About the property

Gloucester Street - City East: large renovated character home which was legally divided into four 1 bedroom flats in the 1950s.

Floor area: 190m2 (aprox)
Land area: 796m2 Zoned L3 (which 80% of the site coverage could be built on)

Rates: $2,675.18

Each unit has its own separate entrance way, courtyard, off street car park, power, water supply, kitchen, bathroom, toilet, living room, bedroom, hot water cylinder, clothesline and washing machine power supply. All units are very spacious with sizeable courtyards and are totally self contained and private.

The units were completely renovated including new fittings and fixtures, carpet, curtains etc. in 2008 to a high standard using professional tradesman as the original plans were to keep this property as a long term holder and positive cash flow investment. Because of this, the renovations were thorough and of high quality.

- Situated on 796sqm zoned L3 (high density housing) this property is a great long term land bank option.

All flats professionally managed by Quinovic Property Managers and rented as follow:

1. $190 Per week. Yearly tenancy ends 02-Oct-2010
2. $195 Per week. Yearly tenancy ends 05-May-2011
3. $195 Per week. 8 Year happy tenant -rent review/increase in 25-Aug-2010
4. $195 Per week. Yearly tenancy ends 19-Dec-2010

Total Rent: $ 775.00 Per Week.

Available on request rental assessments from Quinovic stating that $205.00 / $210.00 per flat, per week would be achievable.

The yields would be as follows:
At current rent $ 775.00 per week. yield 8.5%.
At rental assessment of $205 per flat - $ 820.00 per week. Yield 9.0%
At rental assessment of $210 per flat - $ 840.00 per week. Yield 9.2%

Please contact for photos