1 bed flat for sale

Chinook, Highwoods, Colchester CO4

A fantastic opportunity to acquire a spacious apartment in the popular Highwoods area of Colchester, offering excellent potential for both investors and first-time buyers looking to add value.

The property has been tenanted for approximately 15 years by the same occupants and now requires a full programme of refurbishment throughout, including replacement windows. This presents a rare chance to modernise and significantly enhance both the rental income and capital value.

Internally, the property offers well-proportioned accommodation with a layout that lends itself perfectly to upgrading and reconfiguration, making it an ideal blank canvas for improvement.

From an investment perspective, the property is particularly appealing. Comparable refurbished properties in the area typically achieve between £115,000 and £125,000, while rental values are expected to be in the region of £825–£850 per calendar month. For context, a neighbouring property is currently let at £750 pcm on a long-term tenancy at a reduced rate, highlighting the potential for increased returns.

The lease is extremely attractive, with approximately 964 years remaining, no ground rent payable, and a current service charge of £2,200 per annum. This figure reflects ongoing and scheduled works and is expected to reduce once these have been completed.

Situated in a well-established residential location, the property benefits from excellent access to local amenities, transport links, and Colchester city centre.

Investment & Yield Potential

This property represents a clear value-add opportunity with both strong rental prospects and capital growth potential.

Based on an estimated rental income of £825–£850 per calendar month, the property could generate approximately £9,900 to £10,200 per annum once refurbished. When benchmarked against end values in the region of £115,000 to £125,000, this reflects an attractive gross yield in the region of 7.9% to 8.9%.

With the added benefit of a long lease, no ground rent, and a service charge expected to reduce following completion of scheduled works, the ongoing holding costs are well-positioned for long-term investment performance.

Overall, this is an excellent opportunity for investors seeking a property with identifiable uplift, strong yields, and long-term growth potential, or for buyers looking to create value through refurbishment.