1-3/261 Melton Road, Northgate QLD 4013

This modern complex of three units was built in 2013 and has good depreciation benefits.

The land has been rezoned to medium residential and may allow for redevelopment at a higher density (Subject to Council approval) on a 665m2 block.

These three units are rented under the NRAS scheme to assist people with low to medium incomes renting properties. The rent weekly payable is capped at below market returns and determined by the government. The Federal Government provides tax credits in relation to the shortfall in rent paid and the State Government pays an annual tax free payment.

The weekly subsidised rent for people on low-med incomes is
Unit 1) $280
Unit 2) $280
Unit 3) $280

Total Income is $43,680 + $33,505 (NRAS) which is tax free. $77,185

NRAS finishes in March 2023.

Expected rent in today's market would be $375 per week, per unit - $58,500