Key Investment Insights
1. The business is a permanent let property with a total of 84 villas, located in a gated community in Cairns.
2. The property is situated on a large, well-positioned site in the sought-after City Views area, only 4km from the Cairns CBD.
3. The manager's villa is a spacious three bedroom, two bathroom unit with high-quality fittings and a large office.
4. The current net profit for the business is $315,000, with a remuneration/body corp salary of $220,000 that is subject to CPI increases annually.
5. The vacancy rate in Cairns is currently less than 1%, indicating a high demand for rental properties in the area.
6. The manager is not required to reside on-site, providing flexibility for the owner.
7. The body corporate has approved pets for the manager's apartment.
8. The manager's residence is currently being used as an Airbnb rental, generating a gross income of $90,000 per year (not included in figures/nett).
9. The complex offers extensive facilities for residents, including a lagoon-style beach pool, a smaller pool, pergolas, barbecue areas, and a tennis court.
10. The manager's apartment has a value of $650,000 and includes a garden.
11. The complex is a permanent type with 41 units in the letting pool and 40 owner-occupied units.
12. The agreement module is accommodation, with a term of 25 years and 22 years remaining.
13. The complex also offers amenities such as WIFI and a pool.
14. The asking price for the business is $2,050,000.
Management Rights Multiplier: 4.44
ROI Estimate: 22.50%
