Property Details

Melbourne

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Sold $488,000 - Apartment, Unit/Apartment
81 sqm 2 Bedrooms 2 Bathrooms  Add to Favorites Print

NORTH FACING MANTRA ON THE PARK OPPORTUNITY!

608/333 EXHIBITION STREET, Melbourne Vic 3000

Price: $488000

2 Bedroom 2 Bathroom

Floor area: 76 sqm
Land area: 81 sqm

  • Air conditioning
  • Balcony / Deck
  • Broadband internet access
  • Built in wardrobes
  • Dishwasher
  • Ensuite
  • Ensuite(s)
  • Furnished
  • Garden / Courtyard
  • Gym
  • Heating
  • Intercom
  • Internal Laundry
  • North Facing
  • Swimming Pool

This really is a licence to print an endless supply of CA$H!! – A Mantra Serviced Apartment!

This cosy high net return investment apartment at the ever so tightly held Mantra on the Park which is situated right in the heart of Melbourne’s China Town, Theatre and restaurant precincts currently offers a secure lease with 17 years remaining. And NO BODY CORPORATE FEES!

At the expiry of the lease, you can either continue leasing with Mantra or acquire vacant possession and do whatever you wish with it, live in it or lease it out privately. Its a two-fold option and it’s your choice.

Two bedrooms, two bathrooms (master with ensuite) and measuring up at 76 sqm + 5 sqm balcony, this apartment is well situated on the 6th level and boasts a nice north easterly view of the Exhibition Buildings and surrounding area from the balcony and living area.

And there’s quite a story to this location too – right across the street from Australia’s first built World Heritage listed 19th century Exhibition Buildings and the stunningly beautiful Carlton Gardens which has been featured in many a feature film and various movies over the years.

Fully refurbished recently, this apartment is fitted out with both contemporary furniture and appliances and is the perfect investment for those wishing to achieve long term capital growth and is ideally structured for superannuation self-funded investment.

Currently leased at a generous $26,932 pa with a 3% annual rental income increase occurring each October which will escalate the income to approximately $27,740 pa in October 2019 and the only outgoings you pay are council and water rates which amount to around $2000pa and these outgoings tend to stay within this range.

The current lease runs over the remaining terms of the lease until 2035. with further options if YOU wish.

Net income for next 12 months December 2018 to December 2019 will be $31,554 offering investors a secure 6.3% gross return and a 5.9% net return.

This return will also increase with the annual income increases of 3% pa ( 51% during the remaining part of the current lease over the next 17 years) which is reassuring to know and is part of the current lease agreement in place.

There is also another option available here for you too and the real benefit of this apartment in terms of capital gain will be substantial at the conclusion of the current lease term in 17 years when owner occupational status becomes available in 2035.

Vacant possession availability obviously increases the overall quantum value significantly as it can attracts both owner occupiers as well as investors from a selling and value perspective especially in the theatre and restaurant precincts here in the city which drives your capital appreciation up even further again.

However, if you’re an investor, Mantra will be more than happy to sign up a brand new long/short term lease if this is what you would prefer.

Furthermore, all current Mantra apartment investors share in-house owner entitlements and use of not only their own apartment, but any of the 55 spectacular Mantra locations around Australia, New Zealand and Indonesia.

A rare opportunity which the north facing balcony and one which should be acted upon quickly!

INSPECT AS ADVERTISED. CONTACT AGENT FOR FURTHER DETAILS.
Contact SUNNY LU 0422 060 234 / 0434 183 780.
CONTACT 0422 060 234 / 0434 183 780.

 

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Agent Sunny Lu

  • Office : 03 9663 0988
  • Mobile : 0422 060 234


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