Key Investment Insights
1. Asking price $1,250,000, reported net profit $114,000, with remuneration/body corp salary $88,600, indicating clear cashflow metrics.
2. Manager’s apartment valued at $875,000, providing substantial on-site asset backing to the purchase price.
3. Large manager’s unit features four bedrooms, two bathrooms, study/office, two balconies and an on-title office, supporting on-site management or rental income.
4. Three car spaces associated with the manager’s unit, plus secure underground lock-up garage parking for the complex.
5. Complex comprises 56 units, with 21 units in the letting pool, offering existing letting operations and occupancy potential.
6. Accommodation agreement originally 25 years, 15 years remaining, providing medium-term contractual income stability.
7. Facilities include an outdoor pool and secure underground parking, contributing to tenant appeal and retention.
8. Prime Southport location close to Australia Fair Shopping Centre, Southport TAFE, the Broadwater, Ferry Road Markets, and excellent public and private schools including TSS and St Hilda’s.
9. Excellent transport access, short light rail ride to Griffith University and the Gold Coast Hospital, enhancing tenant demand potential.
10. Operationally lightweight business model, manageable by one person, no fixed office hours, suitable for a first-time operator or a couple where one partner works externally.
11. Council potentially handling refuse bins under long-term agreements, reducing day-to-day operational responsibilities.
12. Described as an “unpolished gem”, indicating scope for value-add through renovation or improved management to increase returns.
Management Rights Multiplier: 3.29
ROI Estimate: 9.12%
