The Jewel in the Crown

$2,050,000

Permanent management rights, Mooroobool QLD

Exciting & modern Cairns gated community. Permanent let property with a total of 84 villas.

This stage built property was completed and opened in August 2007 and is beautifully maintained.

Top quality apartments and villas with extensive facilities, on a very large well positioned site in sought after City Views.

It is only 4km to the Cairns CBD.

Great managers three bedroom/two bathroom villa with quality fittings, plus large office.

Good $220k excl. salary with CPI increases. Excellent opportunity to get into the industry in a top building and an excellent established business.

Cairns currently has one of the lowest vacancy rates in the country at less than 1% and rental rates are on the rise.
Manager is not required to reside onsite.

Pet approved by body corporate for Managers Apartment.

Managers residence is currently let via Airbnb at $90,000 pa gross income (this is not included in figures).

Contact Alex today for further details and property inspection.

More Information

Financial Overview

Total Purchase Price: $2,050,000
Net Income: $ 315,000 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 650,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 4.4
_{Estimated number of years till the Net Income reaches the Purchase Price of the business component. Other factors such as lifestyle, workload, location and offering should always be considered ahead of the multiplier when evaluating a Management Rights business.}

Letting Business

Letting Pool: 41
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 40
_{Number of units resided in by their owners.}

Lock Ups: 0
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 1
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 84
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 220,000
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 25 years
_{How long is the caretaking contract.}

Agreement Remaining: 22 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 17 years
_{How long has the management rights existed.}

Office Hours: No set hours
_{Required Office Hours}

Complex Features: Large lagoon style beach pool with water features, separate second smaller pool, pergola and barbecue area, tennis court, established landscaping, secure gated community.

Real Estate Component

Manager's Unit: 3 2

Included Real Estate: $ 650,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 0

Office On Title: 1
_{Is there a manager's office included on the title?}

Pets: Yes
_{Can the manager own a pet on site?}

Unit Features: Spacious 3 bedroom, 2 bathroom with separate third powder room. Recently renovated. Open lawn area at rear of apartment. Currently let via Airbnb at \\$90k gross pa not included in nett / figures. Separate, well equipped office reception included.