Homes' College Green development in Rhydyfelin, Pontypridd. It's a new build development and includes a number of 1 bedroom iPad apartments. 
 
The initial build had 12 apartments, with further release available at the end of the year 
 
My view is that the iPad apartments at College Green offer something unique. They appeal to tenants looking for high quality modern apartment living and there is nothing similar in or around the Pontypridd area.

Initially we estimated the potential rental yield and a number of investors decided to purchase. Belvoir has now been involved in 4 lets at College Green with another 2 in the pipeline. This experience has given us a unique insight into the actual tenant demand and investor return for this type of property. 

ACTUAL DEMAND FOR 1 APARTMENT

·   ENQUIRIES - Over a 2 week period 29 enquiries were received.

·   VIEWINGS - 3 initial viewings were performed.

·   APPLICATIONS - 2 applications to rent were received.  

RETURN
 

       RENT – Actual monthly rental achieved has been between £465 to £485, providing an annual rental income of between £5,580 to £5,820.
 
       GROSS YIELD – 6.7% to 7.2%.   

OTHER INVESTOR POINTS

• 10 year NHBC warranty.
• 5 year warranty available on electric and plumbing, reducing unexpected costs.
• Unique living that appeals to a wide range of working tenants
• Excellent location for local workers, Cardiff commuting and access to M4. 

 

SUMMARY

The College Green iPads definitely have investor appeal. Investors have ranged from first time Landlords to others who already have good property portfolios. They have a very affordable entry price and being new 1 bedroom apartments require little in the way of maintenance. What can be said, is that every investor has been delighted with their purchase.  

College Green Pontypridd -
http://www.barratthomes.co.uk/new-homes/rhondda-cynon-taff/H430601-College-Green/

Belvoir Lettings Cardiff -
http://www.belvoirlettings.com/letting-agents-Cardiff









  

Selecting a letting agent in Cardiff?

There is a large selection of letting agents in Cardiff and as a Landlord it can be very difficult to distinguish one from another. Here are a few tips to ensure you select the right Cardiff letting agent.

These tips assume that you are looking for an agent that will act professionally, is qualified to offer a lettings’ service and will provide advice and guidance to ensure your property is legally let. If this isn’t the sort of letting agent you’re looking for then you’re in luck, because there are plenty of letting agents in Cardiff who will be willing to cut corners and provide you with a shoddy service.

INDUSTRY CHECKS

Letting Agents are unregulated which means that anyone can open their doors and call themselves a letting agent. To counter this, look for an agent that has invested in operating a professional lettings business. Look for agents that -

 

• Are members of a professional body such NALS, ARLA or RICS. Additionally check whether the agent is a SAFE AGENT member
   
• Are members of the Property Ombudsman. The Ombudsman has a code of conduct and is also the place where complaints can be registered.
   
• Has client money protection in place to ensure your money is protected.
   
• Has professional indemnity insurance in place to ensure that if the agent is negligent you will have some financial protection.
   
• Isregistered with one of the deposit protection schemes. Tenant deposits have to be properly protected and if not there are heavy fines.

AGENT CHECKS

Our next set of checks are ‘softer’ checks but these will help you really understand the type of letting agent you may be getting involved with. 

• Look at the agents’ website and check the contact details. Is there an address? If it’s a residential house address or there is no address at all then you may be dealing with someone who, despite the glossy website, is actually operating from their bedroom.

• Check the agents’ office. Whilst location isn’t so important anymore, the office should still look professional? Does it seem like the sort of office that will attract the type of Tenants you are looking for? Speak to the staff. Are they helpful and knowledgeable

• What property portals does the agent advertise on? Rightmove, Zoopla and Find a property are the major portals. To find the best tenants for your property it’s important that it’s marketed in the right places.

• Review some of the properties that your shortlisted agents are currently marketing. Review the property description and photographs. It’s amazing how little effort some agents will put into letting your property.

• Fees – ask the agent to clearly explain their fees, not just the initial fees but all the fees that will be encountered up until the tenant moves OUT of your property and another tenant needs to be found. Check the costs for registering the deposit, Inventory and schedule of condition reports, Tenant check ins and contract renewals.

 

• If your agent is going to manage the property then check whether their management charge includes Periodic Property Inspections and Tenant check outs. If not find out the cost.

• Maintenance – Ask whether the agent profits from maintenance work on your property. It is very common for agents to take a commission or add a percentage to your maintenance bills.

• Find out how much the agent would charge you for a Landlords’ gas safety certificate or for an Energy Performance Certificate. If this is higher than the usual market rate then you’re probably dealing with an agent that likes to ‘take a cut’

Lastly, don’t be scared to ask!

How long will it take them to let your property?
What tenant types and properties do they specialise in?
What advice do they have for you?

This article has been written by Rob Price the owner of Belvoir Letting Agents Cardiff. Belvoir is one of the leading Letting agents in Cardiff offering advice and guidance to Landlords, buy to let investors and tenants.
 
Rob can be contacted at rob.price@belvoirlettings.com or alternatively use our
contact us page.