Sold – Lot 22, Maitland, NSW
Located 35 Km from Newcastle, and 2 hours by road from Sydney, Maitland is one of the oldest heritage rich, regional centres in Australia.
With an increasing number of Sydney and international companies moving to the Maitland district, the region is growing rapidly.
Its proximity to the airport, vineyards, historical centres of the Hunter Valley & Newcastle gives Maitland strong tourism appeal.
|Lot||Asking Price||status||Gross Return||Net Return||Weekly Return||Annual Rent||Floor Plan|
Current Rent: $374 per week ($19,449 per annum)
Next Rent Increase: 22/03/2018
Current Return: 6.95% Gross / 6.14% Net
22/03/2018 – $20,226 – 7.22%
22/03/2019 – $21,036 – 7.51%
22/03/2020 – $21,877 – 7.81%
22/03/2021 – $22,752 – 8.13%
Lease Terms: Lease to 21/03/2022 plus 5 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2022)
Approximate Owner Outgoings:
Council Rates: $455 per annum approx
Water Rates: $869 per annum approx
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $931 per annum approx
* Refurbishments Due
As is common to all Quest Apartments, apartment upgrade works are scheduled to maintain the Quest standard. The new purchaser will need to allow for some works such as a new cook top, new showers screens, new bathroom mirrors and new bathroom tap ware which will most likely be due for payment in early 2018.
The franchisee has also indicated that carpet will be okay for the next little while but will need to be replaced in a further 12 to 18 month