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For Sale SIGNS
February 02 2010 15:15
For sale Signs are available now! Contact us for more info.
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Address: Lot 33, 10 Harrison St
City and State: Wangaratta, VIC
Country: Australia
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Price: $226,450.00 |
Property ID: 84
Property Details:
2 Bedroom(s)
2 Bathroom(s)
0 Car Garage
Neighbourhood:
Property Size: 114.00 Square Meters
Lot Size: 0.00 Square Meters
Age: 0
Detailed Description
Strong Market Overview
Homestead Life Creekside, a safe and secure community for able-bodied residents 55yrs or older who either reside in “village units” or the larger residential units. The onsite Caretaker Manager, engaged through the Body Corporate is responsible for the upkeep of the community & common property.
Through rental and letting agreements, the onsite manager will administer and manage the rental properties, supplementing their income to ensure a viable operation that is maintained to high standards for unit owners and tenants. Three meals per day and a weekly linen service will be provided to all village unit residents through the “services agreement”. Copies of all agreements will be annexed to the Contract of Sale. There will be a management representative onsite at all times – 24 hrs per day.
Rental payments will be received to Trust by the Manager, directly from Centrelink or the resident’s financial institution and disbursed to the owner, the body corporate, and for services on a monthly basis.
Rental rates are based on 82% of the aged pension and 100% of the rental assistance scheme for one (1) bedroom village units, and 85% of the aged pension and 100% of the rental assistance scheme for the 1 one bedroom plus utility room village units.
Monthly rental management fees using the onsite Manager are 7% (plus GST) of the gross rent, including services and body corporate fees, with the initial letting fee of 15% of one month’s rental per letting.
The Manager has specific responsibilities and commitments, which are contained and outlined in the relevant agreements which owners, are a party to. This method of operating retirement villages and similar residential communities is not new, and has been very successful for a number of years.
The wait list for prospective tenants is building rapidly and will continue until sufficient tenants are secured, for full community occupancy. Construction commenced in April 2007 with the first certificates of occupancy expected in February 2008
By purchasing a duplex (two units on one title), the risk of no income is considerably reduced during the start up period of the community and as tenants move on later in your investments life. It is estimated that the average tenancy will be in excess of 10 years also contributing to this sensible and sound investment opportunity.
Investors Note
This exceptional opportunity suits property investors looking for a medium to long term, cash flow positive investment. It may be best suited to investors who have access to equity in currently owned property, or who are prepared to inject cash into their investment purchase.
These units are not serviced apartments, and are fully independent living units with kitchen and laundry facilities. Units may be occupied by tenants or owner-occupiers being 55yrs or older, as they are a part of a normal strata titled sub-division.
As the units are strata titled, and investors own the title like any other property investment, Property finance is available for purchase and units can be sold at any time using normal residential real estate selling methods.
Your Tenants
The target tenant market for these units is aged pensioners who can also receive the government rental assistance scheme. These tenants tend not to move residence or relocate very often, if at all, so they are a generally a long term, stable source of rental income.
Wangaratta and the immediate region currently have a larger than average number of aged pensioners and citizens 55yrs or older. The number of suitable tenants in the region will only increase in the coming years due to the current demographics of the area.
The tenants will live in a secure community with like residents, enjoying good facilities in a great location. This will assist to attract tenants. A significant marketing campaign will be implemented to furtherly secure prospective rental tenants upon the commencement of construction.
Ensuring Great Community Living
The community Managers, John & Alison Raymond have moved back to Victoria following 3 years in Queensland after managing a large residential complex there.
They are looking forward to their new home & roles. John &
Alison both have warm, caring & understanding personalities.
John is experienced in property management, as well as being
a qualified workplace counselor, & commercially experienced
with the maintenance of large gardens. Alison has over 20
years experience working in large medical practices in
co-ordination & receptionist roles. They have two grown up
More Details:
Near transit
Near park
River waterfront
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For more information call
Adam Remigio
0416440822
or click here to email.
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