Coolangatta, Queensland

ICONIC HOLIDAY COMPLEX - RAINBOW BAY - $677K NET

$5,500,000

Business Description

Outstanding beachfront business opportunity exists for new owners of this iconic complex in Rainbow Bay. The property is located in what is fast becoming one of the premier holiday destinations in Queensland. Apartments are spacious, north facing, 2-bedroom and 3-bedroom with breath-taking ocean views all the way to Surfers Paradise and with world famous Snapper Rocks surf break at the doorstep.

The building consists of a total of 52 apartments, 41 of which are in the letting pool. Over the past 2 years, a number of units have been refurbished and the complex presents beautifully. The new managers will appreciate the benefits of the hard work already done.

This is the perfect business, with high net profit, excellent systems in place, no set office hours and long agreements. The complex enjoys outstanding repeat business with a fantastic percentage of direct bookings.

All this and a beautiful modern 2- level 2-bedroom managers apartment with ocean views, a deck and courtyard space for entertaining.

- High Net Profit $677,000

- One of the best locations on the Gold Coast

- Unique 15 Year Agreement Fully Topped Up

- No Set Office Hours

- Strong Repeat Business

- Recently Renovated Holiday Units

- 2 Level Manager's Apartment with Ocean Views

This complex is a must to inspect, call now to arrange a time!

Property Code: 1313

Business Summary

Business Snapshot

Price: $5,500,000 Net Profit: $677,183 Remuneration / Body Corp Salary: $78,081Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $1,400,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: Exclusive UsePets OK: Yes

Stylish two level 2-bedroom 2-bathroom unit with ocean views, a deck off the upper level and a private courtyard on the lower. 1 car space

Complex Information

Complex Type: HolidayTotal Units in Complex: 52Total Units in Letting Pool: 41Owner Occupy Units: 2Lockup Units: 8Manager Units: 1Agreement Term: 15 yearsAgreement Term Remaining: 15 yearsPool: YesTennis Court: YesWIFI: Yes

Marketing Agent

Scott Saunders

Premier Business Sales

Key Investment Insights

1. Prime location in a highly sought-after holiday destination in Queensland
2. Well-established and successful business with high net profit of $677,000
3. Spacious and modern 2 and 3-bedroom apartments with stunning ocean views
4. 41 apartments in the letting pool, with potential for growth
5. Recent refurbishments have enhanced the overall presentation of the complex
6. Long 15-year agreement with no set office hours
7. Strong repeat business and a high percentage of direct bookings
8. Manager's apartment is a modern 2-level unit with ocean views and private outdoor space
9. Additional amenities such as a pool, tennis court, and WIFI for guests
10. Opportunity for further growth and potential to increase income through additional services or marketing strategies.

Management Rights Multiplier: 6.05
ROI Estimate: 16.52%