Entry Level Price with Strong Rental Returns At the gateway to the Mornington Peninsula, Quest Frankston by the Bay is located in the heart of Frankston's central business district and withing walking distance to the beach and the entertainment and restaurant precinct. The apartment boasts a luxury finish with bathroom, split system air conditioning and kitchenette featuring stainless steel appliances. Lease Details: Rent as of 15th April: $409 per week ($21,313 per annum) Next Rent Increase: 15th April 2019 Return as of 15th April: 7.3% Gross / Net 6.1% Lease Terms: Lease to 14/04/2023 plus 3 x 5 Year options Rent Increases: 4% yearly with market rent reviews every 5 years (next due 2018) Next Market Review: 15th April 2017 - Rent cannot decrease by more than 6% Approximate Owner Outgoings: Council Rates: $1364 pa approx Water Rates: $670 pa approx Body Corporate Administration fee: Paid by tenant Body Corporate Sinking fund: $1432 pa approx