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Portland, VIC

Portland, VIC

7.37%  2 Bedrooms 1 Bathrooms 1 Garage

Entry Level Investment Opportunity

Quest Portland is situated on the south-west coast of Victoria, 1 hr 15 min west of Warrnambool.
It homes the only only deep-water sea port between Adelaide and Melbourne, making it a major hub for sea transport of goods & produce. A large sheltered harbour provides calm waters for
a marina, wharves and shipping berths. One of Portland’s major industries is the Alcoa aluminium smelter which commenced operations in 1986.

The town boasts beautiful historic buildings with over 200 classified by the National Trust, many constructed out of bluestone.
Quest Portland is based in the hub of the commercial precinct with retail outlets and eateries at your doorstep, together with grassy foreshores & the town’s marina and sands of Nuns Beach only a
short stroll.

Lot Asking Price Status Gross Return Net Return Weekly Return Annual Rent Statement of Information
21 $203,700 Avail 7.37% 5.9% $288.00 $15,026  CLICK HERE

Lease Details

Current Rent: $288 per week ($15,026 per annum)
Next Rent Increase: 1st July 2019
Current Return: 7.37% Gross / Net 5.9%**
Rental Increases as follows:
1/07/2019 –
$15,627 per annum / 7.67% Gross
1/07/2020 – $16,252 per annum / 7.98% Gross
1/07/2021 – $16,902 per annum / 8.29% Gross
1/07/2022 – $17,578 per annum / 8.63% Gross
1/07/2023 – Market Review
Lease Terms: Lease to 30/06/2033 plus 3 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2023)
Approximate Owner Outgoings:
Council Rates: $1364.05 per annum
Water Rates: $1000 per annum
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $642.40** per annum
**The current sinking fund is $1804.18 plus GST per annum which includes payments to Programmed Services for capital works over a 7 year period for works on the roof and exterior. The vendor will payout the balance of the cost of the Programmed Services works prior to settlement leaving the balance of the sinking fund at $739 subject to the levy set at the next meeting of the body corporate. Please refer to special condition 8 of the contract of sale.

Refurbishments Due:
**As is common with Quest Apartments this property is due for refurbishments in the next couple of months with the franchisee indicating that they will be requiring a re-paint, new carpets and new window furnishings**

 

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