BOUTIQUE SHORT-STAY MR IN PRIME SOUTH BRISBANE LOCATION | Resort Brokers ID : MRB008454

$2,850,000

Resort / Holiday Management Rights, South Brisbane QLD

ResortBrokers brings exclusively to market the mixed-use management and letting rights complex ofVine Apartments in South Brisbane. This modern 9 level building is netting close to $500K, and is a rare business only offering with no real estate to purchase and no requirement to live on-site. With numerous permanent letting to convert to short-stay, and lots of externally managed units, there is a huge amount of potential upside.

- Verified net profit of $491,401 per annum
- Total of 56 apartments and 1 retail lot in building
- 34 units in letting pool, with 18 short-term and 16 permanent letting appointments
- Managers office and reception under Occupational Authority
-9 externally managed units to win-back
- Body corporate salary of $122,500 per annum
- Single BC scheme governing complex
- Easily run by two person managment team with contract cleaners
- No requirement to live on-site and no real estate to buy
- Superbly located close to all the amenities inSouth Bank and South Brisbane
- All inspections by appointment only

Date updated: 11 Dec 2024 22:00:02

More Information

Financial Overview

Total Purchase Price: $2,850,000
Net Income: $ 491,401 (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: 34
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 13
_{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: 9
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 56
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 122,500
_{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: 19 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: Mon - Fri: 8-5pm; Sat - Sun: 8-1pm
_{Required Office Hours}

Complex Features: Underground parking Reception desk with back office Two lifts - with security fob access. One secure car park per apartment used by residents only A rooftop recreation area with a residents' BBQ Open-air heated rooftop spa overlooking Musgrave Park.