Investment Breakdown Full address: 7 George Street, Denton, Greater Manchester M34 3DJ Purchase price: £140,000.00 Tenure: Freehold Current rental income: £450.00pcm Current yield: 3.9% Gross yield Refurbishment cost: £20,000.00 Expected rental return after refurb: £850.00pcm Expected yield return after refurb: 7.3% The letting of the property is currently self-managed by the landlord Average letting fees for this type of property in the area are £500.00 + VAT tenant find fee and a 10% + VAT monthly management fee Portfolio8 brings to the market this 2-bed mid-terraced property for sale in Denton, Greater Manchester. The property has been extended to the rear resulting in there being separate rooms for the living room, dining room, and kitchen downstairs. Upstairs there are 2 double bedrooms and a family bathroom with a bath shower, toilet basin, and sink installed. The property would need some refurbishment work and we would recommend a new kitchen & bathroom suite as well as decoration throughout, new flooring/carpet, a new back door, and a window to the back of the dining room due to it being single pain glass. There is currently a tenant in situ who is paying £450.00pcm however we would expect the property to achieve £850.00pcm once a refurbishment is done to a good/high standard.
Reasons To Invest In Denton, Greater Manchester
Firstly, Denton is a town that is experiencing significant growth and development. Its location, just six miles from Manchester city centre, makes it an attractive location for commuters who want to live in a more affordable area outside of the city. Additionally, there are plans for significant investment in the town centre and surrounding areas, including the creation of new housing developments and commercial spaces. This investment is likely to increase property values in the area over time.
Secondly, the rental market in Denton is strong, with a high demand for rental properties from both students and young professionals. Greater Manchester is home to several colleges and universities, including Manchester Metropolitan University, and is also close to major employment hubs such as Manchester Airport and the Trafford Park industrial estate.
Thirdly, property prices in Denton are currently relatively affordable compared to other areas in Greater Manchester, making it an attractive option for investors looking for good value for money. With the potential for growth in the area, investing in property in Denton now could result in significant returns in the future.
Overall, investing in property in Denton, Greater Manchester can be a good option for those looking for an affordable yet growing location with a strong rental market.