Cairns City, Queensland

You Have Arrived - Top Property with Upside

$2,200,000

Business Description

Modern, exclusive four level resort in a prime location.
Offering a total of 95 spacious two- and three-bedroom apartments with 47 in the current letting pool, this quality resort is in a high demand area.
Excellent Body Corporate salary and good agreements.
A mix of holiday and permanent letting is offered.
Further growth ongoing with conversion to holiday letting progressing as demand requires.
Cairns long term rental vacancy rate is down to 2% with rentals rising.
No major new apartment properties have been built for 10 years.
Small manager's pet is allowed.
There is also the opportunity for the manager to upgrade to 3-bedroom apartment.
Gallery Vie compliant.
Rarely do opportunities for properties of this calibre and upside come along.
Contact Calvin today for further property details.

Business Summary

Business Snapshot

Price: $2,200,000 Net Profit: $423,567 Remuneration / Body Corp Salary: $122,265Business Value: $1,820,000Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $380,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

Well sized manager's apartment with adjoining office on title. Opportunity for manager to upgrade to a three bedroom apartment.

Complex Information

Complex Type: MixedTotal Units in Complex: 95Total Units in Letting Pool: 45Owner Occupy Units: 34Outside Agent Units: 16Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 22 yearsPool: YesGym: YesBBQ Area: YesPay TV: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

AI generated. Confirm details with the seller.

1. Asking price of $2,200,000 with reported net profit of $423,567.
2. Annual Body Corporate salary of $122,265, reviewed annually against CPI.
3. Accommodation module agreements have 22 years remaining on a 25 year term.
4. Modern four level resort in a prime Cairns location, offering 95 spacious two and three bedroom apartments.
5. Mixed holiday and permanent letting, with conversion to holiday letting progressing as demand requires.
6. Listing reports Cairns rental vacancy at 2%, rising rents and no major new apartment developments for 10 years.
7. Manager’s apartment includes two bedrooms, two bathrooms, one car space and an adjoining office on title.
8. Opportunity for the manager to upgrade to a three bedroom apartment, with a small manager’s pet permitted.
9. Resort facilities include a pool, gym, barbecue area, pay TV and WiFi.
10. Gallery Vie compliant property.

Management Rights Multiplier: 4.30
ROI Estimate: 19.25%