Rockhampton, Queensland
UNIQUE Management Rights Rockhampton (Great Tenants) Same managers 17 years
SOLD
Business Description
Overview
The business is perfectly located in Australia's beef cattle capital and benefits hugely from overseas 457 visa workers who are housed here by this multi National Meat Company. The meat company pays the bond and 2 weeks rent and worker pays back Meat Company. If any issues with tenant (only 3 in the whole 17 years) it is resolved by meat company. This gives the business the enviable position of being able to boast a 99% occupancy rate & "trouble free"
The Business
• Currently 54 in letting pool of this 46 x 2 bed, 26 x 3 bed quiet and orderly complex
• Separate freehold Office Block with a 2 x bedroom Unit attached (Can be Managers Residence), with Kitchen, lounge/dining, study, bathroom currently rented for $350 per week.
• 23 years remaining on managers agreement
• Large security gated complex comprising of 70 units of which 54 are in the letting pool
• High Body Corporate salary of over $165.00,000 + CPI
• Easily managed complex 5 day a week
• Massive room for growth into extra income streams i.e. selling of investors units)
• No set office hours
• Great opportunity to purchase a tightly held business as sellers are moving on and retiring after 17year
• New Body corporate committee
Net profit
For 2020 including managers wage $ 195,000 to $200,000 (2021)
Asking Price
$960,000 - Management Rights $660,000 + Office & 2 bed unit $300,000
There is also a large 44sq modern, fully air-conditioned double story comfortable freestanding home (away from complex) 4-bedroom, 1 x bathroom with upstairs Modern generous open plan Kitchen, and utility room (currently being used as a dining/lounge) Laundry, bathroom & outdoor living space and extra parking.
Asking Price : $960,000
Simone Simpson LREA
Licensee Executive Broker
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Business Summary
Managers Unit
Complex Information
Key Investment Insights
Key Insights:
1. The business is located in a prime location in Australia's beef cattle capital and benefits from overseas 457 visa workers.
2. The business has a 99% occupancy rate and a "trouble-free" history due to the support of the multi-national meat company.
3. The complex has a high body corporate salary and is easily managed 5 days a week.
4. There is potential for growth through extra income streams, such as selling investors' units.
5. The managers have been in place for 17 years and are now retiring, presenting a great opportunity for new owners.
6. The complex has a new body corporate committee.
7. The net profit for 2020, including the managers' wage, is between $195,000 to $200,000.
8. The asking price for the management rights is $660,000, and the office and 2-bedroom unit is $300,000.
9. There is also a large, modern, fully air-conditioned 4-bedroom home included in the sale.
10. The asking price for the entire business is $960,000.
11. The managers' unit is a separate freehold office block with a 2-bedroom unit attached.
12. The complex is gated and comprises 70 units, with 54 in the letting pool.
13. There are 23 years remaining on the managers' agreement.
14. There are no set office hours for the business.
15. The managers' unit is a 44sq modern, fully air-conditioned double story home with a separate living space and extra parking.
