This property is a unit in 1013/PS502321 Southbank VIC. Built in 2005, with 1 bedroom and 1 bathroom.
5.6% Net Rent Return in Southbank **INVESTORS ONLY**A spacious one bedroom apartment with a smart modern kitchen, stainless steel appliances, internal laundry facilities, separate bathroom, split system air conditioning, balcony, underground car park on title and onsite gym it ticks all the boxes.The building location is superb and is a short walk away from The Shrine of Remembrance, Royal Botanic Gardens, Albert Park Lake, South Melbourne Market, Melbourne Arts Centre, Flinders Street Station and Federation Square this apartment won't last long.Lease Details:Current Rent: $436 per week -$22,700 pa Current Return: Return: 6.3% Gross / 5.64% NetRent Increases as follows: March 2020 - $23,608 - 6.55% grossMarch 2021- $24,552 - 6.81% grossMarch 2022 - $25,534 - 7.08% grossMarch 2023 - $26,555 - 7.37% grossMarch 2021 - Market Rent ReviewLease Terms: Lease to 24/03/2024 plus 5 x 5 year optionsRent Increases: 4% yearly with market rent reviews every 5 years (next due 2024)Approximate Owner Outgoings:Council Rates: $1194.16 per annumWater Rates: $674 per annumBody Corporate Administration fee: Paid by tenantBody Corporate Sinking fund: $520.76 per annum **Please note that the franchisee has indicated some refurbishment works this term consisting of carpet replacement and new window furnishings