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Sold - Lot 47, King William, Adelaide

Sold – Lot 47, King William, Adelaide

9.7%  1 Bedrooms 1 Bathrooms

** FIXED 4% INCREASES UNTIL 2023**
Located in the heart of Adelaide’s CBD with an abundance of restaurants, cafes, shopping and entertainment at your doorstep, this entry level apartment is priced to sell.

Street facing apartment, within landmark history rich building, with high ceilings overlooking picturesque CBD Adelaide scenery.
With fixed 4% annual rent increases until November 2023,
its a secure bricks and mortar asset returning strong cash flow.

Lot Asking Price Status Gross Return Net Return Weekly Return Annual Rent
47 $190,000 Sold 9.7% 5.88% $357.00 $18,610

Lease Details

Current Rent :      $357 per week ($18,610 per annum)
Rent  Return:        9.7% Gross / 5.88% Net
Lease Terms:        Lease to 31/10/23 plus 2 x 5 year options
Rent Review:         Next market review November 2023
Rent Increases:    4% increases annually as follows:
2018 + 4% = $19,354 / 10.18% Gross Return
2019 + 4% = $20,128 / 10.59% Gross Return
2020 + 4% = $20,933 / 11% Gross Return
2021 + 4% = $21,770 / 11.45% Gross Return
2022 + 4% = $22,641 / 11.91% Gross Return

Approximate Owner Outgoings:

Council Rates & Emergency Service Levy: $1471 p/a approx
Water Rates: $706 p/a approx
Body Corporate Admin & Sinking fund levies: $5264 p/a approx

 

**Please note – due to high occupancy photos were taken of an identical apartment on the fifth floor**

*** PLEASE NOTE:***  This property is due for major refurbishment, works will commence shortly. Refurbishment plan will include new kitchen, cabinetry, appliances and bathroom upgrades – the current owner has already contributed $10,867.61 to the works with the final balance of $20,181.61 to be paid by the new purchaser at settlement

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