Cairns City, Queensland

Exclusive Permanent / Holiday Cairns CBD

$2,230,000

Business Description

Contemporary, exclusive four-level mixed letting resort in a prime, quiet northern location adjacent to the Cairns Esplanade.
Ideally positioned at the quieter end of the Esplanade yet still handy to all the city has to offer
Offering a total of 95 spacious two and three bedroom apartments, this quality residential / holiday resort is in a high demand area.
Excellent body corporate salary and good agreements.
A good mix of holiday and permanent letting is offered.
Further growth ongoing as conversion to holiday letting progresses as demand requires.
Cairns long term rental vacancy rate is down to less than 1% with rental rates rising.
No new apartment properties have been built for ten years.
Rarely do opportunities for properties of this calibre and upside come along.
Opportunity for manager to upgrade to 3 bedroom apartment.
Small manager pet allowed.
Gallery Vie compliant.

Contact Calvin for further property details.

Business Summary

Business Snapshot

Price: $2,230,000 Net Profit: $450,819 Remuneration / Body Corp Salary: $158,291

Managers Unit

Value of Managers Apartment: $450,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes
Two bedroom / two ensuite apartment with office attached.Plus, the opportunity for manager to upgrade to three bedroom apartment.

Complex Information

Complex Type: MixedTotal Units in Complex: 95Total Units in Letting Pool: 19Owner Occupy Units: 60Outside Agent Units: 15Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 23 yearsPool: YesGym: YesBBQ Area: YesWIFI: Yes
Marketing Agent
Calvin Bailey Management Rights

Calvin Bailey Management Rights

Key Investment Insights

1. Prime, quiet location adjacent to the Cairns Esplanade
2. High demand for spacious two and three bedroom apartments
3. Good mix of holiday and permanent letting
4. Potential for further growth as conversion to holiday letting progresses
5. Low vacancy rate and rising rental rates in Cairns
6. No new apartment properties built in the area for ten years
7. Opportunity for manager to upgrade to a three bedroom apartment
8. Small manager pet allowed
9. Gallery Vie compliant
10. High net profit and excellent body corporate salary
11. Opportunity for manager to live on site
12. Complex includes amenities such as a pool, gym, BBQ area, and WIFI
13. Long-term agreement in place with 23 years remaining
14. Good balance of owner-occupied and rental units
15. Potential for further income through outside agent units.

Management Rights Multiplier: 3.95
ROI Estimate: 25.33%

Listing location

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