Kings Beach, Queensland

Kings Beach, BUSINESS ONLY opportunity.

$620k - Business Only

Business Description

This exceptional management rights opportunity, featuring a renowned 24-unit holiday complex that dates back to 1981. Ideally positioned directly across from the stunning Kings Beach in Caloundra, this property offers a remarkable location that attracts tourists seeking relaxation and adventure.

The complex offers an array of desirable facilities, including a heated swimming pool complemented by a covered barbecue and entertaining area at the front. In addition, it features a half-court tennis facility in the backyard, enhancing the recreational offerings for guests. The current owner has successfully operated the property solo since November 2012, ensuring consistent management and care.

Within the 24 units, all designed with two bedrooms, the property consists of one unit leased to the complex's manager as a residence, twenty units serving as holiday rentals, two units that are owner-occupied, and one unit designated as a lock-up. A new Accommodation Module Caretaking and Letting Agreement was established on August 25, 2023, with terms set for an initial five years, from August 15, 2023, to August 14, 2028, followed by another five years until August 14, 2033, and a final three-year term from August 15, 2033, to August 14, 2036.

Importantly, there is no real estate included in this offer, as the representative is required to reside in the caretaker's unit. Currently, the manager rents this unit for $600 per week under a three-year agreement, which can be transferred to the incoming manager. The current rental agreement facilitates a smooth transition for the new operator.

Operational guidelines specify that there are no set office hours; however, the manager must be available to perform caretaking duties at reasonable times and be contactable by phone, SMS, or email. The individual must be prepared to attend to on-site matters within 30 minutes as needed.

The Body Corporate salary stands at $58,483.20 ex GST, with annual CPI adjustments each July, covering responsibilities such as cleaning and maintaining the pool and barbecue area. Caretaking activities generally require about one hour each day. Additionally, there is potential for supplementary income through quotes provided to the Body Corporate for tasks completed by external contractors, which could yield around $8,000 annually.

For verification purposes, the expected minimum net profit for the year ended June 30, 2023, is projected at $180,000, with occupancy rates steadily increasing from 73% in 2019 to an impressive 88% in 2023.

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Business Summary