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Sold - Lot 1010, Southbank, VIC

Sold – Lot 1010, Southbank, VIC

5.85%  2 Bedrooms 2 Bathrooms 1 Garage

Everything is at your doorstep with this property investment in Melbourne – only moments from Southbank Promenade and its iconic restaurants, the Arts Centre, Melbourne Exhibition Centre, Crown Casino and Melbourne’s CBD.
Stylish, cosmopolitian Southbank is the city’s tourism and recreation heart. River boats link the vibrancy of Federation Square, Southgate  and Crown. Outstanding dining and shopping opportunities blend with museums, leading galleries, an aquarium, concert halls and theatres to create one of the most diverse visitor precincts in the country.
A brilliant location, and a secure long term investment !!

Lot Asking Price Status Gross Return Net Return Weekly Rent Annual Rent
Lot 1010 $530,000 SOLD 5.85% 5.33% $596 $31,032

Lease Details:

Current Rent: $596 per week ($31,032 per annum)
Next Rent Increase: 1st March 2018
Current Return: 5.85% Gross / Net 5.33%
Rental Yields After 3% Increases:
1st March 2018 – 6%
1st March 2019 – 6.2%
1st March 2020 – 6.39%
1st March 2021- Rent Review
Lease Terms: Lease to 28/02/2021 plus 3 x 5 Year options
Rent Increases: 3% yearly with market rent reviews every 5 years (next due 2021)

 

Approximate Owner Outgoings:
Council Rates: $1439 per annum approx.
Water Rates: Paid by tenant
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $1595 per annum approx.

**** Refurbishments****
As is common with all Quest Apartments, refurbishment works can be called upon. At this stage there are plans for some refurbishment works in the next 12 months. At this stage the works will consist of some LED lighting and some other maintenance work as well as the potential for some re-tiling. Please contact me for more details.

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