Geelong, Victoria

$5.2M Plus $680K of Real Estate

Property Description

Off-the-Plan Purpose-Built 4.5 Star Apartment Hotel! | Resort Brokers ID : OTP005603

An exclusive opportunity to acquire the management rights and property to this iconic historical landmark overlooking Geelong's Eastern Beach.

  • Incredibly rare opportunity to secure a purpose-built short-term management rights in Victoria's most sought-after, second largest and undersupplied city

  • Ideal for an experiencedowner-operator or accommodation/hotel group seeking to expand theiroperations in a high-demand Victorian location

  • Due for completion Q4 2020, it will commandprime position at the edge of theCBD with stunning bay views

  • 109 apartments (127 keys) including18 dual-key apartments with all investors purchasing on the basis of a short-term letting

  • This unique, short-termoffering enters the market at a timewhen Geelong is enjoying surging overnight visitation and has a strengthening economy.In fact, it attracts more than 1.5 millionovernight visitors pa. (greater than Hobart & Darwin) a market thathas shown a compound annual growth rate of4.5% since 2007

  • Off-the-plan managementrights opportunity arising from the redevelopment ofGeelong’s elegant, heritage-listed Ritzbuilding on the corner of Bellerine andCorio streets

  • Independently prepared income projections by specialist management rights accountant, Tony Rossiter of Holmans - projecting a net profit of $1.29 million

  • Brand new 50 year caretaking and letting agreements (5 x 10 year terms)

  • Ground level one-bedroom manager's apartment including a MPR with integrated security comms and single car park - $460K

  • Separate freehold title consisting of 15sqm office with dual entrylocatedadjacent to reception on ground level - $220K

  • Includes extensive branding and signage package installed during construction

  • Geelong isattracting substantial private and Government investment with significantrenewal & revitalisation to many key landmarks

  • Excellent security and communications systems to be installed

  • Growing at 2.5% pa itcurrently has a population of morethan 244,000, a number forecast to eclipse 300,000 by 2031

Date updated: 25 Sep 2020 23:00:06

Property Summary

Business Snapshot

Price: $5.2M Plus $680K of Real Estate Net Profit: $1,298,340 Remuneration / Body Corp Salary: $156,000

Managers Unit

Value of Managers Apartment: $580,000Bedrooms: 1Bathrooms: 1Office: On Title

Complex Information

Complex Type: Resort / HolidayTotal Units in Complex: 109Agreement Term Remaining: 25 years

Marketing Agent

Marketing Agency


Tim Crooks


Listing Tools

This listing last updated: 25th September 2020

Property Map

Map Location ( get directions )

Geelong, Victoria 3220 Exact map location not provided

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