71 Elizabeth Street, Hervey Bay, Queensland
REDUCED TO SELL: 1.5 multiplier with excellent remuneration in Hervey Bay
$153K MR & $722K Unit = Total $875K
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: $153K MR & $722K Unit = Total $875K
Net Profit: $102,136 Remuneration / Body Corp Salary: $74,375Business Value: $153,000
Managers Unit
Value of Managers Apartment: $722,000Bedrooms: 3Bathrooms: 2Car Spaces: 4Office: On TitlePets OK: YesComplex Information
Complex Type: PermanentTotal Units in Complex: 45Total Units in Letting Pool: 13Owner Occupy Units: 31Outside Agent Units: 1Agreement Term: 25 yearsAgreement Term Remaining: 22 yearsPool: Yes
Key Investment Insights
AI generated. Confirm details with the seller.
1. Offers from $875,000 include a $153,000 management rights business at a 1.5 multiplier and on title property valued at $722,000.
2. Actual annual net income is $102,136 after expenses and before tax.
3. Body Corporate salary of approximately $74,376 increases annually by at least 3% or CPI, whichever is higher.
4. Caretaking agreement has 22 years remaining, with regular top ups supported by the committee.
5. Standalone manager’s residence includes three bedrooms, two bathrooms, four car spaces, additional storage and two private courtyards.
6. Located 800 metres from Urangan Beach, beside Hervey Bay Botanic Gardens, with marina, cafés, shops and restaurants within walking distance.
7. On title office requires only five opening hours weekly, with days set by the caretaker.
8. Body Corporate pays all garden and equipment expenses; facilities include a swimming pool but no gym or lifts.
9. Established permanent complex contains 45 units, with 13 in the letting pool and 31 owner occupied.
10. Straightforward caretaking duties and documented procedures support a smooth transition for a single operator or semi retired couple.
11. Additional income potential includes townhouse sales, repairs and maintenance; previous annual townhouse sales income ranged from $30,000 to $50,000.
12. Secure gated, pet friendly complex features 24 hour security and established tropical gardens.
