9/149 Brooker Avenue

Glebe TAS 7000

The location, an essential part of the equation, is convenient and central with plenty of parking available both on and off site.
A lovely city and mountain outlook is available from a number of rooms, many of which although offering a sleek and modern interior retain much of their original charm.
Rebuilt and transformed into 7 apartments (1 x 2 bedroom, 2 x 1 bedroom and 4 studios), reception, back office, storage etc in 2003
Lease to Quest Trinity is currently 3 years into its 3rd 5 year term with 4 x 5 year options to go.
Quest Serviced Apartments is the largest Serviced Apartment operator in Australia and New Zealand with in excess of 110 franchised apartment businesses throughout the region.
Net rent (Net of GST, Rates & Land Tax. Landlords obligations are Rates, Water,Land Tax, Body Corporate and repairs of a capital nature.
Gross rental income: $135,356.00 p.a.
(increasing by 4%pa after current upgrade, reviewed at the start of each 5 year term)
Rates: $8,900.00 approx Land Tax: $1,100.00 approx
Water: $2,950.00 approx Body Corp: $9,800 approx
Net Return: (around 7%) $112,606.00
FF&E belongs to tenant and tenant is responsible for all non capital maintenance and replacements.
Owner may be requested to do upgrade work ie carpet replacement at the beginning of each 5 year term.
Trinity House is the central and vital part of the business and without it in the pool the business could not exist.
Tenant must exercise next 5 year option a minimum of 3 months before expiry of current term.
N.B. RENTAL INCREASES BY 4% PER ANNUM from 1st agreed rental at the start of each 5 year term. All parties have agreed current 4% increase will be on hold until upgrades are completed.
NOTE: The Vendor will leave $100,000 of the $1,600,000 purchase price in trust to pay for the scheduled upgrade to be completed within 12 months.