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Sold: Lot 408, Frankston on the Bay, VIC

Sold: Lot 408, Frankston on the Bay, VIC

7.3%  1 Bedrooms 1 Bathrooms

At the gateway to the Mornington Peninsula, Quest Frankston by the Bay is located in the heart of Frankston’s central business district and withing walking distance to the beach and the entertainment and restaurant precinct.
The apartment boasts a luxury finish with bathroom, split system air conditioning and kitchenette featuring stainless steel appliances.

Lot Asking Price Status Gross Return Net Return Weekly Rent Annual Rent
Lot 408 $290,000 SOLD 7.3%* 6.1%* $409* $21,313*

*Rents and returns are based on the rent as of the 15th of April 2017*

Lease Details:

Rent as of 15th April: $409 per week ($21,313 per annum)
Next Rent Increase: 15th April  2019
Return as of 15th April: 7.3% Gross / Net 6.1%
Lease Terms: Lease to 14/04/2023 plus 3 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2018)
Next Market Review: 15th April 2017 – Rent cannot decrease by more than 6%

Approximate Owner Outgoings:

Council Rates: $1364 pa approx
Water Rates: $670 pa approx
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $1432 pa approx

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