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Sold: Lot 604, Quest on Bourke, Melbourne CBD, VIC

Sold: Lot 604, Quest on Bourke, Melbourne CBD, VIC

6%  1 Bedrooms 1 Bathrooms

With a new 10 year lease, low owner outgoings and located in the heart of the Melbourne CBD, Quest on Bourke offers guests all the advantages of inner city convenience. This one bedroom apartment features a comfortable living/dining room, bedroom with built-in robes and separate bathroom with laundry facilities.

Lease Details:

Current Rent: $296 per week ($15,400.02 per annum)
Next Rent Increase: 1st Jan 2018
Current Yield: 6% Gross / 6% Net
Lease Terms: Lease to 31/12/2025 plus 2 x 5 Year options
Rent Increases: 3% yearly with market rent reviews every 5 years (next due 2021)

Lot Asking Price Status Gross Return Net Return Weekly Rent Annual Rent
Lot 604 $255,000 SOLD 6% 6% $296 $15,400

Approximate Owner Outgoings:

Council Rates: Paid by Tenant
Water Rates: Paid by tenant
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $0 – The owners corporation agreed not to raise any sinking fund levies this financial year, next years levies will be discussed at the next body corporate meeting.

** This apartment will be extensively refurbished with works comprising, but not limited to,  new carpets, repainting and upgrades to the bathroom and kitchen. Works are planned to commence soon and the full cost will be paid for by the tenant. For full details, including a cap on future works in 2026, please refer to Annexure ‘A’ and the signed agreement in the last pages of the full Contract and Lease document which can be sent to you upon request.

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