Woolloongabba, Queensland

Two complexes in adjoining suburbs close to the city.

$4,057,000

Business Description

This is two buildings one suburb apart sold as one. There is a managers unit but you do not have to live on site. It is currently rented out. P&L done by accredited MR accountant. Valuation done by accredited broker. Top ups have just been done and 24 years left to run. Cooperative BC committee
BC Salary has increased by $9,200 above attached P&L. Sales price has not been increased therefor there has been a .15 drop in multiplier.

Woolloongabba – Level 1 recreational lounge & BBQ area, pool and toilet. Level 7 Rooftop lounge & BBQ area with a toilet.

Number of apartments

Kangaroo Point – 69

Woolloongabba- 89 (including retail lot)

Total = 158



Number of apartments in letting pool

Woolloongabba- 61

Kangaroo Point– 43

Total = 104
Please contact Robert Collins Exclusive Agent on ---------- or ----------

Business Summary

Business Snapshot

Price: $4,057,000 Net Profit: $553,019 Remuneration / Body Corp Salary: $252,596

Managers Unit

Value of Managers Apartment: $550,000Bedrooms: 1Bathrooms: 1Car Spaces: 1

Complex Information

Complex Type: PermanentTotal Units in Complex: 158Total Units in Letting Pool: 104Owner Occupy Units: 23Outside Agent Units: 29Agreement Term: 25 yearsAgreement Term Remaining: 24 years
Marketing Agent
Robert Collins
Robert Collins

Key Investment Insights

Key Insights:

1. Two complexes in adjoining suburbs close to the city are being sold as one.

2. The complexes have a total of 158 apartments, with 104 in the letting pool.

3. The managers unit is currently rented out and there is no requirement to live on site.

4. The P&L and valuation have been done by accredited professionals.

5. The BC salary has increased by $9,200 and there has been a drop in multiplier, making it a good opportunity for potential buyers.

6. The Woolloongabba complex has a level 1 recreational lounge and BBQ area, as well as a level 7 rooftop lounge and BBQ area.

7. The Kangaroo Point complex has 69 apartments, while the Woolloongabba complex has 89 (including a retail lot).

8. The total net profit for the business is $553,019, with a remuneration/body corp salary of $252,596.

9. The value of the managers apartment is $550,000 and it has 1 bedroom, 1 bathroom, and 1 car space.

10. The complex type is permanent, with an agreement term of 25 years and 24 years remaining.

11. There are 23 owner-occupied units and 29 outside agent units in the complexes.

Management Rights Multiplier: 6.34
ROI Estimate: 15.77%

Listing location
Gallery

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