Whitsundays, Queensland
Coral Cove Apartments - Absolute Beachfront Resort, Whitsundays
Management Rights $1,595,000
Business Description
* Absolute beachfront location - step straight onto the sand from the resort
* High quality 4.5 star complex
* 37 fully furnished one, two and three bedroom apartments
* 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
Key Insights:
1. Prime beachfront location with direct access to the sand and ocean.
2. High quality 4.5 star complex with 37 fully furnished apartments.
3. Operated under management, providing an opportunity for a hands-off investment.
4. Strong repeat business and high volume of regular clients.
5. Potential for growth and improvement for the next operator.
6. Manager's unit with 2 bedrooms, balcony with ocean views, and private courtyard.
7. Real estate component valued at $700,000.
8. 25 year agreement term with consistently 22 units in the letting pool.
9. Onsite facilities include a saltwater pool and spa, secure parking, and lifts.
10. Onsite restaurant owned by a third party and operated for many years.
11. Net income of $239,635 projected for FY23.
12. Opportunity to live and work in a beautiful and highly sought-after location.
