Premium Permanent

$6,120,000

Permanent management rights, Varsity Lakes QLD

Superb opportunity for the right buyer. This pristine permanent complex is formally offered to the market for the first time.
Long term partnership has decided to sell this fabulous Management Rights. This modern, near new complex is 10 out of 10 for the most fastidious buyer.

Built between 2017 and 2018, by a local Gold Coast developer, this complex consists of 3 medium rise buildings all headed by one Body Corporate.
25 year Body Corporate Agreements have been increased to be 23 years long.
Large BC salary is CPI increased each March.

The managers residence consists of three spacious bedrooms and large open balcony offering spectacular water views.
There are 3 separate offices on title, one in each building. The business is run from the main office in building number one and is on the ground floor, separate from the managers unit.

The up to date Profit and Loss for sale includes full wages and an outside rent roll of 29 properties.

For a private inspection, contact the exclusive agent.

More Information

Financial Overview

Total Purchase Price: $6,120,000
Net Income: $ 730,000 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 1,600,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 6.2
_{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: 124
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 186
_{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: 65
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 376
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 707,000
_{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: 23 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 6 years
_{How long has the management rights existed.}

Office Hours: Set
_{Required Office Hours}

Complex Features: Pool, Gym, Cinema, Games Room, Spa, Sauna, Resident Lounge, BBQ

Real Estate Component

Manager's Unit: 3 2

Included Real Estate: $ 1,600,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 3

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: Large Balcony, Water Views