The spectacular Catalina Resort at Maroochydore is a unique complex in more ways than one.
In the midst of a residential housing crisis when many resort managers are faced with losing units to owner-occupiers, Catalina’s letting pool is actually expanding, according to Wayne Stoll, from Think Management Rights.
The stunning two-tower complex generates a $733,000 profit and has a body corporate salary of $244,250, with room for growth. For as little as $250,000 investors can have a share in the business that is returning 15 per cent.
“It’s an amazing complex,” Mr Stoll said, “and it continues to grow in popularity with investors.
“It has great repeat guest business because of the location, facilities and amenities.
“In the present climate a lot of buildings are seeing more and more owner-occupiers moving in and taking the units out of the letting pool.
“But at Catalina the letting pool is actually growing.
“There are 106 units across the two towers and when I sold the Management Rights there five or six years ago there were about 42 units in the letting pool. Now there are 54, and it looks like they might be picking up another one or two.”
Mr Stoll said the Management Rights included “a very nice renovated 3-bedroom, 2-bathroom manager’s unit” with fresh paint and new flooring, and three car parks “which you just don't get these days.”
He said the complex had about $1million in the sinking fund with major works having already been completed on both towers.
“The location is terrific in the Cotton Tree Village and guests have direct access along a private walkway to a patrolled beach,” Mt Stoll said.
“There is a very good return of 15 per cent – which is about three times what banks are paying in interest – and the complex still has growth potential. At the moment the management there shuts down at 5pm but if a new manager really wanted to work the business hard with things such as booking.com and last minute reservations there is great potential to expand the business further.”
The Management Rights are on sale for $5.21m but Mr Stoll said he welcomed investors prepared to come on board for even a 5 per cent – or [about] $250,000 – share.
Among the resort’s lush tropical gardens are two heated pools, two heated spas, a children’s wading pool, a sauna, a full tennis court, and undercover BBQ facilities.
There is secure undercover parking, a tour desk, security intercoms and free cable TV.
Each apartment has a washing machine and dryer.
Catalina is not only adjacent to a beautiful beach but within walking distance to the Maroochy River, and the Cotton Tree village, with magnificent restaurants offering alfresco dining, the Maroochy Surf Club, Maroochydore RSL Club, the bowls club, public library, parks, and playgrounds.
It is also an easy walk to Alexandra Headland and Mooloolaba.
The Sunshine Coast is one of Australia’s favourite holiday destinations with some of Queensland's major tourist attractions including Aussie Zoo, the Big Kart Track, the Sealife Aquarium, the Aussie World Theme Park, the Eumundi markets, Bli Bli Castle, and the Big Pineapple, among many others.
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