Sold: Lot 2, Potts Point, NSW
This Potts Point investment property is superbly located. This Studio apartment offers investors the opportunity to own an inner Sydney CBD apartment at a very affordable price with a steady rental income which is not dependent on the occupancy of your apartment. You receive rent each month and can rest easy knowing Quest are looking after your investment daily. Located right in the heart of Kings Cross its location cannot be beaten with the following in a close proximity:
– Kings Cross Station
– Royal Botanic Gardens
– Local Dining and Cafes
|Lot||Asking Price||Status||Gross Return||Net Return||Weekly Rent||Annual Rent|
Current Rent: $494 per week ($25,692 per annum)
Rent as of 1/12/17: $26,849.12
Next Rent Increase: 1st December 2017
Current Return: 6.69% Gross / 5.81% Net
Yield as of 1/12/17: 7% Gross / 6.12% Net
Lease Terms: Lease to 30/11/2018 plus 4 x 5 Year options
Rent Increases: 4.5% yearly with market rent reviews every 5 years (next due 2018)
**The lease also has a 6% Ratchet Clause which means the rent cannot go up or down by more than 6% at the market rent review**
Approximate Owner Outgoings:
Council Rates: $697 per annum approx.
Water Rates: $812 per annum approx.
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $1865 per annum approx.