Palm Cove, Queensland

Excellent Business Opportunity in Beautiful Palm Cove

$3,300,000

Business Description

Superb Property – In one of the most sought after holiday locations in TNQ. Four star with full resort facilities on large delightfully landscaped grounds. Comprising five individual buildings with four pools and three separate Wellness Spa Retreats. The Wellness Spas are fully operated by professional contractors. Perfectly sheltered in a Palm Cove location with a walk to the beach and a stroll to all restaurants. This property is the true picture of a real lifestyle business, with the manager enjoying a large three bedroom apartment with sunroom and outdoor grassed area. The Café/Bar has recently closed.
Great dual key complex, providing spacious guest accommodation with flexible studio, one or two bedroom apartments. Top guest facilities and a niche market, along with repeat clientele, make this a top business. The property is currently run under management, has a very cooperative Body Corporate and over $200,000 incl. GST salary with 20 years on the Agreements. Great complex and deserves a high level of consideration by partnerships, corporates and other entities looking for a suitable and profitable property in lovely Palm Cove. Provides a very good 20% ROI on the total asking price.
Confidentiality Conditions Apply
Call Calvin for full property information and Inspection arrangements.

Business Summary

Business Snapshot

Price: $3,300,000 Net Profit: $656,000 Remuneration / Body Corp Salary: $206,175Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $600,000Bedrooms: 3Bathrooms: 2Car Spaces: 1Office: Exclusive UsePets OK: Yes

Spacious three bedroom, two bathroom apartment plus sunroom (147m2), Large outdoor grassed area.

Complex Information

Complex Type: HolidayTotal Units in Complex: 58Total Units in Letting Pool: 35Owner Occupy Units: 8Outside Agent Units: 7Lockup Units: 6Manager Units: 2Agreement Module: AccommodationAgreement Term: 20 yearsAgreement Term Remaining: 20 yearsPool: YesSpa: YesBBQ Area: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. Prime location in one of the most sought after holiday destinations in TNQ.
2. Four star property with full resort facilities and beautifully landscaped grounds.
3. Comprised of five individual buildings, four pools, and three separate Wellness Spa Retreats.
4. Wellness Spas are fully operated by professional contractors.
5. Manager enjoys a large three bedroom apartment with sunroom and outdoor grassed area.
6. Recently closed Café/Bar provides potential for additional income.
7. Dual key complex with flexible studio, one or two bedroom apartments.
8. Top guest facilities and a niche market attract repeat clientele.
9. Currently run under management with a cooperative Body Corporate.
10. Over $200,000 incl. GST salary with 20 years remaining on the Agreements.
11. Great complex with potential for partnerships, corporates, and other entities.
12. Provides a very good 20% ROI on the total asking price.
13. Manager's apartment valued at $600,000 with 3 bedrooms, 2 bathrooms, and an office.
14. Complex type is holiday with a total of 58 units, 35 in the letting pool.
15. Agreement module is Accommodation with a 20 year term remaining.
16. Property features a pool, spa, and BBQ area for guests to enjoy.

Management Rights Multiplier: 4.12
ROI Estimate: 24.30%