Purchase Price: $199,000
Internal one bedroom on Princes Wharf - in Shed 23.
At 76sqm (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 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.