Palm Cove, Queensland

Classic and beautiful in Palm Cove

SOLD

Business Description

Beach front and very popular. Set amongst award winning gardens. Rapidly improving occupancy as the industry in the area improves. Excellent management results here with all one bedroom fully self contained spacious apartments furnished to high standards. Most with great views. A happy building, well maintained and presented. No residential obligation. Pooled income for ease of administration. Invest and prosper while enjoying the beachfront lifestyle. Motivated Vendors with reluctant sale after 17 years. Confidentiality Conditions apply.

Call Calvin for further details.
Inspections by appointment only.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $245,000 Remuneration / Body Corp Salary: $57,235Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $650,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: Exclusive UsePets OK: Yes

Two bed, two bathrooms on two levels. Ocean views from upper floor, privacy from lower floor. Large private exclusive use outdoor deck. Be lulled to sleep at night by the sound of the waves and the soft sea air through the window.

Complex Information

Complex Type: HolidayTotal Units in Complex: 24Total Units in Letting Pool: 17Owner Occupy Units: 1Outside Agent Units: 5Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 21 yearsPool: YesSpa: YesBBQ Area: YesPay TV: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

Key insights for this business for sale listing include:

1. Prime location in Palm Cove Beachfront: The business is situated in a highly desirable location in Palm Cove, a popular beachfront destination in Australia.

2. Award-winning gardens: The property is set amongst beautifully landscaped gardens, adding to its appeal and attractiveness to guests.

3. Strong occupancy rates: The occupancy rates for the business have been rapidly improving, reflecting the overall growth and improvement in the tourism industry in the area.

4. Well-managed and maintained: The building is well-maintained and presented, with excellent management results. The apartments are fully self-contained and furnished to high standards, making them attractive to guests.

5. Pooled income for ease of administration: The business operates with a pooled income system, making it easier for the owners to manage and administer.

6. Reluctant sale after 17 years: The current owners have been running the business for 17 years and are now looking to sell due to personal reasons, making it a rare and unique opportunity for potential buyers.

7. Managers' apartment included: The sale includes a spacious and well-appointed two-bedroom, two-bathroom managers' apartment with ocean views and exclusive use outdoor deck.

8. Holiday complex with 24 units: The complex consists of 24 units, with 17 units in the letting pool and one owner-occupied unit. This provides a stable and consistent income stream for the business.

9. Accommodation agreement: The business operates under an accommodation agreement with a term of 25 years, with 21 years remaining. This provides long-term security for the new owners.

10. On-site amenities: The complex offers a range of amenities for guests, including a pool, spa, BBQ area, pay TV, and WIFI, making it an attractive option for holidaymakers.

11. Potential for growth: With the improving occupancy rates and the overall growth in the tourism industry in the area, there is potential for the business to further

Management Rights Multiplier: 3.06
ROI Estimate: 17.50%