71 Elizabeth Street, Hervey Bay, Queensland
1.5 multiplier with excellent remuneration in sunny Hervey Bay
Offers from $875,000
Business Description
Offering an exceptional combination of coastal lifestyle, space, privacy and business potential, this unique package is positioned just 800 metres from Urangan esplanade and is adjacent to the tranquil Hervey Bay Botanic Gardens. This is a lifestyle opportunity rarely found in the management rights market, to secure both a spacious residence and stable remuneration. There are lucrative opportunities to earn extra income in Urangan's most established and well-maintained gated permanent complexes.
Financial Overview:
- Total Purchase Price: Offers from $875,000
- Net Income: $102,136 (actual) Combined total income after expenses, before tax.
- Included Real Estate: $722,000 Value of on-title property included with the business.
- Multiplier: 1.5 Estimated years till net income reaches business purchase price.
Included Real Estate:
- Manager's free standing Townhouse: 3 bedrooms, 2 bathrooms with 4 car accommodation + additional storage space
- Included Real Estate: $722,000 The value of on-title property included with the business. This price is included in the Total Purchase Price.
- Manager's Car Spaces: 4
- Office On Title: Yes
- Pets: Yes
Caretaking:
- Body Corporate Salary: $74,376 Body corporate caretaker salary (73% of Net Income)
- Agreement Term: 25 years
- Agreement Remaining: 22 years
- Office Hours: 5 hours per week (to be determined by the new owner as per Caretaking agreement)
Letting Business:
- Owner Occupiers: 31
- Letting Pool: 13
- Outside Let: 1
- Units In Complex: 45
Management Rights:
- Business: $153,000 at low multiplier of 1.5.
- Secure Body Corporate salary (75K) with yearly minimum 3% increase or CPI (whichever is higher), providing reliable cashflow, included in net income
- Additional Letting Pool commission (30K) and extra Body Corporate maintenance income (15K) included in gross income
- ROI 11.5% - huge potential to significantly increase yearly income from townhouse sales, repairs & maintenance work (In previous years, extra income from townhouse sales has ranged between 30-50K – this has not been included in gross income figure) - Recently extended 22 year agreement until 2048, with regular top ups by a supportive committee
- Attached office on title only open 5 hours per week (Caretaker can set day/s of preference)
- Established tropical gardens requiring minimal maintenance (8-12 hours per week in cooler months, 15-20 hours per week in summer months)
- ALL garden and equipment expenses paid for by the Body Corporate
- No gym of lifts – only a swimming pool to maintain
- Caretaking duties are straightforward and are clearly outlined in the Body Corporate agreement.
- Perfect entry level business for single operator or semi-retired couple
- Very well-run complex with an established, steady business. All procedures have been documented for a seamless transition
Property Details
- Spacious standalone manager's residence
- Three generous bedrooms and two bathrooms
- Master suite complete with walk-in robe
- 4 air conditioner units plus ceiling fans for the summer months
- Soaring ceilings and impressive central double void
- Plantation shutters throughout the downstairs living areas
- Abundant natural light, expansive open-plan living and dining zones
- Well-appointed kitchen with island bench with new dishwasher and ample storage space
- 2 x private outdoor courtyards perfect for entertaining guests
- Double lock-up garage with internal access + 2 outdoor car spaces. Bring the trailer and boat!
- Large storage room
- Pet friendly and secure gated complex with 24hr security
- Just 800 metres from Urangan Beach and adjacent to Hervey Bay Botanic Gardens & Community Centre
Combining a quality residence and established management rights business, this unique offering presents an exceptional opportunity for owner operators.
Residents enjoy beautifully maintained grounds in a superb, beachside location. You are conveniently positioned within walking distance to the marina, cafés, restaurants, shopping centres, schools, local markets and the Urangan pier.
Vendor is looking to relocate and is seeking offers from $875,000 – this is lifestyle and income in one of Hervey Bay's most desirable coastal settings.
Contact Kim Carter today for further information or to arrange an inspection.
Business Summary
Business Snapshot
Price: Offers from $875,000
Net Profit: $102,136 Remuneration / Body Corp Salary: $74,376Business Value: $245,000
Managers Unit
Bedrooms: 3Bathrooms: 2Car Spaces: 4Office: On TitlePets OK: YesComplex Information
Complex Type: PermanentTotal Units in Complex: 45Total Units in Letting Pool: 12Owner Occupy Units: 32Outside Agent Units: 1Pool: Yes
Key Investment Insights
AI generated. Confirm details with the seller.
1. Offers from $875,000 include a $722,000 on title manager’s residence and business, with stated net income of $102,136.
2. Secure body corporate salary of $74,376 includes yearly increases of 3% or CPI, whichever is higher.
3. Recently extended agreement provides 22 years remaining until 2048, supported by a supportive body corporate committee.
4. Standalone three bedroom, two bathroom townhouse offers four car spaces, storage, two courtyards and pet friendly living.
5. Established 45 unit permanent complex includes a 13 unit letting pool, 31 owner occupiers and one outside let.
6. Caretaking duties are documented, with garden and equipment expenses paid by body corporate and no lifts or gym.
7. Only five office hours weekly and seasonal gardening requirements may suit a single operator or semi retired couple.
8. Located 800 metres from Urangan Beach, beside Hervey Bay Botanic Gardens and close to marina, cafés and shopping.
