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
Price: Bus-only $2.401m + $595K unit
Net Profit: $400,195 Remuneration / Body Corp Salary: $163,751
Managers UnitValue of Managers Apartment: $595,000Bedrooms: 2Bathrooms: 2
Complex InformationComplex Type: PermanentTotal Units in Complex: 130Total Units in Letting Pool: 92Holiday Units: 92Owner Occupy Units: 30Outside Agent Units: 8Agreement Term Remaining: 20 years