7 Tower Street

Eastern Heights QLD 4305

This is a rare opportunity to secure a set of 4 strata tilted units in a prime Eastern Heights position, units such as these are tightly held and seldom come up for sale.

This set of units has only changed ownership 3 times since it was built in 1970 which proves what an awesome investment they have been.

The floor plan showcases 4 units (each with individual title and water meters) each unit has:

2 bedrooms (one bedroom in each unit is massive with room for an ensuite)
1 bathroom
Air-conditioning
An allocated garage
An outdoor balcony or deck

Unit 1 rents for $240 p/wk
Unit 2 rents for $250 p/wk
Unit 3 rents for $235 p/wk
Unit 4 rents for $240 p/wk

Recent works completed include: Unit 2 has been re-painted, new carpet recently installed and has new curtains, Unit 3 has recently had the hardwood floors polished and all units have modern air-conditioning systems. Unit 1 has a large recently renovated deck and has been newly painted and Unit 4 has also had a recently renovated deck.
External works completed include: all plumbing beneath the backyard was only replaced 3 years ago. New gutters were installed 4 years ago.

Outgoings you are responsible for:

Ipswich City Council Rates $463 per unit/quarter
Building Insurance per year $1760
Water usage is passed onto each tenant (you pay for the water connection fee)
Mowing of external common areas

The building itself is a brick veneer construction with a hardwood frame and hardwood floors and has yearly inspections for termites, a termite barrier was installed some years ago.

Under the dwelling is a common storage area and a 4-car garage plus the entire sub floor is accessible for inspections and maintenance.

As quoted, this property has a current gross yield for 6.65 % but with future renovations you could see this yield increased to a 7% or 8% yield as rents are increased.

All savvy investors are encouraged to book an inspection by contacting the listing agent Glenn Ball at First National Action Realty Ipswich but please keep in mind we have tenants in place so we must give adequate notice to inspect.

DISCLAIMER: First National Action Realty has taken all reasonable steps to ensure that the information contained in this advertisement is true and correct but accept no responsibility and disclaim all liability in respect to any errors, omissions, inaccuracies or misstatements contained. All distances, measurements and timeframes contained within this advertisement are approximate only. Prospective purchasers should make their own enquiries to verify the information contained in this advertisement.