Brisbane City, Queensland

Brisbane Branded Permanent/Corporate//Leisure opportunity

SOLD

Business Description

Contemporary 4.5 star inner city high-rise, permanent, corporate/leisure complex.
Set in an impressive glass and concrete tower, this all-apartment hotel is located in the thriving commercial and business district and just a short walk to Central train station and Queen Street Mall.
The brand agreement is due for renewal, consequently the option exists to retain the brand or revive the well known Flynn Apartments.
This is a reluctant sale by current vendor, due to a partners passing.
Yearly Figures are largely depressed due to Covid-19.
Excellent prospect of growth with incipient post Covid conditions.
For the manager there is a large two bedroom two bathroom residence with study nook, internal laundry and wrap around balcony with views. Also a front and back office on title plus two car parks.
Figures & Valuation available to prospective buyers on application.
Inspection will impress.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $399,183 Remuneration / Body Corp Salary: $160,187Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $730,000Bedrooms: 2Bathrooms: 2Car Spaces: 2Office: On Title

Managers Real Estate comprising 3 Lots (Lots 35, 3 & 5) Apartment Lot 35 is a large 2 bedroom/2 bathroom with balcony and views, 2 carparks

Complex Information

Complex Type: MixedStar Rating: 4Total Units in Complex: 106Total Units in Letting Pool: 51Owner Occupy Units: 28Outside Agent Units: 26Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 18 yearsPool: YesSpa: YesGym: YesBBQ Area: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. Contemporary 4.5 star inner city high-rise, permanent, corporate/leisure complex.
2. Located in the thriving commercial and business district, close to transportation and shopping.
3. Option to retain current brand or revive well-known previous brand.
4. Reluctant sale by current vendor due to partner's passing.
5. Yearly figures affected by Covid-19, but potential for growth in post-pandemic conditions.
6. Manager's residence includes a large two bedroom, two bathroom apartment with study nook and balcony.
7. Front and back office on title, as well as two car parks.
8. Figures and valuation available to interested buyers upon application.
9. Impressive complex with amenities such as pool, spa, gym, and BBQ area.
10. Agreement module is accommodation and has 18 years remaining.

Management Rights Multiplier: 5.50
ROI Estimate: 18.19%