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2 bedroom flat for sale
Stern Close, Barking, London, IG11
£230,000
Stern Close, Barking, London, IG11
£230,000
Our Summary
- Fortune Court, Stern Close, Barking IG11 0XZ Asking Price: £230,000 Ground-floor 2-bed flat * Allocated parking * Long lease (98 years) * EPC C Property Overview An excellent investment opportunity - a spacious 2-bedroom ground-floor flat located in a quiet, low-rise block within a popular residential area of Barking
- EPC Rating: C Allocated Parking Space Current Rent: £1,146 pcm (guaranteed) Potential Rent: £1,500 pcm Tenancy: Rolling tenancy commenced April 2023, with a rent guarantee insurance policy Condition: Would benefit from light refurbishment or "spruce-up" Purchase History: Bought in 2017 for £216,000, re-mortgaged in 2020 at £245,000 Investment Returns & Yield Calculations Current Rental Scenario Annual Rent (Current): £13,752 Annual Outgoings: £1,804 (service charge) + £110 (ground rent) = £1,914 Net Income: £11,838 Gross Yield: £13,752 / £230,000 = 5
- 15 % Potential Rental Scenario (Uplift to £1,500 pcm) Annual Rent (Potential): £18,000 Net Income: £16,086 Gross Yield: 7
- Potential to bring the gross yield up from 5
Description
This is an excellent investment opportunity, a spacious 2-bedroom ground-floor flat located in a quiet area of Barking, London. The property benefits from allocated parking, a long lease, and a current council-backed tenancy providing guaranteed rent. The current asking price is £230,000, with a potential yield of 5.98% gross and 5.15% net. The property would benefit from light refurbishment or "spruce-up" and has the potential to increase its rental income to £1,500 per month, resulting in a gross yield of 7.8% and a net yield of 7.0%. The property is fully managed by Pure Lettings, offering a comprehensive lettings and property management service to minimize costs and maximize efficiency.