Huge Price Reduction - Under Contract
|Address:||205/8 Mount Street, Auckland City, Auckland map|
|Category:||Apartment - City Location|
Extra Large 5 bedroom
The owner of this apartment wants it sold and the price has been reduced from $795,000 to $710,000! This is a fantastic opportunity to get an investment property without the usual hassle. The Unicentre is setup for someone looking to purchase an investment similar to a small commercial property with a core tenant in place on a long term lease.
Purpose built for the student market in 2004 by Fletchers it comprises 105 large apartments with 4- 5 bedrooms, study area for each bedroom, 2 bathrooms.
All apartments have a lease in place to the AUT (Auckland University of Technology). The AUT is the core tenant who in turn sub lease each room to individual students charging them per room. AUT provide a 21 year guaranteed net rental until 2025 with a right of renewal for a further 9 years until 2034. Apartment #205 is a truly unique 5 bedroom, 138m2 apartment 35% larger than the standard 5 bedroom.
All operational costs are covered by the AUT which include, Body Corp fees, Insurance, Land rates, maintenance, marketing for students, advertising etc. There is a 5% Property management fee to the investor.
Apartment #205 is a truly unique 5 bedroom, 138m2 apartment, 35% larger than the standard 5 bedroom with larger bedrooms and living area. This equates to only $5145 per m2, unbelieveable value.
Net rental is currently in excess of *$40,209 + GST per annum, ($773 per week) with a further 6% rent review in 2019.
*There is a 5% Property Management fee to the investor.
All purchasers must be registered for GST. We recommend that all interested parties seek independent professional advice.