202/48-54 Wellington ParadeEast Melbourne VIC 3002
Property Details for 202/48-54 Wellington Pde, East Melbourne
202/48-54 Wellington Pde, East Melbourne is a 1 bedroom, 1 bathroom Unit with 1 parking spaces and was built in 1939. The property has a land size of 768m2. While the property is not currently for sale or for rent, it was last sold in September 2016.
Last Listing description (April 2024)
An opportunity for INVESTORS ONLY to secure a beautiful studio apartment in the ever demanding "hot spot" of East Melbourne.
Under long term lease with Quest hotels, with no management or letting fees, the apartment is within walking distance to the MCG, Melbourne Tennis Centre, AAMI Stadium, Fitzroy Gardens, The Tan and the Melbourne CBD, the apartment boasts a location that would be hard to beat.
With a communal rooftop terrace providing stunning 360 degree views of Melbourne CBD, Richmond & surrounds, complete with BBQ area and laundry facilities. A magical building & location!
Lease Details:
Current Rent: $369 per week $19,188 per annum
Current Return: 6.66% Gross / Net 5.22% Net
SET RENTAL INCREASES AS FOLLOWS
August 2024 + 4% increase= $19,955 pa - 6.93%
August 2025 + 4% increase= $20,753 pa - 7.21%
August 2026 + 4% increase= $21,583 pa - 7.50%
August 2027 = Market Review.
Lease Terms: Lease to 5th August 2027 with 3 x 5 yr options.
Rent Increases: 4% Increases yearly with market rent reviews every 5 years (next due 2027)
Spacious studio with kitchenette, sitting/ dining room and inbuilt desk area with storage and ensuite style bathroom. Boasting period features with timber french doors and gorgeous front facing Juliet style balcony with outlook to Weedon Reserve,
A beautiful building that displays heritage features such as sash windows and stunning exterior curved glazing and banded brickwork, typical of the art deco buildings within prestigious East Melbourne.
Approximate Owner Outgoings:
Council Rates: $1123.00 per annum
Water Rates: $1059 per annum
Body Corporate Administration fee: Paid by tenant
Body Corporate Sinking fund: $1986 per annum
The information provided herein, and any further information supplied, is provided by way of example only. It is intended as general information only and is not to be construed as investment, legal or taxation advice. Potential investors are encouraged to seek the advice of their legal, financial and other advisors prior to investing, so as to determine whether this type of investment is suitable for their specific needs.
The information contained has been provided by third parties. Potential purchasers are advised to conduct independent due diligence to ensure its accuracy. We do not accept any responsibility to any person for its accuracy and do no more than pass it on. All interested parties should make and rely upon their own inquiries in order to determine whether or not this information is in fact accurate.
Property History for 202/48-54 Wellington Pde, East Melbourne, VIC 3002
- 22 Apr 2024Listed for Sale Not Disclosed
- 18 Apr 2019Listed for Sale $331,000
- 12 Sep 2016Sold for $335,000
Recent sales nearby
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About East Melbourne 3002
The size of East Melbourne is approximately 1.9 square kilometres. There are 10 parks, covering nearly 46.0% of the total area. The population of East Melbourne in 2016 was 4964 people. By 2021 the population was 4896 showing a population decline of 1.4% in the area during that time. The predominant age group in East Melbourne is 30-39 years. Households in East Melbourne are primarily childless couples and are likely to be repaying over $4000 per month on mortgage repayments. In general, people in East Melbourne work in a professional occupation.In 2021, 44.80% of the homes in East Melbourne were owner-occupied compared with 43.60% in 2016.
East Melbourne has 5,830 properties. Over the last 5 years, Houses in East Melbourne have seen a -15.67% decrease in median value, while Units have seen a -4.48% decrease. As at 31 August 2026:
- The median value for Houses in East Melbourne is $3,187,953 while the median value for Units is $741,658.
- Houses have a median rent of $1,200 while Units have a median rent of $695.
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