SERVICED APARTMENT HOTEL - FIRST TIME TO MARKET - NETTING $1.2M | Resort Brokers ID : MR008304

$6,450,350

Resort / Holiday Management Rights, MALVERN EAST VIC

ResortBrokers presents to market this outstanding 4.5 star serviced apartment building in a hot location of Melbourne. Boasting a net in excess of $1.2m with lots of upside potential to be explored, this superior management rights business will be highly coveted by experienced operators.

- Incredible opportunity to grow the short-term letting pool from 98 with potential up to 150
- Contemporary single tower high-rise with over 325 apartments
- OC salary of $577,280 p.a. with December CPI renewal representing 46% of net income
- Offering 1, 2 and 3 bed apartments
- Quality amenities include large outdoor terrace, spa, sauna, gym& dining room
- Desirable locationattracting strong and consistent occupancy
- Long tenure remaining on 25 year Caretaking and Letting Agreements
- Verified net profit by specialist industry accountant of $1,217,047 p.a.
- Extensive operational spaces with reception, back office& storage areas
- 20mins to CBD, close to local restaurants, bars and major sports facilities
- All inspections by appointment only

Date updated: 15 Oct 2024 22:00:02

More Information

Financial Overview

Total Purchase Price: $6,450,350
Net Income: $ 1,217,047 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 0
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: undisclosed
_{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: 98
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 228
_{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: 0
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 326
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 577,280
_{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: 25 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 0 years
_{How long has the management rights existed.}

Office Hours: 8am to 10pm daily
_{Required Office Hours}

Complex Features: Outdoor terrace with seating and barbecue. Gymnasium with workout equipment. Showers, sauna, spa&change amenities. Executive dining room and lounge area plus a media room.