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Sold - Lot 48, Quest on Chapel, VIC

Sold – Lot 48, Quest on Chapel, VIC

5.6%  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. This apartment was originally the gym but has undergone an extensive refurbishment in 2014 to be converted to an apartment.

Lot Asking Price Status Gross Return Net Return Weekly Return Annual Rent Statement of Information
48 (Apt 706) $500,000 Sold 5.6%** 5.18%** $540.00** $28,121** PDF

Lease Details:

Current Rent: $540 per week ($28,121 per annum)**
Next Rent Increase: 6th March 2019
Current Return: 5.6% Gross / Net 5.18% **
Return after increase: 5.8% Gross / 5.3% Net
Lease Terms: Lease to 5/03/2020 plus 3 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2020)
**Rents and returns are as of the 6th March, 2018**

Approximate Owner Outgoings:
Council Rates: $1171 per annum approx
Water Rates: $710 per annum approx
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $302.50 per annum approx

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