Tuesday, 15 September 2009

Worcester Park's £1 Million Property

Before you whoop with excitement about property prices soaring back to their preposterously unaffordable highs of recent years and prepare to dash over to the Job Centre Plus to spread the good news to Worcester Park's estate agents, let me point out that we are talking about a block of five properties here.

However if you do have a bit of spare change burning a hole in your pocket then the entire block of new-build flats on the corner of Colborne Way can be yours for a cool £1 million. Agents project a rental return of £60,000 per year.

Or, if you're feeling very ambitious then it turns out that the scrubby piece of overground land between the library and Waitrose (next to the bottle bank) is actually an 'exciting investment opportunity' and is up for a sale for £750,000, complete with outline planning permission for eight residential flats.

I suspect that buying the land and building the flats will be the easy bit. The hardest part will be finding somebody who is prepared to part with their hard-earned cash for the privelege of owning a flat in a Waitrose car park.

5 COMMENTS (Add Yours Now!):

Rick said...

An annual £60,000 income on a £1 million pound investment? That's a pre-tax 6% return isn't it? Now that doesn't sound much, and that's the optimistic agent's estimate! On that basis, I think Northern Rock sounds a safer bet ... if I had a spare million.

Anonymous said...

Yes, but the property will also increase in price every year in line with inflation (and usually above). It's a very safe place to put your money really, it's a far better idea than keeping it in a bank.

Not to mention, it's a good return for the amount of work that's needed.

Rick said...

Anonymous, you sound worryingly like a desperate estate agent, who is trying hard to make us all forget the last 18 months. If it is an attractive investment prospect, I suspect it would have been snapped up long before it came to market and the likes of WP locals got the chance to buy in.

Andrew said...

Did you know that the scrubby piece of land contains what I believe is the last remaining structure from Worcester Park Farm - the high brick wall, painted white on the Waitrose car park side. It ought to be preserved.

Anonymous said...

I have the original advertisement and documents for a house in Woodlands Avenue, it was priced at £750, with an additional £100 if you wanted a garage. Now that is a good price increase to nowadays!

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