Sold $268,000 - Apartment, Unit/Apartment
FOR SALE – LICENCE TO PRINT CASH!!!
Address: 607/39 LONSDALE STREET, Melbourne VIC 3000
2 Bedroom 1 Bathroom
Total area: 45 sqm
– Air conditioning
– Built in wardrobes
– Broadband internet access
And this place is just that – a real licence to print real cash real fast with a high 8.5% return and a line of tenants for this building like Myers on Boxing Day.
Situated on the 6th level, this cosy 2 bedroom apartment in downtown Lonsdale Street is leased very easily and currently generating $1999 pcm in rental income offering a very high 8.5% return gross and a 6.7% net return.
Total outgoings approx. $5500 pa and the rental income, with the phenomenal Melbourne population explosion, will only continue to go up further and further.
Something astute investors should certainly note is that looking at both short and long term benefits, the current rental income of $23,988 pa will more than likely increase slightly over the next twelve to eighteen months but 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 160,000 people just last financial year alone 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.
Also worth noting is the ideal location in the theatre precinct between Exhibition Street and Spring Streets where property values and demand are a tad higher and more desirable than most other parts of the CBD. In addition, This particular building, Global Village Apartments, attracts a lot of consistent demand from both students and professionals alike with its ideal location and convenience.
Reasonable outgoings of approximately $5500 pa and good, solid and sustainable return with consist rental income and excellent tenant all contribute to making this property a great investment opportunity and there are certainly no issues with obtaining a tenant with a constant demand for the building and its highly desirable location.
Despite been best suited for the investor, vacant possession is also available for the owner occupier at the expiry of the lease in August with no restrictions of occupation, so if you’re a regional buyer requiring a city pad, this is absolutely perfect or even a first home buyer, student or city professional.
Close to all the theatres, all the fancy restaurants of China Town and surrounding streets, universities, Collins Street blue chip precinct and immediate city amenities.
Contact Sunny on 0422 060 234 / (03) 9663 0988