Purchase Price: $219,000
A large one bedroom apartment right in the heart of the action on Princes Wharf.
At 67sqm (including the deck) these apartments are spacious and practical with the main use being short term rentals. Many owners are seeing great returns on these internally facing units as they cost less than the water front units, but the gross income can easily be over $50k per year if run well.
This particular unit has been successfully run by the current owner who has seen big profits in operating his short term accommodation business.
This is one of three units offered to the market by the same owner, so let's do the numbers together and you may well find yourself considering an offer on all three when you understand the earning potential.
This apartment is currently occupied more often than not with short term guests, so viewings by appointment with flexibility required.
Important to note the ground rent for Princes Wharf is increased annually by 3% or the CPI (whichever is greater) and this is fixed until at least 2039. This is extremely positive as it removes all of the uncertainty with the previous five yearly ground rent reviews that were in place.