Investors are scrambling to get hold of these internally facing units as the returns are often better than paying top dollar for the waterfront apartments.
It's not hard to understand why as the potential to rent these apartments out on the short term 'per night' basis is ever growing, with strong demand from international guests and tourists looking for prime Viaduct short term accommodation.
This apartment is a spacious 57sqm (including generous deck) with nice open plan layout and even a peek of the sea from the lounge and deck. A lick of paint, perhaps come new carpet and a nice furniture package will transform this unit into an Air bnb machine!
Princes Wharf is a leasehold complex, hence very low capital outlay to purchase.
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.