Positioned in the heart of Palmer Street's well-known dining precinct, this dual-key apartment within Mainstay Suites presents a straightforward, long-term "hands off" investment opportunity with stable high yielding return with the tenant responsible for the majority of the key outgoings. Located just moments from the CBD, The Strand, and Magnetic Island ferry terminal, the property benefits from strong ongoing demand driven by both tourism and major employment hubs.
Designed for extended-stay accommodation, Mainstay Suites caters to a consistent tenant base including medical professionals, defence personnel and corporate guests. Its central location provides convenient access to Townsville Base Hospital, Lavarack Barracks, James Cook University, the Port of Townsville and other key infrastructure, supporting reliable occupancy and long-term viability as an investment.
Set on the top floor and accessed via internal lift, the apartment enjoys elevated harbour and coast views extending across to Magnetic Island. The dual-key configuration comprises a self-contained studio and a separate one-bedroom apartment, both fully furnished, air-conditioned and maintained by the onsite management. The complex itself features a guest pool, reception, secure parking and professional management, contributing to a streamlined and completely stress free ownership experience.
Your Property:
• Studio apartment with bedroom, bathroom, kitchenette and private balcony (approx. 36sqm);
• One-bedroom apartment with full kitchen, separate living area, laundry, spa bathroom and balcony (approx. 46sqm);
• Both apartments fully furnished and air-conditioned;
• Harbour and Magnetic Island views from both balconies;
• One-bedroom apartment includes generous storage and functional layout for longer stays;
• Serviced, cleaned and maintained by onsite management;
• Top floor position with lift access.
Your Investment:
• Currently returning $2,921.88 net monthly ($35,062.56 net yearly) with annual 4% increase - that's over 7.4% net yield;
• Guaranteed income regardless of vacancy with yearly increases;
• 1 August 2026 - 31 July 2027 $36,465.06;
• 1 August 2027 - 31 July 2028 $37,923.66;
• 1 August 2028 - 31 July 2029 $39,440.61;
• Lease extension options - two further terms of 5 year duration & one further term of 7 years and 4 months
• The Tenant even covers body corporate administration levy, council rates & insurance costs;
• Owner pays a sinking fund contribution of approximately $3,600 per annum - meaning a very high yielding net investment!
• Located within Mainstay Suites, a 4-star serviced apartment complex;
• Secure complex with onsite reception and professional management;
• Shared swimming pool for guest use;
• One allocated secure car space;
• Low-maintenance, fully managed investment setup - complete stress free and "hands off" owner investment.
The Location:
• Situated in Palmer Street's established restaurant and dining precinct;
• Minutes to Townsville CBD and business district;
• Close to Magnetic Island ferry terminal and The Strand waterfront;
• Easy access to major employers including Townsville Base Hospital, Lavarack Barracks, Port of Townsville and universities;
• Proximity to key lifestyle attractions including Castle Hill, Jezzine Barracks and the Great Barrier Reef.
This property is ideally suited to investors seeking a high yielding passive, long-term income stream. With a secure lease in place until 31/07/2029 plus options of approximately 17 years of further extension, annual rent increases of 4%, and minimal outgoings responsibility, it offers a predictable and low-touch investment profile. The dual-key configuration further supports consistent demand and diversified income within a professionally managed complex.
For more information please complete an enquiry below, or contact Ben Waugh on 0487 730 456.
Disclaimer: Interested individuals should independently verify the accuracy and current relevance of the provided information. The agent cannot guarantee the correctness of the details shared. It is recommended that you rely on your own inspections and investigations to determine if this property meets your needs, as the information provided is general in nature. Elevate Property Partners assumes no liability for any loss incurred due to inaccuracies or omissions.
