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Frankston on the Bay, VIC

Frankston on the Bay, VIC

52.3m2  studio Bedrooms Year Built: 2013

At the gateway to the Mornington Peninsula, Quest Frankston by the Bay is located in the heart of Frankston’s central business district and within walking distance to the beach and the entertainment and restaurant precinct.
ONLY 5 YEARS OLD & boasting a total floor areas between of 50m2 and 52.3m2, one being an opportunity to secure an water front view.

Apartments are finished with high quality fixtures, split system heating/ cooling and kitchenette featuring stainless steel appliances.

 

Lot Asking Price status Gross Return Net Return Weekly Return Annual Rent Statement of Information
305 $305,000 Avail 6.84% 5.22% $401.00 $20,888 p/a  PDF CLICK HERE
114 $280,000 SOLD 7.04% 5.25% $379.00 $19,727 p/a  PDF CLICK HERE

 

Lease Details- Lot 305-  Bay Views
Rent : $401 per week ($20,888 per annum)
Return: 6.84% net- 5.22% Net
Terms: Lease to 14/04/2023 plus 3 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next not due until 2023)
Rent cannot increase or decrease by more than 6% at market review.
Rent Increases as follows: 15th
April 2019- $417 p/w- 7.11% return
April 2020- $434 p/w 7.39% return
April 2021- $451 p/w 7.69% return
April 2022- $469 p/w 8.00% return

Large One bedroom studio, total floor area 52.3m2.
Uninterrupted full bay views from your entire apartment, with spacious living area, balcony and stylish kitchenette & bathroom.

Lease details Lot 114.- Rear Facing.

Rent : $379 per week ($19,727 per annum)
Return:  7.04% Gross –   5.25% Net
Terms: Lease to 14/04/2023 plus 3 x 5 Year options
** Rent is fixed until 2023
** 4% yearly increases after 2023
**  Next market review not due until 2023

The property also boasts a large communal entertainers terrace- with foreshore/ ocean views, Bayside Shopping Centre at the rear, cafes & restaurants and pristine beaches at your doorstep.

Carpet and Paint refurbishment will be due within the next 6- 18 months

Approximate Owner Outgoings
Council Rates: $1471 pa approx
Water Rates: $680 pa approx
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $2800 pa approx

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