Cairns City, Queensland

Exciting and Modern Permanent Property

SOLD

Business Description

Exciting and modern Cairns gated community in Smithfield. Permanent let property with a total of 111 apartments and villas. The property was completed and opened in 2006. Top quality units with extensive facilities and on a large well positioned site in the sought after Northern Beaches.
Only 15 minutes to the Cairns CBD. Great manager's three bedroom / two bathroom villa with quality fittings, plus large office. Good $101k incl salary with CPI increases.
Excellent opportunity to get into the industry in a top building with a well established business. Mix of 6 month and 12 month leases. Cairns currently has one of the lowest vacancy rates in the country at 2% and rental rates are on the rise.
Contact Calvin for further details and property inspection.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $232,000 Remuneration / Body Corp Salary: $91,818Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $400,000Bedrooms: 3Bathrooms: 2Car Spaces: 1Office: On Title

Size 203m2 Incl Office.

Complex Information

Complex Type: PermanentTotal Units in Complex: 111Total Units in Letting Pool: 84Owner Occupy Units: 20Outside Agent Units: 6Manager Units: 1Agreement Module: AccommodationAgreement Term: 20 yearsAgreement Term Remaining: 20 years yearsPool: YesGym: YesTennis Court: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. Exciting and modern gated community in Cairns with a total of 111 apartments and villas.
2. Completed and opened in 2006, with top quality units and extensive facilities.
3. Located in the sought after Northern Beaches, only 15 minutes from Cairns CBD.
4. Manager's three bedroom/two bathroom villa with quality fittings and large office.
5. Good remuneration of $101k including salary with CPI increases.
6. Mix of 6 month and 12 month leases, with low vacancy rates and rising rental rates in Cairns.
7. Excellent opportunity to enter the industry with a well-established business.
8. Manager's unit valued at $400,000, with 3 bedrooms, 2 bathrooms, and 1 car space.
9. Complex type is permanent, with 84 units in the letting pool and 20 owner-occupied units.
10. Agreement module is accommodation with a 20-year term remaining.
11. Complex features include a pool, gym, and tennis court.

Management Rights Multiplier: 4.29
ROI Estimate: 23.32%