Located on the Western side of Street, Polden Grange is a David Wilson development consisting of 83 properties ranging from 2 bedroom apartments to 4 bedroom detached houses. The development has one single circular thoroughfare – Fowen Close.
Polden Grange was built on farmland sandwiched between what was once a quarry to the South and Peck Flour Mill to the North. In the late 19th century and early 20th century a lime kiln was located where 23 Fowen Close now stands.
Only 56 of the 83 properties are registered with the Land Registry (See Simple steps landlords can take to protect their property from fraud). The first recorded sale of a property on Polden Grange was for 1 Fowen Close which sold for £205,000 on 30th November 2010. The most recent transaction was for 50 Fowen Close which sold on 30th May 2018 for £329,950 netting the vendor £30k or 10% profit in the 5 1/2 years they owned it. The lowest priced transaction was £130,000 paid for 17 Fowen Close on 22nd December 2011. The most expensive transaction to date was £364,950 paid for 5 Fowen Close on 4th November 2011.
A big appeal of Polden Grange is the close proximity to the centre of the village and easy access to the A39. Like some other newer developments in central Somerset parking is an issue in some parts of Polden Grange.
Compound Annual Growth Rate (CAGR)
There are 80 transactions recorded with the Land Registry for the sale of property on Polden Grange. The properties that have sold after the original purchase have returned an average 3% CAGR.
This is slightly higher than the average 1.93% CAGR on the nearby Houndwood development.
The property netting the highest CAGR was 110 Fowen Close which sold on 3rd September 2013 for £249,995 and next sold on 30th November 2015 for £293,000 – a profit of just over £43K in just over 2 years (7.34% CAGR).
None of the properties in Polden Grange have been sold at a loss though 35 Fowen Close gave the first owner a profit of just £4000 in the 3 1/2 years of ownership.
Rents
Looking at asking rents on Polden Grange in the last 18 months:
- 2 bedroom apartment: £650 PCM
- 2 bedroom terraced house: £700-£725
- 2 bedroom detached: £895 PCM
- 3 bedroom semi-detached house: None recently – the last rents were £825 PCM in 2016 and £850 in 2015
- 4 bedroom detached house: None recently – the last rent was £1200 PCM in 2014. The highest rent ever achieved on Polden Grange was £1400 PCM for the former show home.
Gross yields of just under 6% are currently being achieved from some rental properties on Polden Grange.
Not a lot of people know that…
Polden Grange is named after the Polden hills, a low ridge extending for 10 miles (16 km), from Puriton, near Bridgwater, in the west, to Street, in the east.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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