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Sold - Lot 22, Quest on Chapel, VIC

Sold – Lot 22, Quest on Chapel, VIC

6%  1 Bedrooms 1 Bathrooms

Located on one of Melbourne’s most famous streets this location cannot be beat. Known for its shopping, cafes and nightlife chapel street is certainly a destination for many residents and tourists alike. Within walking distance to East Richmond Train station and trams running from your front door, there are options aplenty for short trips to the Melbourne sporting precinct with the MCG, Tennis Centre and AAMI park, the Alfred Hospital, Royal Botanic Gardens, Prahran Market and the Melbourne CBD. The building has commenced a refurbishment program with this apartment to have $21,000 worth of upgrades including new carpets, kitchen joinery, new cooktop oven and rangehood, new bath and some new bathroom tapware with no expense to the new owner.

Lot Asking Price Status Gross Return Net Return Weekly Return Annual Rent
22 (Apt 401) $478,000 SOLD 6% 5.63% $551.00 $28,684 p/a

Lease Details:

Current Rent: $551 per week ($28,684 per annum)
Next Rent Increase: 6/03/2018
Current Return: 6% Gross / Net 5.63%
Increasing Rent:
6/03/2018 – $29,831 – 6.24% Gross / 5.87% Net
6/03/2019 – $31,024 – 6.49% Gross / 6.13% Net
Lease Terms: Lease to 5/03/2020 plus 1 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2020)


Approximate Owner Outgoings:
Council Rates: $1100 per annum
Water Rates: Paid by tenant
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $636 per annum

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