Palm Cove, Queensland
HIGH YIELDING REAL ESTATE INVESTMENT PROPERTY WITH PLENTY OF DEVELOPMENT UPSIDE - 2735MI
OFFERS CONSIDERED OVER $8M
Business Description
Tourism Brokers is delighted to introduce to the property market Periwinkle Apartments for sale via Private Treaty.
Strategically situated within the Buchan Hill precinct of Palm Cove, the tourism capital of Far North Queensland, this unique Real Estate Rental Investment opportunity is not to be missed.
This is your opportunity to own just under two acres of high yielding secure residential asset which includes:
- 32 Studio apartments - Leased permanently.
- 12 one-bedroom apartments - Leased permanently.
- And ample land for expanding the Lettable area, including Subdivision of Land to the North boundary and further Apartments on second level of car park.
Currently leased out at $275 per week for a studio and $320 per week for a one-bedroom apartment, the complex is currently at 100% occupancy, and has been since COVID due to near 0% vacancy rates in Cairns Region. Estimates for 2023 will increase rentals for studios to $290 and one-bedrooms to $340 per week.
The complex is a short stroll to the Palm Cove Beach and Williams Esplanade with all of the fine dining restaurants.
A 21 kw solar photovoltaic system reduces the electricity bills substantially, and tenants also contribute to the cost of electricity.
The owner is retiring after 10 years. Own it as an owner manager and earn $529,730 p.a after expenses or place a Rental Caretaker Manager and earn $450.730 p.a as a passive investment in a Blue-Chip coastal location.
Periwinkle Apartments has a further two development opportunities:
1. Construction of a two level, 20 one-bedroom apartments over the existing car park.
2. Construction of two to three Townhouses on the Northern side of the property with access to Coral Coast Drive.
Gross Annual Rentals $717,560; Net Annual Rentals $529,730
Contact Antonio Curulli from Tourism Brokers for further information or to arrange an inspection.
Property ID: 2735MI (quote when enquiring)
Property Code: 4629
Business Summary
Key Investment Insights
1. Strategically located in the Buchan Hill precinct of Palm Cove, a popular tourist destination in Far North Queensland.
2. Large property with potential for further development, including subdivision and construction of additional apartments and townhouses.
3. 100% occupancy rate and high rental yields, with potential for rental increases in the future.
4. Short stroll to Palm Cove Beach and Williams Esplanade, with access to fine dining restaurants.
5. 21 kw solar photovoltaic system reduces electricity bills and tenants contribute to electricity costs.
6. Owner retiring after 10 years, providing opportunity for new owner to take over and earn a high income as an owner-manager or passive investor.
7. Potential for further income through development opportunities, including construction of additional apartments and townhouses.
8. Gross annual rentals of $717,560 and net annual rentals of $529,730.
9. Contact Antonio Curulli from Tourism Brokers for further information or to arrange an inspection.
10. Property ID: 2735MI.
