Toowong, Queensland

TOOWONG PERMANENT MLR OFFERING LIFESTYLE AND SOLID INCOME | Resort Brokers ID : MR007841

$2,485,000

Business Description

Offering to market a fully established, well-maintained permanent MLR with associated real estate located in Toowong. Positioned just under 5km to Brisbane CBD and run under a single scheme, with an attractive Body Corporate salary of circa $220,000, this sought-after complex enjoys strong tenant demand and provides residents with great on-site facilities. Situated 100m walk to Regatta Hotel and opposite Memorial Park, close to CityCat ferry, Toowong shopping complex and train station.

- Solid net profit over $313,998
- 121 apartments over two towers
- BC salary of $219,377 with annual CPI increases
- Permanent letting pool of 38 units and upside to convert outside agents
- Separate freehold title office located on ground floor
- Manager's three bedroom unit is rented out providing additional income
- Facilities include swimming pool, spa, hydro pool, gym and tennis court
- 25 year caretaking and letting agreements
- Storage under OA
- Inspections by appointment only
Date updated: 26 Nov 2023 22:00:09

Business Summary

Business Snapshot

Price: $2,485,000 Net Profit: $313,998 Remuneration / Body Corp Salary: $219,377

Managers Unit

Value of Managers Apartment: $750,000Bedrooms: 2Bathrooms: 2Office: On Title

Complex Information

Complex Type: PermanentTotal Units in Complex: 121Total Units in Letting Pool: 38Holiday Units: 38Agreement Term Remaining: 25 years

Marketing Agent

Jeff Keast

Tim Crooks

ResortBrokers

Key Investment Insights

1. Well-established and maintained permanent management rights business located in Toowong, just under 5km from Brisbane CBD.
2. Single scheme complex with attractive Body Corporate salary of approximately $220,000.
3. Strong demand for rental properties in the area, providing a stable income for the business.
4. Convenient location with easy access to public transport, shopping complex, and other amenities.
5. 121 apartments over two towers, with a permanent letting pool of 38 units and potential to convert outside agents.
6. Separate freehold title office located on the ground floor.
7. Manager's three-bedroom unit is rented out, providing additional income for the business.
8. On-site facilities include a swimming pool, spa, hydro pool, gym, and tennis court.
9. 25-year caretaking and letting agreements in place.
10. Storage available under the body corporate.
11. Strong net profit of over $313,998.
12. Potential for growth and increased income through converting outside agents and increasing rental rates.
13. Inspections by appointment only.

Management Rights Multiplier: 5.53
ROI Estimate: 18.10%