1-4/44 Chaffey Avenue, Mildura VIC 3500

Great investment opportunity exists for the astute investor.

4 fully furnished units close to Mildura's busy CBD are awaiting your inspection.

Sitting on "College Lease" land and currently rented out for holiday accommodation, this delightful block of units possesses endless possibilities.

Easily converted into full time tenancies, if that's what you require. All are of solid brick construction throughout, partly rendered internally. These units are in very good condition, with recently new carpets and paint work they are ready for permanent rentals.

UNIT 1: 3 bedroom unit, expected rental return $245 pw
UNITS 2 & 3: 2 bedroom units, expected rental return $220 pw
UNIT 4: 2 Bedroom unit (includes garden shed), expected rental return $225 pw

Estimated Gross Rental Return: $47,320

Total Expenses comprising of:
College Lease $8,000 PA
Mildura Rural City Council Rates $4880.38 PA
Lower Murray Water $ 982.68 PA


College Lease Preamble
WHEREAS by an indenture dated the thirty-first day of May One thousand eight hundred and eighty-seven between Her Majesty Queen Victoria by Sir Henry Brougham Loch Governor of the Colony of Victoria (with the advice of the Executive Council) of the one part and George Chaffey and William Benjamin Chaffey (in the said indenture called "the licensees") of the other part, a copy of which indenture is set forth in Part I of the Fifth Schedule to the Mildura Irrigation Trusts Act 1895, the said licensees covenanted (inter alia) for themselves their executors administrators and assigns to set apart and devote one-fifteenth part of all the irrigated land from time to time granted to them under the said indenture with sufficient water easements attached thereto for the purpose of endowing an agricultural school or college and to convey such land with the said water easements free from all encumbrances to the Council of Agricultural Education or to such persons or corporation as the Governor from time to time should direct:
AND WHEREAS it was declared by the said indenture that the land so set apart and conveyed should be held in trust for the maintenance of the said agricultural school or college with full power to sell or lease the same together or in parcels for any time and at any reasonable rents and the rents and profits of the said land and the proceeds of the sales of such portions of the same as might be sold should be held upon trust for the said school or college and upon such other trusts as the Governor might determine:
AND WHEREAS a like covenant and declaration were contained in an indenture made the tenth day of March One thousand eight hundred and ninety-one between Her Majesty Queen Victoria by His Excellency the Right Honorable John Adrian Louis Earl of Hopetoun Governor of the Colony of Victoria (with the advice of the Executive Council) of the first part George Chaffey and William Benjamin Chaffey (in the said indenture called "the licensees") of the second part and "Chaffey Brothers Limited" being a company registered under The Companies Statute 1864 of the third part, a copy of which indenture is set forth in Part II of the Fifth Schedule to the Mildura Irrigation Trusts Act 1895:
Preamble
AND WHEREAS by the said indenture of the tenth day of March One thousand eight hundred and ninety-one it is witnessed that the licensees did by that indenture at the request of the said Chaffey Brothers Limited and in pursuance of an indenture of the third day of February One thousand eight hundred and ninety executed by the said licensees for the considerations therein stated declare that they held all the rights privileges powers licences and authorities given to or otherwise vested in them (subject to the several conditions covenants and stipulations affecting the same by the said indenture of the thirty-first day of May One thousand eight hundred and eighty-seven and by the said indenture of the tenth day of March One thousand eight hundred and ninety-one) in trust for the said company Chaffey Brothers Limited as the said company might direct and appoint:
AND WHEREAS at an extraordinary general meeting of the said company duly convened and held on the tenth day of December One thousand eight hundred and ninety-five it was (inter alia) resolved that it was advisable to wind up the said company and that the company be wound up voluntarily under the provisions of the Companies Act 1890:
AND WHEREAS by an order of the Supreme Court of the Colony of Victoria made on the seventeenth day of December One thousand eight hundred and ninety-five the said Court did order (inter alia) that the voluntary winding up of the said company be continued but subject to the supervision of such Court:
Preamble
AND WHEREAS the estate of the said George Chaffey was placed under sequestration by an order of the Court of Insolvency made on the twelfth day of May One thousand eight hundred and ninety-six:
AND WHEREAS Louis Irving Barker now of King-street Melbourne accountant is the trustee of the insolvent estate of the said George Chaffey:
AND WHEREAS the lands described or referred to in the Schedule to this Act have been set apart and devoted or were intended to be set apart and devoted to the purposes mentioned in the said covenants contained in the said recited indentures:
AND WHEREAS of the lands described or referred to in the Schedule to this Act the lands described or referred to in the First Part of the said Schedule were with the consent and by direction of the then Governor of the State of Victoria transferred in accordance with certain instruments of transfer bearing date the fourteenth day of November One thousand nine hundred and six to the Honorable George Swinburne in his capacity as the Minister of Agriculture of the said State who is the registered proprietor thereof:
AND WHEREAS of the lands described or referred to in the Schedule to this Act the lands described or referred to in the Second and Third Parts of the said Schedule have not been conveyed in accordance with the said recited covenants but are vested in fee simple in the said Chaffey Brothers Limited (now in liquidation) subject as to the lands described or referred to in the Third Part of the said Schedule to the mortgages referred to therein:
AND WHEREAS of the lands described or referred to in the Schedule to this Act the lands described or referred to in the Fourth Part of the said Schedule have not been conveyed in accordance with the said recited covenants but are vested in fee simple in the said Louis Irving Barker of William-street Melbourne accountant and the said William Benjamin Chaffey:
Preamble
AND WHEREAS the titles to the lands described or referred to in the said Fourth Part of the Schedule to this Act are subject to a lien but the lienee has consented to the said lands being vested in the Minister of Public Instruction and his successors as provided in and for the purposes of this Act free and discharged from such lien:
AND WHEREAS it is expedient that all the lands described or referred to in the Schedule to this Act should be vested in the Minister of Public Instruction and his successors free and discharged from any mortgages charges or liens affecting the same and that the Minister of Public Instruction for the time being should be empowered to demise the said lands or any of them and it is expedient also to provide that any demise of any of the said lands or of any part thereof made before and continuing at the commencement of this Act should have the like effect as if made under this Act and that provision should be made with respect to the rents and profits of the said lands or arising from any demise thereof (whether before or after the commencement of this Act):
AND WHEREAS the said the Honorable George Swinburne, Louis Irving Barker, William Benjamin Chaffey (by his attorney) and the said Chaffey Brothers Limited (in liquidation) and the registered proprietors of the said mortgages so far.