Sold – Lot 101, Geelong, VIC
Quest Geelong is ideally located near Geelong’s vibrant Waterfront and Central Business District and conveniently positioned via major arterial access. Features surrounding the hotel include Cunningham Pier, Eastern Beach, The Geelong Arena, Botanical Gardens, Little Creatures Brewery, Adventure Park Geelong and The Great Ocean Road.
Geelong is Victoria’s second largest city, and a hot spot for investors with the recent announcment’s of both National Disability Insurance Scheme (NDIS) and Worksafe headquarters relocating to Geelong. Making this a great property investment in Australia.
Quest Geelong won Serviced Apartments Australian Franchise of the Year 2012.
Rent ** $417 per week ($21,730 p/a) (**As of 1/11/2017)
Next Rent Increase: 1st November 2019
Current Return: 6.75% Gross rental return / 5.55% Net Return
1/11/2018 – $22,599 – 7% Gross / 5.82% Net
1/11/2019 – $23,503 – 7.29% Gross / 6.09% Net
Lease Terms: Lease to 30/10/2020 plus 4 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next review due 2020)
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Approximate Owner Outgoings:
Council Rates: $2063 pa
Water Rates: $825 pa approx
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $976 p/a
** Please note the property will be due for some upgrades over the next 12 months. These upgrades may include stone benchtops, down light installation, bathroom fittings, shower screen, kitchen fittings, kitchen appliances and possibly some A/C works, please call to discuss further.