澳洲Australia property Quest Serviced Apartment Flemington Melbo
Right now we need a cash buffer to tide us over the next couple of years so we have decided to say good-bye to our serviced apartment in Flemington, Melbourne.
Leased to Quest 5 x 5
Additional 5 year option requested by Quest but we have not granted to maintain strong negotiation position and keep options open.
The current lease ends late 2008.
Rent is sent at market at beginning of each lease and then increases at 4% pa
Current rent of $1,480.26 per month / $17,763.12 per annum.
Tenant pays most outgoings: rates, body corporate, repairs etc.
Landlord pays sinking fund (aprox $500 per annum) plus any capital works.
Tenants owns and is responsible for furnishings.
Property Manager not required but can use at highly discounted rates Network Pacific (who are also body corporate)
2 bed, 2 bath located on top (third) level overlooking Heritage Jockey’s Hospital and the Westgate bridge if you look in the right direction from the balcony.
We selected this one as it is in a quiet position away from the road and therefore easy to let when it becomes a private apartment.
We anticipate a large capital growth surge when it converts from commercial to residential in about 6 years time (unless you extend for additional 5 years)
Before we take it to agents we are inviting any offers from somersoft. Happy to consider creative deals that are win-win.
There have been heaps of posts on serviced apartments if you want to read about the pros and cons.