26/9 Balmoral Street, Prahran, Vic 3181

**INVESTORS ONLY**
Situated right in the heart of one of Melbourne's premier suburbs, this 2 bedroom, 2 bathroom double story apartment with a car park on title and up to 60 days owner usage (subject to terms and conditions - clause 9 of the lease) won't last long. Quest Prahran is set within walking distance to the popular Prahran market, Chapel Street shopping district, Trams, Prahran train station and the Jam Factory.
Downstairs is a laundry and the living space featuring an open plan lounge/dining room with split system air conditioner and a fully equipped kitchen with electric oven, cooktop and dishwasher. Upstairs there are 2 bedrooms, master with en-suite and the seperete main bathroom.

Lease Details:
Current Rent: $516 per week ($26,836 per annum)
Next Rent Increase: 21st July 2018
Rent as of 21/7/18: $531 per week ($27,641 per annum)
Current Return: 5.5% Gross / 4.94% Net
Return as of 21/7/18: 5.67% Gross / 5.10% Net
Lease Terms: Lease to 20/07/2019 plus 5 x 5 Year options
Next Market Review: 21/07/2019
Rent Increases: Fixed for the first 2 years of every term, then 3% increases year 3, 4 and 5.

Approximate Owner Outgoings:
Council Rates: $1255 per annum
Water Rates: $681 per annum
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $792 per annum

As is common with all Quest Apartments, refurbishments can be called upon at the end of each term (next due July 2019). Early indications are the need for a repaint and re-carpet, re-tiling and grouting in the wet areas, kitchen appliances and window furnishings. With just over 12 months before the review can be called, all information here should be used as an indicator only and is subject to discussions between the new owner and the current tenant.