22/12-16 Kavanagh Street, Southbank, Vic 3006

*INVESTORS ONLY*
Stylish, cosmopolitan Southbank is the city's tourism and recreation heart. River boats link the vibrancy of Federation Square, Southgate and the Crown Entertainment complex. Outstanding dining and shopping opportunities blend with the National Gallery, Melbourne Aquarium, Concert Hall, Arts Centre and numerous theatres to create one of the most diverse visitor precincts in the country.

This one bedroom apartment is on the mezzanine level and is currently used by Quest Southbank as an operations office. The pictures above are of an apartment with exactly the same floor plan but in a mirror image, which is also on the mezzanine level.

Current Rent: $350pw ($18,215 pa), increasing to $360pw ($18,761 pa) in March this year.
Current Return: 6.62% increasing to 6.8% on 01/03/2015
Lease Terms: Lease to 1st March 2016 with 3 x 5 Year Options
Rent Increases: 3% per annum with market rent reviews every 5th year.
The next market review is due in March 2016.
This apartment has been recently repainted as part of our ongoing maintenance program to keep up the high Quest standard and new carpet is scheduled some time in 2016, which will be a cost for the new owner.
Internal features include 4 burner hot plate, under bench oven, range hood, separate bedroom with built-in wardrobes, air conditioner, spacious living / dining area and a tiled bathroom with laundry facilities.

Low owner outgoings:
Council rates $1001 pa
Water Rates - Paid by Quest Southbank
Body Corp Admin fees & Building Insurance - Paid by Quest Southbank
Body Corp Maintenance fund contribution - $100pa

No management fees, no vacancies, no tenant hassles.