Determined Sellers at Parc Apartments are looking for OFFERS!

$2,523,000

Permanent management rights, Brisbane City QLD

My instructions are clear! Bring me Buyers and Bring me Offers!

This 92 lot building contains some 31 dual key units, which are perfect for student accommodation! Converting the letting pool in part/whole to student accommodation will see that already solid net of $326K increase even further!! Now that is a real opportunity for a Buyer!

There is so much upside here in lettings, increasing the 14 store rooms rent to a more market rent, and in offering a repairs & maintenance service to all owners! All it needs is a Buyer with a Desire to Achieve and Success will Follow!!

> A permanent letting business - no short term.
> The real estate - managers apartments, managers office and the 14 store rooms are all on title and will BE SOLD AT VALUATION.
> The Seller's will be selling this business.
> 2o years remaining on the agreements for the Buyer.
> With 27 Outside Agent Managed properties within Parc, There HAS TO BE Upside here!
> Lastly, if you're in anyway handy, you can increase your revenue by offering a Repair & Maintenance Service within the building.

This is a walk to city / walk to anywhere position!! Located right on the western-edge of the Brisbane CBD making it Prime Rental Property! This is reflected in there being only 10 Owner Occupiers!

A business with the real ability for growth, on-top of the current accountant verified $326,511 net operating profit.

The figures have been verified by Paul Shannon at Crest Accounting, a leading Industry firm.

The letting business has a total of 54 under management, with one of these being an external management generating some $2,186 in the period of review. This income has been treated at a 2.5 multiplier on the gross to reflect its 'rent-roll' status.

The managers apartment is large and is a very live-able space for a couple or a family with the three bedrooms and the large 60m2 + patio area. The three basement car spaces are also a great bonus.

In addition, and on title, are the managers office and the purpose built 14 storage mini-rooms which generated some $7,456 in the last 12 months. The calculations we will share suggest that the store rooms income is lower than where they could be, so yet another area of additional income.

With a multiplier at only 5.3 times THIS IS GREAT BUYING!! For a a north of $300K net business, this is EXCEPTIONALLY well priced! The Seller's are open to Offers and are ready to sell now!!

This business could be readily operated by a one to two person team.

An excellent business and complex for a first time and or an experienced operator!

Call Greg Jorgensen today to discuss, receive the detailed documentation package and to arrange a one-on-one inspection.

More Information

Financial Overview

Total Purchase Price: $2,523,000
Net Income: $ 326,511 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 800,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 5.3
_{Estimated number of years till the Net Income reaches the Purchase Price of the business component. Other factors such as lifestyle, workload, location and offering should always be considered ahead of the multiplier when evaluating a Management Rights business.}

Letting Business

Letting Pool: 54
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 11
_{Number of units resided in by their owners.}

Lock Ups: 1
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 27
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 92
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 158,358
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 20 years
_{How long is the caretaking contract.}

Agreement Remaining: 20 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 0 years
_{How long has the management rights existed.}

Office Hours: None
_{Required Office Hours}

Complex Features: A 9 Level + 2 Basement Level - Easily Managed Modern Apartment complex with pool and gymnasium.

Real Estate Component

Manager's Unit: 3 2

Included Real Estate: $ 800,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 3

Office On Title: 1
_{Is there a manager's office included on the title?}

Pets: Yes
_{Can the manager own a pet on site?}

Unit Features: A large 154 sqm three bedroom, two bathroom ground floor apartment including a huge 64 sqm patio, with Brisbane River glimpses. This managers real estate has three secure basement car spaces plus office on tile and 14 store rooms also on title that are rented out for additional income!