With monthly rent for a three-bed property in the city approaching £2,200 per month, brand new apartments such as those available at Crest Nicholson’s Bath Riverside will give those looking to invest an annual return of around 4.5 percent.
The large student population from the two popular universities, including an influx from the Far East, has placed additional pressure on current stock resulting in the city seeing some of the steepest rent rises in the country with average year-on-year increases actually outstripping the capital.
But rising rents don’t appear to be driving people away from the world heritage city.
Crisp Cowley – which acts on behalf of Crest Nicholson - is letting apartments at an average rate of one every 7.26 days and is advising anyone considering property as an investment to take a close look at the three-bedroom properties currently available at the development.
Susan Young, sales and marketing director at Crest Nicholson said: “Bath’s emergence as one of the top property investment locations outside of London is helping steer an increasing number of investors to Crest Nicholson’s Bath Riverside.
“Bath is also regarded as being one of the best university cities in the UK so naturally attracts a high number of students, including many from overseas.
“Much of the existing rental property in surrounding residential areas such as Oldfield Park has long since been snapped up by existing and first-time landlords with many traditional family homes having changed to houses in multiple-occupation to serve Bath’s increasingly large student population.
“With Bath Riverside being the most significant property development in the city it is not surprising we are attracting investors who are looking at new build for letting opportunities right in the centre of town.”
With yields being as much as 20 per cent higher in new properties, void periods much shorter and maintenance costs lower, buying a new property at the development makes for a very attractive investment package.
The Riverside location offers the advantage of being within easy walking distance of the shops, restaurants, theatres and bars as well the railway station.
Susan added: “With students looking for somewhere to live during the next academic year, the attractiveness of the three-bedroom properties at Bath Riverside shouldn’t be overlooked.
“Instead of wasting money on rent, buying a property to will not only generate an income but provide a steady investment through capital appreciation. In addition, if the son or daughter is studying in Bath, it provides peace of mind that they have somewhere decent to live.
“Students today now expect high quality fittings, en suite bathrooms and Wi-Fi and is why Bath Riverside ticks a lot of boxes for parents or investors alike.”
Nick Gale of Crisp Cowley added: “There are far fewer three-bed apartments on the market, so when a brand new one becomes available on this prestigious and very popular development, they let almost instantly regardless of the time of year.
“And as foreign students become wealthier and demand increases as Bath’s two universities expand, rents are very likely to go on rising.’’
For further information please call 01225 463517 or visit www.crestnicholson.com/bathriverside
The marketing suite on Victoria Bridge Road is open daily from 10 am to 5pm.