Runaway Bay, Queensland

LUXURIOUS WATERFRONT HIGH RISE

SOLD

Business Description

High quality residential building on the Gold Coast.

Boasting a great Body Corporate salary of $166,000 this outstanding business is comprised of 101 luxury apartments, all with wonderful views. The letting business consists of 12 apartments are all permanent residents, contributing to the net business profit of $229,000 plus.

The managers apartment is huge at 215m2, located on a higher level, offering wonderful views. Featuring 2 bedrooms and 2 bathrooms with 2 large sweeping balconies to enjoy the views this apartment is all class. The substantial reception area and back office (on title) are located on ground level.
New ten year management agreements are already in place for the incoming manager.

First class facilities include indoor and outdoor pools, sauna, spa, tennis court, gym, BBQ and gazebo area, pontoon, function room with commercial grade kitchen, library and games room.

This is a high profile, secure and profitable business offering the added benefit of an enviable lifestyle.

Make it yours….

Business Summary

Business Snapshot

Price: SOLD Net Profit: $229,000 Remuneration / Body Corp Salary: $166,000Business Value: $950,000Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $800,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

The managers apartment is huge at 215m2, located on a higher level, offering wonderful views. Featuring 2 bedrooms and 2 bathrooms with 2 large sweeping balconies to enjoy the views this apartment is all class. The substantial reception area and back office (on title) are located on ground level.

Complex Information

Complex Type: PermanentStar Rating: 5Total Units in Complex: 101Total Units in Letting Pool: 12Owner Occupy Units: 78Outside Agent Units: 2Lockup Units: 8Manager Units: 1Agreement Module: StandardAgreement Term: 10 yearsAgreement Term Remaining: 10 yearsPool: YesSpa: YesSauna: YesGym: YesTennis Court: YesPay TV: Yes

Other Features / Notes

First class facilities, indoor and outdoor pools, sauna, spa, tennis court, gym, BBQ and gazebo area, pontoon, function room with commercial grade kitchen, library and games room.

Marketing Agent

Bobo Qi

Property Bridge

Key Investment Insights

AI generated. Confirm details with the seller.

1. High quality residential building with 101 luxury apartments
2. Great Body Corporate salary of $166,000
3. Net business profit of $229,000 plus
4. 12 apartments are permanent residents, contributing to the net business profit
5. Manager's apartment is large at 215m2 with 2 bedrooms, 2 bathrooms, and 2 balconies with views
6. Reception area and back office are located on ground level
7. New ten year management agreements already in place
8. First class facilities including indoor and outdoor pools, sauna, spa, tennis court, gym, BBQ and gazebo area, pontoon, function room, library and games room
9. High profile, secure and profitable business
10. Offers an enviable lifestyle for the manager
11. Manager's apartment valued at $800,000
12. Complex type is permanent with a 5-star rating
13. Total of 101 units in the complex with 12 in the letting pool
14. Majority of units are owner-occupied
15. Agreement module is standard with a 10-year term remaining
16. Other features include pay TV and lockup units.

Management Rights Multiplier: 4.15
ROI Estimate: 13.09%