Sold $251,666 - Apartment, Unit/Apartment
LUXURIOUS 4.5 STAR STRATEGIC INVESTMENT
Address: 611/222 RUSSELL STREET, Melbourne VIC 3000
1 Bedroom 1 Bathroom
Total area: 34 sqm
– Air conditioning
– Built in wardrobes
– Internal Laundry
– Broadband internet access
– City Views
– Swimming Pool
– Garden / Courtyard
– Outdoor Spa
Situated in the beautiful Mantra on Russell, this little studio might be small but it certainly churns out a significant and secure net return for the smart investor.
Measuring up at just 34 sqm, this fully furnished Mantra serviced apartment offers investors a guaranteed NET return of 6% and offers the comfort of an annual 3% income increase each November.
Current monthly income is $1300 pcm with 3 x 5 year terms in place on the current lease agreement. Council and water $1400 pa however there are NO body corporate fees payable by the owner.
This truly is a great little money spinner, hassle-free, income guaranteed to increase by 3% each November as per lease agreement which equates into a whopping 30% increase guaranteed over the next 10 years!
Located on the 6th level (same level as facilities such as a great big beautiful swimming pool and spa bath, very well equipped gymnasium, a brand new sauna and a giant sun deck) this lovely little studio apartment is a perfect addition to any investment portfolio and is a great earner for both you and the Mantra!
Mantra on Russell is also located in one of the busiest areas in the city, next to China Town, Little Bourke Street and surrounding blue chip and theatre precincts and along with corporate accommodation contracts, the Mantra is always in constant demand no matter what time of year.
Something astute investors should certainly note is that if you’re in the market and looking at both short and long term benefits, the current rental income will more than likely increase slightly over the next twelve to eighteen months and quite significantly over the next three to five years given the high rental demand for apartments in the CBD, past trends and future forecasts.
Melbourne not only boasts the much envied accolade of the worlds most liveable city seven years in a row but the continuation of what is now by far the highest population growth rate in Australia – some 158,000 last financial year and this is certainly a secure indication of the direction of the future market from both a capital appreciative and rental perspective.
The ABS have also forecast that Melbourne will expand from 4.8 Million to 5 million people by June this year further reinforcing forecasts of a strong state economy and market stability based upon phenomenal population growth.
One of the many significant advantages of a serviced apartment with the Mantra is that you never have to worry about problem tenants, damage to the apartment, rental arrears/ income not been paid consistently and on time and the hassle of body corporate fees because all this is fully catered for by Mantra.
For peace of mind, all furniture replacement/upgrades are the sole responsibility of the Mantra so you won’t be hit with any surprise invoices for furniture or maintenance related issues (unlike most other serviced apartments), its a great deal and one that will stay in place for as long as you have the apartment.
Contact on 0422 060 234 / 0434 183 780.
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