Smithfield, Queensland

Simply the Best Permanent

SOLD

Business Description

Luxury style permanent letting in prime position.
Exciting & contemporary Cairns gated community in Smithfield. Permanent let property with a total of 111 apts & villas, The property was completed and opened in 2006. A high percentage of rental units are furnished. Units are top quality with extensive facilities and on a large well positioned site in the sought after Northern Beaches of Cairns. Only 15 minutes to the Cairns CBD. Great manager’s three bedroom/two bathroom Villa with quality fittings, plus large office and double lock up garage. No set office hours. Good $170k incl. salary with CPI increases. Excellent opportunity to get into the industry in a top building with a well-established business. No requirement for Manager to reside onsite. Mix of 6 month and 12 month leases. Cairns currently has one of the lowest vacancy rates in the country at less than 1% and rental rates are on the rise. Little impact by Covid has been noticeable with this property.
Call Alex today for more information on this great business opportunity.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $350,000 Remuneration / Body Corp Salary: $154,440Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $495,000Bedrooms: 3Bathrooms: 2Car Spaces: 2Office: On Title
Large 203m2 contemporary three bedroom two bathroom villa and attached office. Double lock up garage.

Complex Information

Complex Type: PermanentTotal Units in Complex: 111Total Units in Letting Pool: 95Owner Occupy Units: 11Outside Agent Units: 4Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 20 years yearsPool: YesGym: YesTennis Court: YesBBQ Area: YesPay TV: YesWIFI: Yes
Marketing Agent
Alex Barker-Ré
Alex Barker-Ré

Calvin Bailey Management Rights

Calvin Bailey Management Rights

Key Investment Insights

1. Prime location in sought after Northern Beaches of Cairns, only 15 minutes to the CBD.
2. Well-established business with a high percentage of furnished units.
3. Large and well-positioned site with extensive facilities.
4. Manager's villa with quality fittings, large office, and double lock-up garage.
5. No set office hours and no requirement for manager to reside onsite.
6. Mix of 6 and 12 month leases.
7. Low vacancy rates in Cairns, currently less than 1%.
8. Little impact from COVID-19 on the property.
9. Net profit of $350,000 and body corp salary of $154,440 with CPI increases.
10. Manager's apartment valued at $495,000 with 3 bedrooms and 2 bathrooms.
11. Complex has 111 units, with 95 in the letting pool and 11 owner-occupied units.
12. Agreement module is Accommodation with 20 years remaining on the 25-year term.
13. On-site amenities include a pool, gym, tennis court, BBQ area, pay TV, and WIFI.

Management Rights Multiplier: 4.64
ROI Estimate: 21.54%

Listing location

This Business is sold

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