Selling for less than half the replacement cost - Incredible value!
Enter the apartment and you find a wide entry hall perfect for a home office/study and/or storage area. There is an oversized bathroom with disability access shower. Walk through to the main living area which is very substantial in size and overlooks Market Street. The living zone includes a kitchen, generous dining area, living area and spacious bed area with built in robe.
Leased to Oaks on Market Hotel for 5 years (lease expires August 31st 2031).
You cannot occupy the apartment until the lease expires, however there's a guaranteed rental return which is yielding close to 7% net per annum, it's a set and forget rental paid into your bank account each month no matter what, and there's built in CPI rent increases annually which means 7% return today would be 8% in only a few years time.
The most attractive part of this opportunity is the significant upside in the property value in 5 years time when the lease expires. Or if you'd prefer to hold longer term rather than cash in on the value uplift, then you'll have to option in 2031 to move in, lease out privately or potentially renew another 5 years with Oaks. The choice is yours!
Rent Income $16,604pa
less Owners Corp Sinking Fund $1,560pa
NET RENT = $15,044pa
Oaks (tenant) pay the council rates, water rates and owner corp admin fund fees under lease agreement!
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