Cairns City, Queensland

Exclusive Permanent / Holiday Cairns CBD

$2,250,000

Business Description

Contemporary, exclusive four-level mixed letting resort in a prime, quiet northern location adjacent to the Cairns Esplanade.
Ideally positioned at the quieter end of the Esplanade yet still handy to all the city has to offer
Offering a total of 95 spacious two and three bedroom apartments, this quality residential / holiday resort is in a high demand area.
Excellent body corporate salary and good agreements.
A good mix of holiday and permanent letting is offered.
Further growth ongoing as conversion to holiday letting progresses as demand requires.
Cairns long term rental vacancy rate is down to less than 1% with rental rates rising.
No new apartment properties have been built for fifteen years.
Rarely do opportunities for properties of this calibre and upside come along.
Opportunity for manager to upgrade to 3 bedroom apartment.
Small manager pet allowed.
Gallery Vie compliant.

Contact Calvin for further property details.

Business Summary

Business Snapshot

Price: $2,250,000 Net Profit: $430,000 Remuneration / Body Corp Salary: $174,000Business Value: $1,700,000Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $550,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

Two bedroom / two ensuite apartment with office attached.Plus, the opportunity for manager to upgrade to three bedroom apartment.

Complex Information

Complex Type: MixedTotal Units in Complex: 95Total Units in Letting Pool: 14Owner Occupy Units: 69Outside Agent Units: 12Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 20 yearsPool: YesGym: YesBBQ Area: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. Prime, quiet northern location adjacent to the Cairns Esplanade.
2. 95 spacious two and three bedroom apartments.
3. High demand area for both permanent and holiday letting.
4. Good mix of holiday and permanent letting.
5. Potential for further growth through conversion to holiday letting.
6. Low vacancy rates and rising rental rates in the area.
7. Limited competition with no new apartment properties built in the past 15 years.
8. Opportunity for manager to upgrade to a three bedroom apartment.
9. Small manager pet allowed.
10. Gallery Vie compliant.
11. Net profit of $450,819 and remuneration/body corp salary of $158,291.
12. Manager's unit valued at $450,000 and includes an office.
13. Complex includes a pool, gym, BBQ area, and WIFI.
14. Agreement module is accommodation with a remaining term of 23 years.

Management Rights Multiplier: 3.95
ROI Estimate: 19.11%