140 Baringa Street, Morningside, Queensland

Down Town Morningside

$1,049,000

Property Description

$100,000 PRICE REDUCTION - Owner has committed elsewhere

The current caretaker has been in position for almost 7 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 23 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 $72,250.

This complex requires the caretaker to reside in the assigned lot and adhere to the office hours as per the Caretaking Agreement, the Caretaker or Caretakers representative is to be in attendance at Baringa Reserve during such regular hours as shall from time to time be agreed by the Body Corporate and the Caretaker but in any event to be in attendance at least between the hours 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. 1 hour per day.

As this is a relatively small complex, there are very few committee meetings to attend, approx. 3 per year.

Income $95,000
Unit $749,000,000 - reduced to $699,000
Business $400,000 - reduced to $350,000
Total $1,049,000

Please contact Robert Collins Exclusive Agent on ---------- or ----------

Property Summary

Business Snapshot

Price: $1,049,000 Net Profit: $95,000 Remuneration / Body Corp Salary: $72,250

Managers Unit

Value of Managers Apartment: $699,000Bedrooms: 3Bathrooms: 3Car Spaces: 4

Complex Information

Complex Type: PermanentTotal Units in Complex: 40Total Units in Letting Pool: 12Holiday Units: 12Owner Occupy Units: 24Outside Agent Units: 2Lockup Units: 1Agreement Term: 25 yearsAgreement Term Remaining: 23 years
Marketing Agent
Robert Collins
Robert Collins

RAAS Property Group

RAAS Property Group

Listing location
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