Whitsundays, Queensland
Coral Cove Apartments - Absolute Beachfront Resort, Whitsundays
Offers Over $1,290,000 Considered
Business Description
* Absolute beachfront location - step straight onto the sand from the resort
* Uninterrupted ocean views from every unit
* High quality 4.5 star complex
* 37 fully furnished one, two and three bedroom apartments
* Situated in the ideal location to witness rocket launches from the newly opened Bowen Orbital Spaceport. The first test launch is anticipated for Q1 2025, and with the growing demand to launch satellites, the spaceport is expected to become a major drawcard for the region
* Operated under management
* Direct beach access and ocean views
* Live and work in paradise
* Strong repeat business with high volume of regular clients
* Upside potential for the next operator to build upon
* A truly exceptional property and location
Financials
* Net Income $239,635 FY23
Manager's Unit
* 2 bedroom managers apartment
* Balcony with ocean views
* Private ground floor courtyard with lawn & garden, ideal for pets
* Real estate component valued at $650,000
* Includes reception/office on title
Letting Rights
* 25 year agreement term (from 2022)
* Consistently 22 self contained units in the letting pool
Property Facilities
* Direct beach and ocean access
* Saltwater swimming pool and spa
* Undercover secure basement carparking
* 2 lifts on site
* Onsite restaurant that is owned by a third party and has been operated by them for many years
Queensland Tourism & Hospitality Brokers (QTHB) has compiled this information from sources we believe to be reliable, however QTHB does not give any warranty as to the accuracy, error or omission of information, if any. Interested parties should rely on their own enquiries.
Business Summary
Managers Unit
Bedrooms: 2Office: On TitleComplex Information
Complex Type: n/aStar Rating: 4.5Total Units in Complex: 37Agreement Term: 25 yearsPool: YesSpa: Yes
Key Investment Insights
1. Prime location: The Coral Cove Apartments are situated in an absolute beachfront location, offering guests direct access to the sand and uninterrupted ocean views from every unit.
2. High-quality complex: The complex is a 4.5 star property, ensuring guests a luxurious and comfortable stay.
3. Variety of accommodation options: The resort offers 37 fully furnished one, two, and three bedroom apartments, catering to a wide range of guests.
4. Spaceport proximity: The resort is ideally located to witness rocket launches from the newly opened Bowen Orbital Spaceport, providing a unique and exciting experience for guests.
5. Strong management: The resort is currently operated under management, providing a seamless and hassle-free experience for the new owner.
6. Upside potential: There is potential for the new owner to build upon the already successful business and increase profits.
7. Manager's apartment: The property includes a 2 bedroom managers apartment with ocean views and a private courtyard, providing a comfortable living space for the owner.
8. Long-term agreement: The letting rights for the resort have a 25 year agreement term, providing stability and security for the new owner.
9. Onsite facilities: The resort offers direct beach and ocean access, a saltwater swimming pool and spa, secure basement parking, and an onsite restaurant owned by a third party.
10. Strong financials: The resort has a projected net income of $239,635 for FY23, providing a solid return on investment for the new owner.
