OFF MARKET

111/48-54 Wellington Parade
East Melbourne VIC 3002

Bedrooms: 1
Bathrooms: 1
Car spaces: 1
Land area: 767m2
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Property Details for 111/48-54 Wellington Pde, East Melbourne

111/48-54 Wellington Pde, East Melbourne is a 1 bedroom, 1 bathroom Unit with 1 parking spaces and was built in 1939. The property has a land size of 767m2. While the property is not currently for sale or for rent, it was last sold in July 2018.

Building Type
Unit
Year Built
1939
Land Size
767m2
Local Government
Melbourne
Lot/Plan
111/PS549500

Last Listing description (September 2018)

An opportunity to secure a beautiful apartment in the ever demanding 'hot spot' of East Melbourne.
Complete with lounge/ dining area, and cosmopolitan kitchen that was recently updated, together with 2 x juliet balconies overlooking heritage rich neighbouring buildings.
Nestled to the rear of the building, enjoying the quiet court side location.

Walking distance to Yarra Park, The MCG, Olympic Park/ Tennis, Richmond, China Town, Collingwood or the CBD.
The building also boasts a rare communal rooftop terrace with stunning 360 degree views of Melbourne CBD, Richmond & surrounds
Currently securely leased to Quest,
Current Rent: $23,420per annum
Rent As of August 2018: $468 per week/ $24,357 per annum
Current return: 6.24% increasing to 6.49% in Aug 18.
Rent Increases:
August 2018- $24,357- Gross 6.49%- Net 5.31%
August 2019- $25, 331- 6.75%
August 2020- $26,344- 7.02%
August 2021- $27,398- 7.30%
Lease Terms: Lease to August 2022 plus 4 x 5 Year options
Rent Increases: 4% yearly with market rent reviews every 5 years (next due August 2022)
Approximate Owner Outgoings:
Council Rates: $1216 p/a (approx)
Water Rates: $970.00 pa (approx)
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund : $2235 p/a (approx)

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Property History for 111/48-54 Wellington Pde, East Melbourne, VIC 3002

A timeline of how this property has performed in the market
Last Sold
$375,000
10 Jul 2018
  • 10 Jul 2018
    Sold for $375,000
  • 20 Jun 2018
    Listed for Sale Not Disclosed
  • 18 Feb 2008
    Sold for $399,999

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About East Melbourne 3002

The size of East Melbourne is approximately 1.9 square kilometres. It has 10 parks covering nearly 46% of total area. The population of East Melbourne in 2011 was 4,714 people. By 2016 the population was 4,987 showing a population growth of 5.8% in the area during that time. The predominant age group in East Melbourne is 30-39 years. Households in East Melbourne are primarily childless couples and are likely to be repaying over $4000 per month on mortgage repayments. In general, people in East Melbourne work in a professional occupation. In 2011, 42.8% of the homes in East Melbourne were owner-occupied compared with 43.6% in 2016.

East Melbourne has 5,703 properties. Over the last 5 years, Houses in East Melbourne have seen a -3.97% decrease in median value, while Units have seen a -14.90% decrease. As at 31 October 2024:

  • The median value for Houses in East Melbourne is $3,332,170 while the median value for Units is $724,506.
  • Houses have a median rent of $1,100 while Units have a median rent of $620.
There are currently 38 properties listed for sale, and 23 properties listed for rent in East melbourne on OnTheHouse. According to CoreLogic's data, 223 properties were sold in the past 12 months in East melbourne.

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