16-18 Smith Street
Devonport, TAS 7310

This property presents an excellent opportunity for astute investors seeking a stable and low-maintenance investment in the bricks and mortar sector. Located in the central business district, this unit complex has demonstrated strong performance over the past 14 years, outperforming many commercial superfunds. The current owners are now in the process of divesting as they enter retirement.

The complex comprises multiple units, each featuring two bedrooms and one bathroom. Recent renovations have enhanced the appeal and functionality of the units, ensuring a modern and comfortable living environment. The open-plan design integrates the kitchen, dining, and living areas, creating a spacious and inviting atmosphere. Neutral tones throughout the interiors complement the abundant natural light, which fills the units throughout the day.

Off-street parking is available, providing convenience for residents and visitors alike. The property has undergone significant recent improvements, including updated electrical wiring, plumbing, a new roof, and guttering, all contributing to the low-maintenance nature of the complex.

Strategically positioned, the complex is within close proximity to schools, gyms, shops, restaurants, and sporting facilities. It is also just a five-minute walk to Rooke Street and the main commercial center of the city, making it an attractive location for tenants.

The units currently achieve rental appraisals of approximately $320 per week, yielding a gross return of over 5.5%. This consistent demand and tenant popularity ensure a reliable passive income stream for investors.

Overall, this property offers a secure and promising investment opportunity in a sought-after location, with the benefits of recent upgrades and a strong rental market. It is well-suited for investors looking to safeguard their portfolio with a proven asset in a stable sector.