Information for Purchasers

Important Information for Purchasers in Madison Heights

Property Management for Investors.

We proudly manage the majority of rentals within the building, giving us unmatched insight into the property, its tenants, and day-to-day operations. With our onsite office, we provide hands-on, responsive management and are readily available to assist both owners and tenants.

We have resident staff living in the building and provide 24/7 support for our owners and tenants.

For a seamless transition and consistent, professional management of your investment, we invite purchasers to contact our team to discuss how we can support you from settlement and beyond. admin@madisonheights.com.au

Car Parking Availability

Prospective purchasers are advised that apartments purchased without a designated car park do not have access to any spare parking within the building.

From time to time, sales agents may suggest that securing a car park after purchase is straightforward. However, this is not the case. There are no building-owned car parks available for rent, and it is extremely rare for a private owner within the building to have a spare car park available for lease.

Please also note that:

Residents are not permitted to park in visitor parking.
Residents without a carpark may not park in common areas or anywhere else within the building.
If your apartment does not include a car space on title or under lease, there is no on-site parking available to you.
The Body Corporate actively tows resident's vehicles parked in visitor parking.

If parking is important to you, we strongly recommend ensuring that the apartment you purchase includes an allocated car space.

Buying an apartment with a tenant in place.

If you are purchasing an apartment with the intention of moving in, it is important to understand that if the property is currently tenanted, the tenant is legally entitled to remain in the property until the end of their fixed-term lease. In the current tight rental market, it is often not easy to negotiate an early vacate, regardless of what may have been indicated during the sales process.

Conversely, once a tenant has been issued with the appropriate notice to vacate at the end of their lease, they will often secure another property and may choose to leave earlier than the lease expiry date.

If you are purchasing the property to occupy (and therefore will not be re-letting it), the tenant is not required to pay lease break fees or continue paying rent beyond the date they choose to vacate. For this reason, purchasers should be aware that rental income may cease earlier than anticipated and plan accordingly.