Property Description

Large-scale Permanent Management Rights next to Park Road Milton | Resort Brokers ID : MR006428

Savoir Faire Residences presents an outstanding opportunity for an experienced operator to acquire the exclusive management rights to a high quality residential complex in the centre of Milton.

• 130 apartments in total, with 92 in letting pool


• Potential upside by converting the 8 lots using outside agents back into the pool


• The first tower was completed in November 2015 with the second following soon after in December 2016.


• Both buildings have long tenure (20 & 21 years respectively) remaining on the Caretaking and Letting Agreements.


• Robust net profit in excess of $400K


• Large combined Body Corporate salary circa. $163K


• There is no requirement to live on-site or own a lot, however, a modern two-bedroom manager's unit is being sold with the business with the potential to generate $32K per annum in rental income


• Lot 19 is fully furnished to a high specification. A full inventory list can be provided on request.


• The on-site office must be opened 2 hours per day between 9am-5pm, Monday to Friday and the manager must be contactable by phone at other times


• Easy caretaking duties with low maintenance grounds and on-site pool, gym & BBQ area in each building


• Two offices, two cleaning rooms and an additional large storage room under OA - which could convert to cinema, meeting area or for extra linen/storage.


• Both Tower I & II comprise 65 units each - 33 x 1 bedroom and 32 x two bedroom designs.


• Located 3km to the CBD with access to CityCat ferry services, direct bus routes & easy entry to main roads & motorways


• Surrounded by amenity including Suncorp Stadium, South Bank cultural precinct, University campuses and river recreation


• Short walk to the vibrant shopping and dining district of Park Road and near to major shopping complexes in Toowong and City

Date updated: 21 Oct 2020 01:00:03