HIGH 8.13% YIELD IN WELLINGTON CBD

Listing Number:  533
Posting Date:  28 November 2007






 
Price:$460,000
Listing:HIGH 8.13% YIELD IN WELLINGTON CBD
Type:Apartment
Category:Double Settlement
Bedrooms:3
Bathrooms:2
Region:Wellington
Site Area: 
Address: Login
Building Area:66 m2
Property Image

Description:

PURCHASE PRICE: $460,000

DESCRIPTION:
You get two fully furnished apartments on one title; 1 x studio and 1 x one bedroom. These apartments are situated on the first floor on the northern side of the building with full natural light and sun shining through the front slider doors which open on to a small deck. (There are apartments on the south side with very little natural light, so these apartments are situated on the most sought after side of the building).

LOCATION:
Wellington CBDs first duel apartment building, Monvie is just over a year old and now has a proven successful history. The location of these apartments is second to none, being only steps to the popular entertainment district of Courtenay Place, and yet positioned in a quiet side street away from the direct noise of the city. Close to supermarkets, gyms, transport, the waterfront, Oriental Parade, bars, restaurants, cafes, movie theatres and all Wellington central city amenities. This is one of the main reasons that investors have enjoyed very high occupancy rates, and excellent Capital Growth in the short time that they have owned these apartments.

RENTAL:
Currently this property is leased at $315pw for the studio on a fixed term lease until 03 February 2008. The one bedroom is currently unfurnished, and rented at $370pw with a fixed lease that expired on 27 July, but has now been extended on a periodic basis. The present rent return is $685pw.
As part of this contract, the vendor will be furnishing the one bedroom apartment. A rental appraisal from Quinovic indicates an increase in the rental return for the furnished one bedroom apartment to $400 - $420pw, giving you a total rental return of $735pw using the higher end of the estimate. An extraordinary rental return for a central city apartment!

GENERAL:
Two apartments on one title gives YOU:
- Options! You can buy or sell as a home and income. Or this is a superb rental property.
- You have a greater floor area combined which gives you excellent financing options. We have great financing with Westpac. Contact us for further details.
- Two incomes from one title gives you a far great yield than other apartments in the central city, so this is a supreme investment product. 8.31% gross yield in the central city! Spectacular!
- Have a one bedroom AND a studio successfully diversifies your income streams.