Sitting on a luxurious 1429 sqm block, these two-bedroom duplexes are an investor's dream.
My Senior property manager has appraised the rental value at a minimum of $660 per week. We manage 450 rental properties, and vacancies are almost nonexistent. We believe we could have tenants in these well before settlement. Currently occupied by a family member, they will come with vacant possession. We have left the second duplex empty for the moment, just so it is easy to show. To add extra spice to the opportunity is the fact that the minimum freehold residential block size in this shire is 600 sqm, so there is certainly a possibility for future development.
The apartments were built at a time when builders were not too concerned about square metres, hence each one has very large proportions. They were also built in an era when "hard wood" timber meant very hard, so hard that it is still there today. It has seen off four cyclones and has shrugged them off without moving an inch. They just don't make them like this anymore.
Inside, the kitchens have been upgraded, and both bathrooms are neat, but one is very much on trend. The open plan living areas are very large, they have air conditioning throughout, and both have a large covered patio. This is the perfect place for a morning coffee or a quiet drink with friends in the evening. Each side has an additional office/ study space. Underneath, there is room for two cars and a tinny or trailer on each side. Fully concreted down here, you will also find the launderies. Both apartments look over the rolling lawns with tropical plants and no rear neighbour to look at.
Your tenants will be able to walk to town, and it is close to schools, the sports grounds, the hospital, and entertainment.
I have calculated the gross return at 7.9% based on our conservative rental appraisal. This does not factor in the future development potential, STCA. With a couple growth last year of around 16% smart investors will be knocking down the door.
Contact Michael Skuse
