I have been watching this 1 bed stone built flat in Penicuik for some time ..... and when I say ‘some time’ I am being polite as it has been on the market for a long time. I have never mentioned this property on the Penicuik Property Blog before given it’s location and it’s price. The price was reduced yesterday so it is now worth a look although the location is still an issue.
This ground floor flat is at 41 John Street in Penicuik. John Street is the main road through Penicuik and 41 is right in the heart of Penicuik just opposite the Post Office so it’s location will appeal to some but not to all.
Outside and in the property looks in good condition and clearly the inside has been recently refurbished. There is a fairly large lounge with a fitted kitchen at one end, a decent sized double bedroom and a delightful bathroom which had a bath with a shower over it. There are gardens at the front and rear and there is on street parking although, given the properties location, the is not parking right outside the front door.
Doing the maths. The property is on the market with Warners now at a fixed price of £87,500. Rent of £525 pcm is achievable on a property like this in the current market which gets you to a 7.2% yield. A yield of 7.2% is generally good for a stone built property in Penicuik but the location, being a busy main street in the absolute heart of Penicuik right next to a pedestrian crossing, needs to be carefully thought about as it will reduce the number of people prepared to rent the flat.