The inspiration for many Charles Dickens novels, Rochester is fairly used to the limelight as it regularly features in historic town reviews. But a fair appraisal of the property in our historic town is that the market is actually incredibly diverse and will continue to expand over the next decade.
History dating back to the Roman times is ever present in Rochester. It is home to England’s second oldest castle and cathedral, which both feature heavily as tourist spots. Cobbled streets and featured listed properties are often the lead images promoting the town, but it’s not just historic properties that are available; the town has moved with the times. With a high speed train route, excellent road links and superb schools there is a lot to attract people to the area. Prime example being London commuters looking for a bolt hole away from the city.
And those commuters should be the first target market for potential investors. London in under an hour and St Pancras International in 30 minutes, Rochester is a prime settlement for commuters, providing access to the London life without the price tag.
And playing right into that market are a number of new developments which will not only provide impressively modern dwellings, but also serve to regenerate less cared for areas of the town. From new apartments with a view of the river to large family homes, it seems all needs are being catered for in the new Rochester Riverside development. Medway Council have partnered with Countryside and Hyde to deliver up to 1,400 new mixed-tenure homes over the next 12 years. Along with a hotel, a primary school, a nursery, a striking riverside walkway and over ten acres of open space and landscaping, this development is going to revitalise the riverside location. There is a preview event for the first release of these properties on the 8th September. Guide prices from Countryside are stating £199,950 for a 1 bedroom apartment but I’m intrigued to see the full set of price points.
Medway Council’s 2017 Property Price Report cited a two bed flat in Rochester retails at around £195,000 so there’s definitely a jump in price tag, which is somewhat expected. The same report quoted the average rent for a one bed flat in Rochester at around £675 pcm but I think that is only fair away from the town centre. It’s certainly too low for the new development, where a one or two bed apartment with a riverside view, could command anywhere in the region of £800 – £1000 pcm.
The slightly older development next to the river – the Esplanade – still has plenty of appeal with great views and modern one bed apartments available for rent from around £800 pcm. There are also of course, beautiful Victorian cottages, large Georgian houses and plenty of listed properties throughout Rochester, so there are plenty of options for traditionalists also looking to extend their portfolios.
The diversity and wide selection of housing in Rochester is one of the reasons I think it’s prime for investment opportunities. But it also makes it very hard to give an accurate price point or potential yield without viewing the property and its location.
No matter your investment plan, it’s likely you will find a viable option in Rochester. If you would like any help or advice on a potential opportunity, I’m always happy to help. Get in touch by email at firstname.lastname@example.org or call me on 07944 726676.