Quest Launceston, is a magnificently restored heritage building superbly located in the heart of the CBD with easy access to the city Mall, tourist centre, dining options, boat harbour and stunning Cataract Gorge..
This one bedroom apartment measures 59 sqm and features a spacious lounge and dining area, fully equipped kitchen, separate bedroom with BIR's and separate bathroom with laundry facilities. Upgrade works are underway under our regular maintenance program and include new internal painting and carpets, updated bathroom cabinet and grouting works, all paid for by the current owner. This is a long standing and successful Quest location which offers investors a hassle free rental income in a quality location.
Lease Details
Current Rent: $1854.90 per month ($22,258 pa)
Next Rent Increase: 1st July 2017 by 4%
Current Return: 7.2% Gross / Net 6.4%
Lease Terms: Lease to 30/06/2021 plus 5 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2021)
Rent Increase schedule:
July 2017 - $23,148 pa (7.46% gross)
July 2018 - $24,073 pa (7.76% gross)
July 2019 - $25,036 pa (8.07% gross)
July 2020 - $26,038 pa (8.40% gross)
Approximate Owner Outgoings:
Council Rates: $1681 pa
Water Rates: $700 pa
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $800 pa
