65/575 Hunter StreetNewcastle West NSW 2302
Property Details for 65/575 Hunter St, Newcastle West
65/575 Hunter St, Newcastle West is a 2 bedroom, 2 bathroom Unit with 1 parking spaces and was built in 2010. The property has a land size of 2740m2 and floor size of 82m2. While the property is not currently for sale or for rent, it was last sold in May 2023.
Last Listing description (June 2024)
Located in The Quest's Newcastle West hotel this property is poised as a strong investment with guaranteed monthly rental income and a rental yield currently sitting around 5.5% (G).
The property is perched on the 8th floor with views over the city towards Bar Beach and No.1 Sportsground. Inside there has been considerable renovations and styling updates in the last year.
The Quest is a well-known hotel in Newcastle located right in the heart of the CBD. The light rail swings right past your door step as does the local bus route taking guests and residents into the East End's Beaches or to a conference nearby. Walking distance from the hotel are several great restaurants and bars. It is a central location for anyone looking to come to Newcastle for a show at a local venue, a corporate venture or a short visit or holiday.
So, what are the nuts and bolts of this investment?
- Currently leased to The Quest until 11/06/2020 with options of 5 x 5 year renewals.
- Rental increases of 4% annually during each lease term (16% across the 5 year lease).
- Market rent review every 5 years (due 2020).
- Current return of $27,346 annually ($2,278.83 per month).
- Current annual outgoings of $2,554.
- Indicative investment yield is at 5.5% gross yield.
- No management fees.
- Sell at any time.
- Full Council Rates $314.74 p/q – Owner is only responsible for 50% and the lessee (Quest) 50%.
- Full Strata Levies $1,143.10 p/q – Owner is only responsible for Capital Works Levy which is $481.60 p/q and the lessee (Quest) for Admin Fee.
The benefits of an investment like this are plain and simple. Each lease term is 5 years meaning you have a long term reliable tenant. There are no tenancy problems, disputes or unexpected vacancies and there are minimal outgoing costs.
Property History for 65/575 Hunter St, Newcastle West, NSW 2302
- 16 Jun 2023Listed for Sale Not Disclosed
- 11 May 2023Sold for $700,000
- 27 Feb 2023Listed for Sale Price Guide $730,000 - $750,000
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About Newcastle West 2302
The size of Newcastle West is approximately 0.8 square kilometres. It has 5 parks covering nearly 31.8% of total area. The population of Newcastle West in 2011 was 593 people. By 2016 the population was 619 showing a population growth of 4.4% in the area during that time. The predominant age group in Newcastle West is 20-29 years. Households in Newcastle West are primarily childless couples and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in Newcastle West work in a professional occupation. In 2011, 36% of the homes in Newcastle West were owner-occupied compared with 35.9% in 2016..
Newcastle West has 1,812 properties.
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