Fortitude Valley, Queensland

PERMANENT - $500K NET WITH $328K SALARY

SOLD

Business Description

We are delighted to offer this prestige permanent Brisbane management rights for sale now!

With stunning views from large balconies overlooking the Story Bridge and Brisbane River your tenants will love every minute of every day living in this stunning resort style complex.

This exclusive residential complex provides 5 star equivalent facilities comprising of BBQ Pavilion,
25 m Lap Pool, Heated Spa, Sauna, Gym, Library, Club Room and Board Room.

All in such a fantastic position with funky bars, cafes and restaurants at your door, a short stroll to the CBD in one direction and trendy James Street, Newstead and Teneriffe precincts in the other. Offering easy access to major arterial roads.

The modern and spacious ground floor manager’s apartment consists of two bedrooms, two bathrooms, a total of 150m2 of floor space, plus two secure car spaces, in addition to huge Office space attached on title.

A supportive body corporate, 24 years remaining on management agreements and a salary of over $328,000 ensures the longevity of this very healthy business

Currently run under management with an experienced team in place for many years, this is a business package that is guaranteed to impress the astute buyer!

Business Summary

Business Snapshot

Price: SOLD Net Profit: $502,500 Remuneration / Body Corp Salary: $328,000Business Value: $3,000,000Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $740,000Bedrooms: 2Bathrooms: 2Car Spaces: 2Office: On TitlePets OK: Yes

Modern and spacious ground floor manager’s apartment consists of two bedrooms, two bathrooms, a total of 150m2 of floor space, plus two secure car spaces, in addition to huge Office space attached on title.

Complex Information

Complex Type: PermanentTotal Units in Complex: 183Total Units in Letting Pool: 89Owner Occupy Units: 79Outside Agent Units: 14Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 24 yearsPool: YesSpa: YesSauna: YesGym: YesGames Room: YesBBQ Area: YesFunction Facilities: Yes

Marketing Agent

Bobo Qi

Property Bridge

Key Investment Insights

1. Stunning views from large balconies overlooking the Story Bridge and Brisbane River.
2. Exclusive residential complex with 5-star equivalent facilities.
3. Fantastic location with easy access to major arterial roads and trendy areas.
4. Modern and spacious ground floor manager's apartment with two bedrooms, two bathrooms, and attached office space.
5. Supportive body corporate and 24 years remaining on management agreements.
6. Experienced team in place for many years.
7. Net profit of $502,500 and remuneration/body corp salary of $328,000.
8. Manager's unit valued at $740,000.
9. Complex information includes 183 units, 89 units in the letting pool, and 79 owner-occupied units.
10. Agreement module is Accommodation with a term remaining of 24 years.
11. On-site amenities include a pool, spa, sauna, gym, games room, BBQ area, and function facilities.

Management Rights Multiplier: 5.97
ROI Estimate: 13.44%