28/30-34 Palmer Street, South Townsville
Listing data updated 16 Aug 2026
- Secure Lot 28, a spacious two-bedroom, two-bathroom dual-key apartment with 2 balconies, 117m² of total floor space and a carpark on title. The dual-key layout gives you flexibility to use the property as one complete two-bedroom, two-bathroom apartment or as two separate apartments through the interconnecting door: 1 x One-bedroom apartment with a fully equipped kitchen, bathroom with spa bath, laundry and balcony. 1 x Studio apartment with kitchenette, ensuite bathroom and balcony. The property is under a long-term lease, providing fixed rental income that is not dependent on hotel occupancy. The hotel group also manages the furniture, bookings, cleaning, electricity and water, with no management fees payable by the owner. INVESTMENT DETAILS Property: Lot 28 Configuration: 2 Bed / 2 Bath Dual-Key Total Floor Area: 117m² Balconies: 2 Carpark: Carpark on title Lease Details: Price: $305,000 Current Rent: $526 per week / $27,363.39 p.a. Current Gross Return: 8.97% Current Net Return: 4.70% Rent Increases as follows: August 2027 + 4% increase= $28,457.93 p.a. Gross: 9.33% August 2028 + 4% increase= $29,596.25 p.a. Gross: 9.70% Lease: July 2029 with 17 years of options remaining OUTGOINGS Owners Corporation – Administration= $3,748.80 pa Building Insurance=$2,738 pa Owners Corporation – Sinking Fund= $3,610 pa Council & Water Rates= $4,100 p.a. Total Annual Outgoings: $14,196.8 p.a. An appealing opportunity for investors seeking strong rental income, scheduled rental growth, a long-term lease and the flexibility of a dual-key serviced apartment. Please note: Images and floor plans are of the same apartment located one floor above. For more information, please contact Mandy Fountain – 0408 10 30 10. Mandy Fountain specializes in Serviced Apartment Sales across Australia, with a sound understanding of lease structures and tenant and owner obligations. DISCLAIMER The information contained in this brochure has been provided by the vendor and other sources and is believed to be reliable; however, it has not been independently verified. It is provided for general information purposes only and does not constitute financial, investment, legal or taxation advice. Prospective purchasers should conduct their own independent enquiries and due diligence and obtain appropriate professional advice before making any investment decision. No warranty or representation is made as to the accuracy or completeness of the information, and no liability is accepted for any errors, omissions or reliance placed upon it.
RealistIQ deal score
Strong value signal
92
/100
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