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1111/222 Russell Street, Melbourne VIC 3000

$225,000

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$225k - $236k Transparent Transparent Listing Based on an openly advertised listing price.

Apartment 1 Bed 1 Bath 32 m²

Listed: 4 days ago

Updated: 5 hours ago

Overview

This studio apartment, perched on the 11th floor, benefits from a southern aspect ensuring excellent natural light throughout its open-plan living space. The well-integrated living, dining, and bedroom areas create a versatile layout enhanced by an adjoining kitchenette and built-in robes, all complimented by a pristine bathroom.

The residence is situated in a vibrant Melbourne location, right in the heart of Chinatown and the Theatre precincts, adding cultural and lifestyle appeal. Residents enjoy access to notable on-site amenities including a pool, gym, as well as an adjoining quality restaurant and bar, which heighten the lifestyle quality and convenience.

Leased to the Mantra hotel until November 2027 at a weekly rental of $371, this property offers an attractive gross return of 8.6% and a net return of 6.7%, making it an appealing investment. For those considering future occupancy, the lease structure provides the option to occupy the apartment from 1st November 2029, offering flexibility between investment and personal use.

Additional financial considerations include owner responsibility for corporation admin and maintenance fees and rates, which are typical for apartment living and reflect a well-maintained building environment. The property’s manageable floor size of 32 sqm complements its city pad functionality, catering to investors or professionals seeking an entry-level foothold in a premium urban setting.

Local Market Insights

In Melbourne, Quiet Listings observed 87 new apartments entering the market over the last 30 days, up from 70 during the previous 30-day period, with an average advertised asking price of $610,096. The property type mix of listed properties is predominantly Apartments at 68%, followed by commercial properties (29%), and units (3%). The most active agency for apartments in the Melbourne area is currently Dingle Partners, representing 15% of new listings, followed by Melbournian Property Group with 13%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.