The properties that we feature in the Penicuik Property Blog are not mainly new properties as you have a better chance of picking up a bargain in ‘second hand’ properties. However, new properties can be attractive to certain buy to let investors, particularly new investors, so today I am featuring a new build property.
Miller Homes as building flats at Dalmore Mill which is between Penicuik and Auchendinny. Dalmore Mill was the home to Midlothian’s last remaining paper mill and stands in a hollow, on Glencorse Burn, near the North Esk River.
The properties are bright spacious two bedroomed apartments with an open plan L shaped living and kitchen area with French doors. Being new builds, they will come with a fully fitted kitchen, a fancy bathroom and all mod cons. These properties also come with an allocated parking space.
The 2 bed flats are on the market for prices starting at £135,000, let’s assume you buy one at £135,000. Rents of new properties are harder to assess as they, or properties similar to them, have never been rented before but I can see you getting £625 - £650/month. This gives you a yield of 5.6% - 5.8%. This yield level is lower than normal for 2 bed flats in Penicuik due to the new build nature of the properties.