Sold $320,000 - Apartment, Unit/Apartment
MANTRA ON RUSSELL – STRATEGIC INVESTMENT IN AUSTRALIA’S STRONGEST ECONOMY!
1807/222 RUSSELL STREET, Melbourne VIC 3000
1 Bedroom 1 Bathroom 1 Balcony
04/06/2019 Tuesday 1:00pm – 1:30pm
Situated in one of the Mantra Groups finest city hotels, the prestigious Mantra on Russell, this spacious one bedroom serviced apartment is a real power house constantly booked out and churning out a significant net return for the smart investor.
Tastefully furnished with contemporary designs and appointments, light filled with a well proportioned 60 sqm floor plan, this apartment generates a net return of 6% for investors plus the security of a solid 3% annual income increase each year.
Current monthly income is $1866 pcm with 3 X 5 year terms remaining in place with the current lease agreement. Council and water works out at $1600 pa and there are NO body corporate fees payable by owners throughout the terms of the lease. In the 2019 financial year, investors can look forward to a total income of approximately $24,000+ pa.
This truly is a great little money spinner, it’s totally hassle-free and apart from the minimum council and water rates, you don’t need to attend to anything at all, everything is taken care of for you. The annual income increase of 3% each November as per the Mantra lease agreement equates into a whopping 30% increase guaranteed over the next 10 years!
Apartment 1807 is situated high up on the 18th level with a balcony overlooking downtown Little Bourke Street and bustling Chinatown, this apartment is the ultimate addition to any investment portfolio and is a great earner for both you as well as the Mantra Group!
Mantra on Russell is a luxury 4 star hotel and one of the busiest Mantra locations in the network located in the busiest area in the city, adjacent to all the restaurants of China Town, Little Bourke Street and surrounding blue chip and theatre precincts along with substantial corporate contracts, the Mantra is always in constant demand no matter what time of year it is with all of Melbourne’s never ending entertainment and sporting events – Christmas is the busiest with the AFL Grand Final in September, Australian Open in January and Australian Grand Prix in March all competing for second place! That’s on top of everything else that the Mantra on Russell accommodates throughout the year!
Mantra on Russell also offers its guests exceptional facilities which is one of its main attractions such as a large indoor heated swimming pool complete with spa bath, a very well equipped gymnasium, a brand new sauna fit out all surrounded with a giant sun deck up on level 6.
Level 1 includes substantial conference rooms, home kitchen restaurant with a delicate menu providing fine dining for breakfast, lunch and dinner.
Importantly, investors should certainly take note that this a long term lease with approximately 20 years remaining and offers both short AND long term benefits and with the current Melbourne CBD rental demand more than likely set to increase over the next twelve to eighteen months and quite significantly over the next three to five years given the population and visitation growth which increases demand for apartments in the CBD and this is based upon current demand, past trends and will certainly influence future rental demand, demographic and financial figures as well as been indicative of actual incomes for investors.
Melbourne not only boasts the much envied accolade of “The World’s Most Livable City” seven years in a row but the continuation of what is now by far the highest population growth rate in Australia – some 160,000 people last financial year all wanted to move here!
Victoria’s spectacular economy is the strongest in the country and booming even further still, particularly with the construction industry and this is certainly a secure indication of the direction of the future market from both a capital appreciative and rental perspective that puts Melbourne at the forefront of investment opportunities in Australia.
The ABS have also forecast that Melbourne’s exploding population will continue to expand to well in excess of five million people by June 2020 further reinforcing Australia’s strongest economy and market stability based upon the phenomenal population growth and spectacular economic success experienced to date.
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 you by the Mantra Group.
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 some other serviced apartment operations which investors should be aware of) and with all things considered, right across the board, this apartment and the manner in which it is operated and managed is a great deal and one that will stay in place, work for you as a significant earner with low maintenance and certainly worthy of short listing in your search for an ideal investment property.
INSPECTION BY APPOINTMENT ONLY. CONTACT AGENT FOR FURTHER DETAILS.
PLEASE NOTE: THIS PROPERTY IS AVAILABLE FOR PURCHASE BY INVESTORS ONLY AND IS NOT AVAILABLE FOR OWNER OCCUPATION.
CONTACT 0422 060 234 / 0434 183 780.