18 / 98 University Drive, Varsity Lakes, Queensland

Varsity Lakes Permanent - BIG BC salary (12 ROI)

$1.050M MR & $950k Unit = Total $2.0M

Business Description

Lovely complex in Varsity offers a prime investment opportunity in the heart of Varsity Lakes on Queensland’s Gold Coast. This permanent residential complex is easy to manage, making it ideal for both experienced and first-time property managers. A single individual can efficiently oversee day-to-day operations, ensuring smooth management with minimal effort.

Investors have flexible living options, with the choice to live off-site and lease the manager’s unit for over $850 per week, benefiting from a separate on-title office and toilet. Alternatively, they can reside on-site in a brand-new, spacious three-bedroom, two-bathroom manager’s apartment with two car spaces. The complex enjoys strong financial performance, with a body corporate salary exceeding $136,000 annually and a net income of over $246,000. Its prime location near Bond University and shopping centres ensures high occupancy and rental demand, with apartments renting for approximately $850 per week.

The complex consists of 92 units, with 33 currently in the letting pool and three more expected to return after restoration from fire damage. Residents enjoy access to premium amenities, including a pool, BBQ area, and gym. The management rights agreement spans 25 years, with 21 years remaining, providing long-term security. The property is designed for low maintenance, featuring predominantly hardscaped areas that reduce gardening responsibilities.

The on-site manager’s apartment is undergoing a complete rebuild following a fire in 2022, ensuring a modern and high-quality living space upon completion. Financially, the manager’s apartment is valued at $950,000, while the management rights business is priced at $1,050,000, bringing the total investment to $2,000,000.

With its strategic location, low-maintenance setup, and strong financial returns, This complex presents an outstanding opportunity for investors.

Ras360 – Specialists in Management Rights | Motels | Hotels | Pubs | Parks

Business Summary

Business Snapshot

Price: $1.050M MR & $950k Unit = Total $2.0M Net Profit: $247,693 Remuneration / Body Corp Salary: $136,812

Managers Unit

Value of Managers Apartment: $950,000Bedrooms: 3Bathrooms: 2Car Spaces: 2

Complex Information

Complex Type: PermanentTotal Units in Complex: 92Total Units in Letting Pool: 33Owner Occupy Units: 46Outside Agent Units: 10Agreement Term: 25 yearsAgreement Term Remaining: 21 years

Marketing Agent

Kerrie Lush

0416 08....

Ras360

Key Investment Insights

1. Prime location in the heart of Varsity Lakes on the Gold Coast, near Bond University and shopping centres.
2. Easy to manage, ideal for both experienced and first-time property managers.
3. Flexible living options for investors, with the choice to live off-site and lease the manager's unit or reside on-site in a brand-new, spacious three-bedroom apartment.
4. Strong financial performance, with a body corporate salary exceeding $136,000 annually and a net income of over $246,000.
5. Low-maintenance setup, featuring predominantly hardscaped areas that reduce gardening responsibilities.
6. Premium amenities for residents, including a pool, BBQ area, and gym.
7. Long-term security with a 25-year management rights agreement, with 21 years remaining.
8. On-site manager's apartment undergoing a complete rebuild, ensuring a modern and high-quality living space upon completion.
9. Total investment of $2,000,000, with the manager's apartment valued at $950,000 and the management rights business priced at $1,050,000.
10. Outstanding opportunity for investors to benefit from the strategic location, strong financial returns, and low-maintenance setup of the complex.

Management Rights Multiplier: 4.24
ROI Estimate: 23.59%