Chermside, Queensland
TWO NEIGHBOURING PERMANENT COMPLEXES IN BRISBANE'S INNER NORTHSIDE | Resort Brokers ID : MR008006
$2,974,996
Business Description
A ResortBrokers Special! This is a fantastic duo of management and letting rights complexes located right next to each other. Estilo on Kittyhawk is a fully established business whilst its neighbour Estilo on the Park presents as an off the plan opportunity that is currently well-progressed under construction. Our developer/vendor is looking to sell both assets in one transaction so that the successful party can reap the benefits of a larger scale business that comes with a net profit in excess of $560,000.
Highlights of the Combined Offering
- Both on 25 year Accommodation module agreements
- High net profit of $561,320
- Total of 238 apartments + 4 commercial lots
- Combined Body Corporate salary of $387,793 p.a.
- No set office hours and manageable duties
Established Complex
- Developed and run under management by Gardner Vaughan Group
- 116 apartments with 47 in letting pool
- 21 years remaining on 25 year Accommodation module agreements
- 16m2 office on ground level of building 1 (east)
- Manager required to reside on-site - option to rent or buy a unit
Off the plan Complex
- Under construction with Stage 1 due to complete in Q3 2024
- No requirement to live onsite or own a lot
- Manager's 9sqm office on mezzanine level and storage under OA
- 100 of 122 units already sold and construction well-progressed
- Level 1 pool, function room and rooftop with kitchen & deck, gym.
All inspections by appointment only Date updated: 01 Dec 2023 00:00:07
Business Summary
Business Snapshot
Price: $2,974,996
Net Profit: $561,320 Remuneration / Body Corp Salary: $387,793
Managers Unit
Complex Information
Complex Type: PermanentTotal Units in Complex: 238Total Units in Letting Pool: 93Holiday Units: 93Owner Occupy Units: 144Outside Agent Units: 1Agreement Term Remaining: 25 years
Key Investment Insights
1. High net profit of $561,320
2. Two neighbouring complexes with a combined total of 238 apartments and 4 commercial lots
3. Both complexes are on 25 year Accommodation module agreements
4. No set office hours and manageable duties for the manager
5. Established complex developed and run by Gardner Vaughan Group
6. Off the plan complex with Stage 1 due to complete in Q3 2024
7. No requirement for manager to live on-site or own a lot in off the plan complex
8. Manager's office and storage space included in both complexes
9. Majority of units in off the plan complex already sold and construction well-progressed
10. On-site amenities including pool, function room, rooftop with kitchen and deck, and gym.
