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Sold - Lot 50, Adelaide, SA

Sold – Lot 50, Adelaide, SA

1 Bedrooms 1 Bathrooms

** FIXED 4% INCREASES UNTIL 2023**
Just completed major refurbishment, this large one bedroom inner city spa suite will attract investors wanting high net yields.

Located in the heart of Adelaide’s CBD with an abundance of restaurants, cafes, shopping and entertainment at your doorstep, this entry level apartment is priced to sell.
Within landmark history rich building, with high ceilings and recently refurbished. With fixed 4% annual rent increases until November 2023, its a secure bricks and mortar asset returning strong cash flow.

*** PLEASE NOTE***
ALL IMAGES ARE OF IDENTICAL APT 401 AS LONG TERM GUEST OCCUPYING APT 601

Lot Asking Price status Gross Return Net Return Weekly Return Annual Rent
50/  Apt 601 $269,000 Sold 8.77% 5.57% $453.00 $23,602 p/a

Lease Details:
Current Rent: $453 per week -$23,602 pa
Current Return: 8.77% Gross – 5.57%- Net

INCREASING by 4% IN NOV 19. $472 per week – $24,546 pa
Return As of 1st Nov- 9.12% gross- 5.90% NET
Nov 2020 + 4%- $25, 527- 9.48% gross return
Nov 2021 + 4%- $26,549- 9.86% gross return
Nov 2022 + 4% – $27,611- 10.25% gross return

Lease Terms: Lease to 31/10/ 2023 with 2 x 5 yr options

Rent Increases:
4% yearly with market rent reviews every 5 years (next due 2023)

Spacious one bedroom – SPA apartment, like new inside, just completed major refurbishment.
New Kitchen- cabinetry
Stone bench tops, new backsplash and appliances
Fresh paint and commercial grade carpet.

Stunning bathroom with large spa, double vanites and shower.
High ceilings with with beautiful street aspects from the main bedroom.

Please contact us to obtain the full scope of works recently completed.

Approximate Owner Outgoings:
Council Rates: $1428 per annum
Emergency Service Levy $235 per annum
Water Rates: $620 per annum
Body Corporate Administration fee: $5228 pre annum
Body Corporate Sinking fund: $1100 per annum

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