Exclusive holiday/permanent property

$2,250,000

Resort / Holiday management rights, Cairns North QLD

Contemporary, exclusive four-level mixed letting resort in a prime, quiet northern location adjacent to the Cairns Esplanade.
Ideally positioned at the quieter end of the Esplanade yet still handy to all the city has to offer
Offering a total of 95 spacious two and three bedroom apartments, this quality residential / holiday resort is in a high demand area.
Excellent body corporate salary and good agreements.
A good mix of holiday and permanent letting is offered.
Further growth ongoing as conversion to holiday letting progresses as demand requires.
Cairns long term rental vacancy rate is down to less than 1% with rental rates rising.
No new apartment properties have been built for 15 years.
Rarely do opportunities for properties of this calibre and upside come along.
Opportunity for manager to upgrade to 3 bedroom apartment.
Small manager pet allowed.
Gallery Vie compliant.

Contact Calvin for further property details.

More Information

Financial Overview

Total Purchase Price: $2,250,000
Net Income: $ 430,000 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 550,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 4.0
_{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: 14
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 69
_{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: 12
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 95
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 174,000
_{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: 20 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 16 years
_{How long has the management rights existed.}

Office Hours: 9.00 - 5.00 Mon - Fri
_{Required Office Hours}

Complex Features: Two large pool areas, covered BBQ area, gym, lifts, Wi-Fi, CCTV, basement parking, fully secure access, tour desk, landscaped gardens.