Unit 2/93 Woods Street Darwin City NT 0800

Phone enquiries - please quote property ID 22845.

Situated in the Darwin CBD, this 2 bedroom self-contained apartment is part of City Gardens Holiday Apartments. This complex of 16 2-bedroom apartments is leased long-term for 5 years, with 3 5-year options, which commenced on 1/7/2016. The registered lease on the title to GYK NT Pty Ltd is trading as City Gardens Apartments. The second term of 5 years commenced on 1/7/2021 with an extended lease and annual rental review. Rental return commencing 1/7/2023 is $410 per week or $1,781 pcm. Rental is to be reviewed annually thereafter and adjusted to reflect the current marketplace. Rents are paid monthly in advance. For an investor, this would reflect a net return of 7.5% on the purchase price advertised.
The marketplace is Darwin is growing after a period of decline in house/unit prices and there is a strong demand for investment return plus capital growth. Units in this complex had certified valuations of $400,000 in 2013. Unit 2 has been on the market in this tightly held complex, for some time but was unsalable due to economic uncertainty and Covid. This has changed and now represents stable rental income and an opportunity for capital growth.
There has been a change of ownership of only 2 apartments in the past 15 years, both recently and both purchased by the current operator of the business GYK NT.
Unit 2 ownership forms part of a Superfund providing income for an existing retiree who has held an interest in the property over the last 25 years and will continue to hold ownership of some apartments. There are additional apartments similar to Unit 2 that have also become available for sale. Enquiries are invited.
The Body Corporate is self-managed, fees are estimated at $350 per quarter and the only other costs are Council Rates of $1,400 pa.
In the past 4 years, this apartment has installed new inverter split system air conditioners. Jan 2020, Kitchen upgrade with new benchtops and cupboards. The internal painting was completed in Feb 2017.
The onsite management team looks after the common property and units, letting out for short-term holiday or business rental. Central fully shaded lagoon-style pool set amid tropical gardens and BBQ area with shade.
As an owner, you have no input in how the business is conducted, apart from collecting your rent and confirming any replacement or repairs that may need to be done to the apartment's fixtures or fittings. Contents of apartments are owned by the management.
Further photos may be accessed by checking the website for City Gardens Apartments, Darwin.
This property is a set-and-forget long-term investment.

DISCLAIMER While proudly assisting home owners to sell since 1999, No Agent Property takes every care to verify the accuracy of the details in this advertisement, but the correctness cannot be guaranteed.