111/48 Wellington Parade, East Melbourne, Vic 3002

An opportunity to secure a beautiful apartment in the ever demanding "hot spot" of East Melbourne.
Complete with lounge/ dining area, and cosmopolitan kitchen that was recently updated, together with 2 x juliet balconies overlooking heritage rich neighbouring buildings.
Nestled to the rear of the building, enjoying the quiet court side location.

Walking distance to Yarra Park, The MCG, Olympic Park/ Tennis, Richmond, China Town, Collingwood or the CBD.
The building also boasts a rare communal rooftop terrace with stunning 360 degree views of Melbourne CBD, Richmond & surrounds

Currently securely leased to Quest,
Current Rent: $23,420per annum
Rent As of August 2018: $468 per week/ $24,357 per annum
Current return: 6.24% increasing to 6.49% in Aug 18.
Rent Increases:
August 2018- $24,357- Gross 6.49%- Net 5.31%
August 2019- $25, 331- 6.75%
August 2020- $26,344- 7.02%
August 2021- $27,398- 7.30%
Lease Terms: Lease to August 2022 plus 4 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due August 2022)

Approximate Owner Outgoings:
Council Rates: $1216 p/a (approx)
Water Rates: $970.00 pa (approx)
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $2235 p/a (approx)