Dunstan Park (recently re-branded as Willow Place at Dunstan Park) is a recent and ongoing (2015) Taylor Wimpey development of 2, 3 & 4 bedroom dwellings on the north eastern edge of the Glastonbury parish. At the end of 2014 there were 219 dwellings registered on the 6 roads within the development (Source: Royal Mail). Dunstan Park is located just off the A39 and the distances to well-known places in the area are as follows:
• Glastonbury 2.2 miles
• Street 3.8 miles
• Wells 5.3 miles
• Bath 26 miles
Are these properties a good investment?
Capital Growth
The first recorded transaction on the development was on 18th December 2009. Since then new properties have been progressively released in 3 phases. Ignoring the sale of new builds, according to the Land Registry 7 properties have been re-sold since the development first opened and these provide an indication of the capital growth the early owners have enjoyed. The 7 properties produced an average annual return of -0.86%. Only 3 of the 7 re-sold properties produced a profit. This seemingly lacklustre performance can probably be partly explained by the fact that this is an ongoing development and prospective buyers may favour a new build over a pre-owned property. Buying a new build comes with the benefits of providing a blank canvas, the developer’s 12 month warranty and 10 years NHBC protection but just like buying a new car these benefits come at a premium. No doubt with the expected completion of the development in 2015 and the passing of time prices will see healthy growth.
Rental Yield
Ignoring shared ownership properties and properties owned by housing associations there have been 9 known privately rented properties on the development since it first opened. Comparing the last price paid with last known rent achieved for these properties provides an indication of the rental yields achieved. The rented properties produced a gross rental yield in the range 4.86% to 5.81% with an average of 5.23%
The little available data does not provide anything conclusive but does provide an indication of what to expect from owning a rental property on Dunstan Park.
Avoiding the Voids
The smaller properties such as 2 bedroom coach houses can let in hours, 3 beds typically let in days whilst 4 beds can take weeks though price and time of year are obvious influencing factors.
Pros and Cons of Living on Dunstan Park?
Pros
• Easy access to A39
• Out of town
• Reasonable value for money if you have a limited budget and want a new build
Cons
• Insufficient parking
• Roads narrow
• Large number of properties in development = some properties overlooked
• Some bedrooms small
• Insufficient storage
• Out of town
• Unable to drive to front door of some properties
Not a lot of people know that…
Dunstan Park is named after Dunstan who was born in nearby Baltonsborough in 909. Dunstan was an Abbot of Glastonbury Abbey, a Bishop of Worcester, a Bishop of London, and an Archbishop of Canterbury and later canonised as a saint.
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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