Alphington, Victoria

Off the plan Management Rights in landmark Yarrabend Masterplan Proj. Net $900K+ | Resort Brokers ID : OTP008716

$3,155,190

Business Description

The management and letting rights to Seren Row which is well progressed under construction, is among the last land to be developed as part of Glenvill's landmark masterplanned community. Located in Melbourne's inner-north, the striking short-term/mixed use apartment building consists of 192 apartments. Efficient floor plate designs, combined with strong returns, has resulted in 90-95% of the apartments being sold to investors. However, we have adopted 124 potential investors (65%) to be secured with a strong management proposition with the added upside of potential additional investors in the first year and future growth for years to come.

These high-quality apartments, combined with strong ADR's (supplied by STR) in the region underpinned by security of the freehold operational space, is set to become a trophy asset for or the successful purchaser with lots of upside. Glenvill has another similar sized project nearby that has commenced construction and will be offered as a first right of refusal or potentially could be put under contract simultaneously.

The apartments benefit from access to a sate-of-the-art health and wellness precinct situated within the masterplan. This upkeep and maintenance of this exceptional common area facility is not the responsibility of the Seren Row operator and is managed direct by the OC.

- Projected net profit of$901,483 prepared by industry specialist Archer Gowland Redshaw
- Brand new 25-year Management Agreement disclosed at the original contract of sale by specialist industry lawyer SMH
- Owner's Corporation salary of $192,000 p.a. (ex GST)
- For sustainability the 95% investor profile has been racheted down to 65% in the income projections
- No set office hours in BMA, allowsincoming operatormaximum flexibility todischarge their duties
- Freehold office/storage areas at each lift core - total asking price of $500,000
- Additional freehold car spaces are available for purchase for $90,000 eachor bulk deal available for remainig carparks
- Strategic advantage for successful buyer to secure the rights to future buildings in the masterplan
- Under supplied short-term location combined with ideal apartment configurations
- YarraBend precinctis just moments from the EasternFreewayand 25 minutes’ drive to the CBD
- Close to four hospitals including St Vincents and Austin Hospital and University of Melbourne
- Sophisticated operators are urged to be quick to consider this exceptional opportunity
- As construction is well-progressed and ahead of schedule this campaign will closeThursday 5th June 2025.
- Early offers welcome and inspections by appointment only.
Date updated: 01 Jun 2025 01:00:05