Where else can you secure two fully self-contained CBD apartments on one title for just $460,000 - already leased and producing immediate income?
Positioned high on Level 3 of Central Apartments, 303/16 Paterson Street offers a rare dual-key investment comprising a spacious one-bedroom apartment plus a completely separate hotel-style studio.
Both apartments feature their own kitchen facilities, private bathroom and comfortable living accommodation, creating two distinct income-producing spaces within one exceptionally versatile property.
Currently operating as serviced accommodation under a lease extending until 2027, the property offers investors immediate income without the usual day-to-day demands of managing tenants, cleaning, bookings or individual vacancies.
Now returning $2,904.45 per month, or approximately $34,853 per annum in base rental income, the numbers make this CBD investment particularly worthy of attention. Based on the recurring management costs and most recent maintenance-fund levies shown in the owner's ledger, the property provides an indicative net income of approximately $29,782 per annum before tax and other applicable ownership costs.
At the $460,000 asking price, this represents an approximate gross yield of 7.58% and an indicative net yield of approximately 6.47%.
Better still, the investment may also benefit from additional performance-based top-up payments during strong trading periods. These payments are variable and not guaranteed and have therefore not been included in the advertised rental income or yield calculations.
The Investment at a Glance
- Two fully self-contained apartments on one title
- Spacious one-bedroom apartment plus separate studio
- Asking price: $460,000
- Current monthly base rent: $2,904.45
- Current annual base rent: approximately $34,853
- Approximate gross yield: 7.58%
- Indicative net annual income: approximately $29,782
- Indicative net yield: approximately 6.47%
- Potential additional performance-based top-up payments*
- Serviced apartment lease currently in place until 2027
- Established income from the day of settlement
- No day-to-day tenant or booking management
- Elevated Level 3 position with sweeping Launceston views
- Secure complex with lift and stair access
- Outstanding walk-everywhere CBD location
The generous main apartment includes a separate bedroom, open-plan kitchen and dining area, built-in laundry facilities, excellent storage and a bathroom with shower over bath.
The adjoining studio provides its own private bathroom and kitchenette, making it ideally suited to the existing serviced accommodation arrangement.
Step outside and Launceston's cafés, restaurants, shopping, entertainment and business precinct are all within easy walking distance.
For investors seeking immediate income, two accommodation spaces and genuine CBD value, 303/16 Paterson Street presents an opportunity that deserves serious consideration.
Two apartments. Two income-producing spaces. One title - and one very compelling price.
Contact Terri Reynolds today to arrange an inspection.
