Cairns City, Queensland

Excellent Business Opportunity Cairns

SOLD

Business Description

This popular accommodation complex of 2 bedroom apartments is well located within the city fringe.
Popular with both domestic and international visitors, the property has been running at record high occupancy in 2022 and already has plenty of confirmed forward bookings on the books for 2023.
It performs very strongly on the booking sites thanks in part to excellent guest reviews, and is currently experiencing market beating year-on-year growth in forward bookings and daily rates.
The property is suitable for both long and short term letting - which the astute operator can take advantage of during quieter times.
The property presents well with an excellent barbecue and pool area that is very popular with residents.
The 3 bedroom, 2 bathroom, manager's apartment has an attached reception and office on title.
The gardens and grounds are easily maintained with bore water irrigation.
Current managers are motivated for a sale and the business is very well priced. Excellent salary of over $100,000 and top agreements with 20 years remaining.
There is also considerable further business growth possible with the retrieval of units from outside agencies.
Call Calvin today for further details.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $183,520 Remuneration / Body Corp Salary: $101,776Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $350,000Bedrooms: 3Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

Complex Information

Complex Type: HolidayTotal Units in Complex: 41Total Units in Letting Pool: 11Owner Occupy Units: 14Outside Agent Units: 15Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 20 yearsPool: YesBBQ Area: YesPay TV: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. The property is well located within the city fringe and is popular with both domestic and international visitors.
2. The property has been running at record high occupancy in 2022 and has confirmed forward bookings for 2023.
3. The property performs strongly on booking sites and is experiencing market-beating growth in forward bookings and daily rates.
4. The property is suitable for both long and short term letting, providing potential for additional income during quieter times.
5. The property features an excellent barbecue and pool area, which is popular with residents.
6. The manager's apartment has an attached reception and office on title.
7. The gardens and grounds are easily maintained with bore water irrigation.
8. The current managers are motivated for a sale and the business is well-priced.
9. The business offers an excellent salary of over $100,000 and has top agreements with 20 years remaining.
10. There is potential for further business growth by retrieving units from outside agencies.
11. The managers apartment has a value of $350,000 and includes 3 bedrooms, 2 bathrooms, and 1 car space.
12. The complex is classified as a holiday complex and has a total of 41 units.
13. There are currently 11 units in the letting pool, with 14 owner-occupied units and 15 units managed by outside agents.
14. The agreement module is accommodation and has a term of 25 years, with 20 years remaining.
15. The complex features a pool, BBQ area, pay TV, and WIFI.

Management Rights Multiplier: 2.99
ROI Estimate: 33.43%