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Sold: Lot 110 Quest on Bourke, Melbourne CBD, VIC

Sold: Lot 110 Quest on Bourke, Melbourne CBD, VIC

6.5%  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.

Apartment Asking Price Status Design Gross Return Weekly Rent Rent p/a
Lot 110 $259,000 SOLD 1 Bed 6.5%** $323** $16,843**

**Rent & Return’s quoted are as of January 2017**

Lease Details:

Rent as of January 17: $323 per week ($16,843 per annum)
Next Rent Increase: 1st Jan 2018
Return from January 17: 6.5% Gross / Net 6.4%
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)

Approximate Owner Outgoings:
Council Rates: Paid by Tenant
Water Rates: Paid by tenant
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $235 p/a

** 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 you can be sent to you upon request.

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