Auction Onsite this Saturday, 08 July at 3:00pm
Landmark Art Deco building showcasing eight apartments with exceptional returns! A landmark address ideally positioned in the heart of vibrant South Brisbane, 185 Vulture Street presents a truly incomparable investment and buying opportunity. An iconic Art Deco complex encompassing eight exquisite apartments and multiple common areas, ‘Musgrave Court’ invites you to secure a rare piece of Brisbane history and enjoy excellent returns. Set on one title on the border of cultural hubs South Brisbane and West End, the tri-level building is an undeniable icon. Tastefully reimagined to fuse the glamour of yesteryear with the luxury of today, the complex has been transformed into a prosperous long- and short-stay boutique apartment complex. With a capacity to generate an income that could be three-fold of the existing weekly permanent rental, the property will capture the attention of those seeking an exceptional return on their investment. Available to be utilised for residential purposes, the complex is loved for its elegant Art Deco aesthetic. Adorned with polished timber floors, lofty ceilings, authentic internationally-sourced Art Deco light fittings, decorative wallpaper accents and ornate plasterwork, each apartment and communal space promises to enchant. A classic stucco facade, striped awnings and geometric gates give the building extraordinary street appeal. The property offers a potential permanent rental return of $251,000 approx. per annum, based on full occupancy. Otherwise if run as an Air BnB, you could expect an average return of $520,000 per annum based on 100% occupancy (refer to MadeComfy appraisal). Double the permanent rental income. Benefitting from modern upgrades, the apartments include: - Apartment 1: One-bedroom residence with a separate kitchen, dining and living area, as well as an outdoor balcony. It is currently tenanted until 3/12/23 returning $600 p/w. - Apartment 2: Dual-level property boasting two bedrooms, two bathrooms, a sunroom and a combined living, dining and kitchen area. This residence also has a self-contained studio with a home office workspace and three outdoor courtyards. It is currently occupied but offers a rental appraisal of $750 p/w. - Apartment 3: One-bedroom studio apartment with a bathroom, outdoor deck, exclusive-use courtyard area, a galley-style kitchen and a ground-level living and dining area. It is currently tenanted until 1/12/23 returning $425 p/w. - Apartment 4: Two-bedroom apartment featuring a study, a galley-style kitchen, a large bathroom, and an open-plan living and dining area. It is currently tenanted until 23/11/23 returning $550 p/w. - Apartment 5: Penthouse-style abode showcasing one bedroom, a sunroom, an outdoor sky deck, a galley-style kitchen and an open-plan living and dining area. It is currently occupied but offers a rental appraisal of $700 p/w. - Apartment 6: One-bedroom studio encompassing a bathroom, an outdoor area, a galley-style kitchen, and a ground-level living and dining area. It is currently tenanted until 27/11/23 returning $455 p/w. - Apartment 7: One-bedroom abode on the complex’s top level with a bathroom, an outdoor deck space, a galley-style kitchen and an open-plan living and dining area. It is currently tenanted until 15/4/25 returning $450 p/w. - Apartment 8: One-bedroom studio also on the top level featuring a bathroom, an outdoor deck area, a galley-style kitchen and an open-plan living and dining area. It is currently tenanted until 23/6/24 returning $450 p/w. Each apartment has laundry amenities, while apartments 1,2,4 and 5 offer off-street parking for one car, respectively. Additionally, every apartment, with the exception of apartments 2 and 5, are currently tenanted at weekly rates ranging between $425 to $600; apartments 2 and 5 are owner-occupied. Serviced by an office/reception and an extensive workshop/storage area, the complex has an intercom and CCTV security system, three-phase power supply, master key accessibility, reverse-cycle air-conditioning, sound-proofed wall cavities and double-glazed street-facing windows. Close to the epicentre of Brisbane’s CBD and right on the doorstep of local bus stops, this phenomenal offering is only a leisurely stroll from Grey Street’s many restaurants, cafes and cultural attractions. Leafy Musgrave Park, the South Bank train station, popular Streets Beach, and the South Bank Ferry Terminal are a stone’s throw away. QPAC, GOMA, the Queensland Museum and Brisbane Convention & Exhibition Centre are nearby. Those wanting to explore West End will also appreciate the property’s close proximity to Boundary Street’s dining, retail and nightlife icons. Falling within the West End State School and Brisbane State High School catchment areas, this spectacular property is also a short distance from Sommerville House, Saint Laurence’s College and Saint Ita’s Primary School. Also making this a brilliant option for investors is the quick commute available to UQ’s Saint Lucia, QUT’s Gardens Point and TAFE Queensland’s South Bank campuses. Do not miss this exclusive opportunity – call to arrange an inspection today. Disclaimer This property is being sold by auction or without a price and therefore a price guide can not be provided. The website may have filtered the property into a price bracket for website functionality purposes
