Street of the Week - Albermarle Row
"BS8 offers no value for Buy-to-Let landlords!"
"Lance Armstrong has never failed a drugs test"
One of the above statements is not true, but which one?
Yes, the one that isn't true is that the BS8 area of Bristol offers no value for buy-to-let landlords looking for affordable rental property.
BS8 is not just Clifton Village; it covers a large area from The Downs in the North to Hotwells Rd in the South, across the Suspension Bridge to Failand and Abbots Leigh whilst the Eastern border is Whiteladies Road so to say that BS8 offers no value is not true in our opinion, it's you’re just not looking hard enough!
So where is the value in BS8? Cue drum roll and fanfare… value can be found in.... HOTWELLS
Before we go any further let me declare an interest. Hotwells is where I was born and brought up and so I have a soft spot for the area, but for the purposes of this blog I have been totally dispassionate.
Hotwells has sneaked under the radar. Over the years Southville, Bishopston and St Andrews have all become “the next big thing” in the Bristol property market and Hotwells has been ignored to a certain extent, but to those in the know this is an area which has proved to be one of the best performing areas in the city;
Why has it been ignored? This is because when you say Hotwells to people they think it is just Hotwells Rd, the main road into the city centre. What they don’t realise is that Hotwells is more than that. It is a microcosm of the Bristol letting market and Hotwells covers all the bases as far as rental property is concerned
- If you’re looking for modern purpose-built apartments then there are several developments that fit the bill for example, Rownham Mead or Leading Edge
- Want a large house for professional or student sharers? Why not look at the Victorian terraced houses on Oldfield Road or Christina Terrace
- Georgian family house your thing? We think Freeland Place is one of Bristol’s best Georgian terraces
- If you want 1 or 2 bed converted flats then Albermarle Row is what you’re looking for, and it is this that is our "Street of the Week".
We manage 2 properties on Albermarle Row and have let at least seven others on a let only basis in the last two years. The road is one of our most popular for tenants. The flats are larger than average, it’s a relatively easy road to park in as it is opposite a school and compared to other parts of BS8 it offers good value rents. Typically a one bed gets between £600-675 pcm and a 2 bed between £700-800 per calendar month.
So what does a flat on Albermarle Row cost? Allen and Harris currently have a 1 bed on Albermarle Row for sale at £145,000; we would expect the rent on this property to be between £650 and 675 pcm.
There is better value to be found elsewhere on the street however, but you would need to be brave!
The freehold of numbers 2, 3, and 4 are owned by Bristol City Council as these are council flats, albeit nicely proportioned Georgian council flats. Some of the flats have been sold off and are typically much cheaper than other flats in the road, when they come on the property market. There is a downside to these flats and that is Bristol City Council own them. The communal areas are grim in the extreme, and I can't imagine are going to be improved anytime soon, and the council tenants have been in situ for 30-40 years and can be set in their ways. This has an effect on rental income but only a marginal one, but the prices to buy are considerably lower than the other properties in Albermarle Row. For example a large 2 bed in one of the Council owned freeholds recently sold for £165,000. It was in good order internally and would achieve £750 pcm.
In conclusion if you are looking for a period conversion as a buy to let then Albermarle Row should be on your list. It is attractive, quiet and if you shop around it can offer landlords, excellent value for money and that is not something you can always say in the BS8 postcode.
Whats my chances of getting a flat to rent out in Bristol for £100k with a buy to let mortgage that only requires £10K deposit - it's the amount of deposit that stops me from getting into buy to let... :(Big Dave October 24th 2012 12:55:44