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If a furnished apartment, ideally located close to Lambton Quay and Victoria University, is what you are looking for, then you must inspect this one bedroom apartment on The Terrace. Currently managed under a serviced apartment lease, this provides an ideal investment opportunity with a consistent income stream and all outgoings paid by the operator, prior to your monthly income disbursement. How easy is that!
The opportunity also presents itself for those purchasers looking for a maintenance-free owner-occupier situation.
The unit is being sold as a going concern with a commercial lease in place to Vic Central Management Limited, which can be described as follows:
Under the current management lease agreement, the pooled income system means each unit receives an apportionment of the monthly income received from the 72 units within this pooled income system, based on the relative unit's size, location and recommended rent rate within the building. The monthly payout ranges anywhere from $50,000 - $65,000 each month depending on occupancy and expenses. The monthly payout is done after Body Corporate Fees, management expenses, maintenance and rates are paid on behalf of the owners. All owners receive their apportioned income regardless of whether there is a tenant in their particular room or not.
Alternatively, 60 days notice can be given to be removed from the pool and the unit could then be rented out outside the pool.
Currently the unit is within the pooled income system, therefore leased to Vic Central Management Limited, who manage the unit and pool all the monthly income as outlined above. Copies of both the Deed of lease used and the annexed Heads of Agreement documents are available if requested.
The current management fees are 8% incl GST of the pooled income. This is deducted prior to the disbursement of income to all owners.
For those units outside the pool, the management fee is 9% + GST.
Chattels are included in the sale and a list is attached.
The building has a swipe card entry door at the ground floor level that only tenants and unit owners have access to, along with management and authorised service contractors. We have an on-site manager within the building that operates set office hours during the day and is on-call for any other emergencies.
Parking is not included with each unit, but there are 9 car parks underneath the building that are available for separate sale through Prime Property.
Call now to inspect this well-priced apartment and watch your returns begin!
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