Sold: Lot 26, Maitland, NSW
ENTRY LEVEL INVESTMENT
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.
Maitland Property Investment is proximity to the airport, vineyards, historical centres of the Hunter Valley & Newcastle gives Maitland strong tourism appeal.
Current Rent: $374 per week ($19,449.96)**
Next Rent Increase: 22nd March 2017
Current Return: 6.8% Gross / Net 6.09%**
Lease Terms: Lease to 21/03/2022 plus 4 x 5 Year options**
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2022)
**The lease has just undergone a rental review, the rents advertised are the agreed terms of the rent review (which was a 2% increase in rent) and two extra 5 year terms however, a deed of variation is still needed to be completed by the tenant to alter the lease with these changes. A letter of acceptance by the current owner with the new terms is located in the contract of sale.
|Lot||Asking Price||Status||Gross Return||Net Return||Weekly Rent||Annual Rent|
Approximate Owner Outgoings:
Council Rates: $375.50 pa (2016-2017 year) approx.
Water Rates: $800 approx.
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $837 per annum approx.
* Refurbishments Due
As is common to all Quest Apartments, apartment upgrade works are scheduled to maintain the Quest standard. The repainting of the apartment will commence within the next couple of weeks (paid for by the current owner) but the new purchaser will need to allow for some works such as new showers screens, new bathroom mirrors and new bathroom tapware which will most likely be due for payment immediately after settlement.
The franchisee has also indicated that carpet will be okay for the next little while but will need to be replaced in a further 2 years (September 2019)
**The video walk through below is of a mirrored image apartment across the hall