City Tempo apartments by Central Equity - off the plam

City Tempo apartments by Central Equity - off the plan

Hi All,

I just attended to an expo .... not... a sales session yesterday, organised by Central Equity in Perth about their latest project City Tempo in Melbourne CBD from $199,000 wooooo. (http://www.vimeo.com/user510455)

My first impression about that sales session was ....EMPTY, there was no one there. lol. The first question from he gentleman who served me was "you are ready to sign a contact today?" OMG, he asked me before showing me the floor plan.

I knew its going to be small, but not that small. 8 out of 10 are stuido apartments on the same floor, vary from 20+ sqm to max 30+ sqm for one bedroom.

After showing me the floor plan, he asked the same question again. He reckon he worked for the company for 14 years, no wonder he is still using those old school sales tatics.

After getting more information from him about BC is about $2400 p.a., Rates about $1500 p.a. with a 5.5% rental guarantee, around 8% Mgmt fee. I told him I will speak to my broker and see what he says, so I can get out of there ASAP. Another voice jumped in said, "You only have to pay 10% deposit and worry about finance in 2 years time.".....wow.....sounds like a plan!

Just wondering if anyone have dealt with Central Equity before and your view with this type of appartments.
 
Central Equity for me has the following word associations:
Cheaply Built
High Density
Oversupply
Very ordinary fittings
Mass Produced
.......

That is probably a bit unfair, as in recent times, they seem to have employed better builders etc. but their early attempts had paper thin walls where you could hear everything in the unit next door.

IMHO Mirvac build much better products (but you certainly pay for it!)

Cheers,

The Y-man
 
After getting more information from him about BC is about $2400 p.a., Rates about $1500 p.a. with a 5.5% rental guarantee, around 8% Mgmt fee.
Be very careful with these rent guarentees. They often are built into the price of the property, so you pay $10k too much, which is your rent guarentee. At the end of 2 years when this guarentee expires, you may find that market rent is a lot less than you were being paid with the rent guarentee. Do your own independant DD on what market rent actually is...
 
Thanks all. I really want to add an inner city apartment into my portfolio, in either Melb or Syd for less than $300k, any suggestions?
 
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