This spectacular one bedroom fully furnished king bed apartment is one of the most desirable inner city properties. With Roma St Station Precinct upgrade (includes cross-River Rail) and new world class Queen's Wharf Brisbane both under construction, together with the bonus of the Olympic Games being held in Brisbane in 2032 this is a no brainer for the long-term savvy buyer.
The ideal buyer for this property is a businessperson or someone who visits Brisbane regularly for pleasure. It is the perfect home away from home. When not using your apartment, have the friendly onsite Cosmo Staff rent it out in the short-term rental pool for you. So easy. Cleaning and maintenance no problem - the on-site management will look after that for you also. Alternatively rent it out as an Airbnb. Apart from the cracking location, space inside and great city views, the next best thing about this apartment is that it's very affordable.
Please note, you cannot use this property as your principal place of residence (live in it as your home), however owners have good rights - call the agent for further details.
ABOUT THE LOCATION
• Located on trendy Park Road
• Walk to everything; restaurants, iconic hotels, cafes, bottle shop, shopping areas and cinemas.
• Brisbane's most acclaimed Chinese restaurant "China Sea - Milton" is a resident in this complex.
• Do you love sports and entertainment - Suncorp Stadium (home to last year's NRL Grand Final) is 1.0 km away
• Walk to the Milton Train Station (two stops to the city)
• Walk to Milton CityCat Terminal (one stop to the city, two stops to Southbank parklands and restaurants)
• Walk to the City (approx. 2.3 km - 30 min)
• Do you like walking, running, or cycling - fantastic riverside walkway is just 100 metres away
ABOUT THE APARTMENT
• Stylish 4.5 star one bedroom king apartment of second top floor
• Private balcony with fantastic views of the city
• Free high speed WiFi recently installed
• Rare, free car parking available when owner stays
• Tasteful decor and furnishings
• Self-contained kitchenette complete with kitchenware, two hotplates & dishwasher
• Washing machine and drier in bathroom
• Sold fully furnished
• Huge north-east facing private balcony
• Airconditioned
• Small gym and large sauna
• Professionally managed by Central Cosmo Apartments if you choose
FINANCIAL INFORMATION ON THIS PROPERTY
The net revenue for May-Dec 2022 (8 months/39.29 weeks) was $12,473 or $317 p.w. after rental management fees, cleaning fees and maintenance costs. The gross revenue for this same eight month period was $26,708.
After rental management fees, cleaning fees and maintenance costs, the Net Revenue (Paid to Owner) for the last four financial years was $15,487 (FY 2018), $14,215 (FY 2019), $13,104 (FY 2020) and $17,787 (2021). The gross revenue for 2018, 2019, 2020, and 2021, respectively, was $31,831, $30,240, $26,122, and $28,810.
Note that because the daily rental rates have increased (about 20% across all apartments) early last year combined with the opening of our international and interstate borders to visitors, the net revenue is showing great signs of increasing significantly for owners.
Outgoings
Brisbane City Council Rates: Approx. $430 per quarter
Qld Urban Utilities (Water). Approx. $278 per quarter
Body Corporate Fees: Admin & Sinking Fund = $7,510.78 per annum (admin = $5,318.76 + Sinking Fund = $2,192.02)
Balance of Sinking Fund: $336,823.59 as of 17/08/2022.
For further information on this property, please call (0432 00 33 55) or email Jeff Smith. Want a virtual tour no problems. Watch the video also online.
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