What with many builders in the region starting to go into
over-drive to build their developments, I often get asked about new-build
developments so I thought I would look at some in the Heanor area. Looking at
some of the new build developments that have sprung up off the Heanor Road
leading out of Heanor and towards Smalley, there are two that are rapidly being
established now – Smalley Pastures and Smalley Manor.
Smalley Manor, being built by William Davis – a privately-owned
family business – consists of 2, 3 and 4 bedroom properties and is located
behind Marina Road and the Grange. Meanwhile, Smalley Manor, being built by Peveril
Homes, also has a range of houses and also some smaller bungalows.
Typically, it generally takes a short amount of time to let
properties on such new-build developments. Tenants love the fresh appeal of
crisp, newly built properties and whilst they will still consider the proximity
of the local amenities and transportation links, they often will compromise a little
to get into a new home. They are not unlike house-buyers in this respect, many
of whom will “settle” a little in terms of location (and size/space) in order
to acquire a newly-built abode. Both developments are on the convenient side of
town for access to Derby, close to Heanor Gate Science College and are only a mile or so from the centre of Heanor
itself.
A three bedroomed
semi-detached property or townhouse, could be purchased for around £180,000 to
£200,000. The rents that could be achieved for these are between £595 and £675
per month. This means landlords can potentially expect yields of around 4.5%
per year. When this is factored into relatively short voids and good growth
prospects, especially as the states mature, these levels look reasonable.
Two bedroomed houses have been reserved at around £130,000
and they typically can let for between £525 per month, meaning yields of around
5% per year are achievable.
If you have already done a search for property or are trying
to figure out where to start, we’re happy to advise on properties before you
buy. It’s in your interest that you purchase something that can let, whether
you are currently a Spruce Tree Lettings landlord or not.
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