18 / 98 University Drive, Varsity Lakes, Queensland

Permanent Complex VARSITY BIG BC salary

$1.2M MR & $950k Unit = Total $2.15M

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, increasing the total to 36. 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 $1,200,000, bringing the total investment to $2,150,000.

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: $1.2M MR & $950k Unit = Total $2.15M 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: 36Owner Occupy Units: 46Outside Agent Units: 10Agreement Term: 25 yearsAgreement Term Remaining: 21 years

Marketing Agent

Kerrie Lush

0416 08....

Ras360

Key Investment Insights

1. The complex is located in a prime investment area in Varsity Lakes on the Gold Coast, Queensland.
2. The complex is easy to manage and can be efficiently overseen by a single individual.
3. Investors have flexible living options, with the choice to live off-site and lease the manager's unit or reside on-site in a brand-new, spacious apartment.
4. The complex enjoys strong financial performance, with a body corporate salary exceeding $136,000 annually and a net income of over $246,000.
5. The complex consists of 92 units, with 33 currently in the letting pool and three more expected to return after restoration from fire damage.
6. Residents have access to premium amenities, including a pool, BBQ area, and gym.
7. The management rights agreement spans 25 years, with 21 years remaining, providing long-term security.
8. The property is designed for low maintenance, reducing gardening responsibilities.
9. 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.
10. The total investment for the manager's apartment and management rights business is $2,150,000.
11. The complex presents an outstanding opportunity for investors due to its strategic location, low-maintenance setup, and strong financial returns.

Management Rights Multiplier: 4.84
ROI Estimate: 20.64%