Morningside, Queensland

Down Town Morningside

SOLD

Business Description

Owner has committed elsewhere
The current caretaker has been in position for just 8.5 years and enjoys a very positive relationship with the Body
Corporate, the Committee and Owners alike. Rental demand is always high for the complex and vacancies are easily
filled when they arise as the owners maintain their properties to a high standard. There is 22 years to run on the 25
year agreement, with this being topped up a the AGM in 2020. There are currently both gardening and pool
maintenance contractors in place.
You can continue with these service providers or take over and complete these duties yourself. Current caretaker
salary is $77,615
This complex requires the caretaker to reside in the assigned lot and be on site during the hours stated of ,8am to
5pm Monday to Friday and 8am to 1130am Saturday. The current caretaker uses Property Me Software and all
tenants pay by direct deposit. Office related duties take approx. 2 hours per week
If you would prefer to buy as a caretaking only arrangement, the vendor is happy to reduce the Management Rights price by $66,000. This also
means you will not require a letting license.
Income $105,000
Unit $750,000 - reduced to sell
Business $249,000 - this is a multiplier of 2.4 well below market value
Total $999,000
Please make an offer. No reasonable offer will be refused. Currently there is office hours but the committee is very flexible and will work with the new caretaker to allow flexibility once the trust is built. A very easy complex to operate!
Please contact Robert Collins Exclusive Agent on ---------- or ----------

Business Summary

Business Snapshot

Price: SOLD Net Profit: $105,000 Remuneration / Body Corp Salary: $77,615

Managers Unit

Value of Managers Apartment: $750,000Bedrooms: 3Bathrooms: 3Car Spaces: 4

Complex Information

Complex Type: PermanentTotal Units in Complex: 40Total Units in Letting Pool: 11Owner Occupy Units: 25Outside Agent Units: 3Lockup Units: 1Agreement Term: 25 yearsAgreement Term Remaining: 22 years

Marketing Agent

Robert Collins

0404 67....

Ras360

Key Investment Insights

1. The current caretaker has been in position for 8.5 years and has a positive relationship with the Body Corporate, Committee, and Owners.
2. Rental demand for the complex is high and vacancies are easily filled due to the well-maintained properties.
3. There are 22 years remaining on the 25-year agreement, with the potential for a top-up at the 2020 AGM.
4. There are currently gardening and pool maintenance contractors in place, but the new owner can choose to take over these duties or continue with the current service providers.
5. The current caretaker salary is $77,615.
6. The complex requires the caretaker to reside on-site and be available during specified hours.
7. The current caretaker uses Property Me Software and tenants pay by direct deposit.
8. Office-related duties take approximately 2 hours per week.
9. The option to purchase only the caretaking rights is available, with a reduced price of $66,000.
10. The total income for the business is $105,000.
11. The total price for the business and unit is $999,000.
12. The committee is flexible and willing to work with the new caretaker to allow for flexibility once trust is built.
13. The complex is described as very easy to operate.

Management Rights Multiplier: 2.37
ROI Estimate: 42.17%