STRONG 17.4% RETURN ON INVESTMENT! - CLOSE TO EXHIBITION GROUNDS.

$2,288,000

Permanent management rights, Fortitude Valley QLD

A modern low-rise complex of 80 apartments / townhouses plus 12 strata commercial lots at street level, located on the very edge of Fortitude Valley and Spring Hill and within walking distance to the Exhibition Grounds.

Principally a 'one day a week role' for gardens, pool and common area cleaning, spread out over the week, although you can, like the sellers, condense the tasks into one day leaving most of the week for a mix of business and down-time.

The sellers are looking to move to semi-retirement and are now selling after 10 good years of great pragmatic committees and a very stable to growing business. The length of time in the role is testament to the stability and quality of this particular business.

There are also 3 external property managements and all located close by.

A couple of solid points on this Business so as you can understand the Day to Day a little more:

Whilst the duties are laid out well within the Caretaking Agreement, the caretaker spends about one day each week conducting the regular caretaking items.

Additional duties extend to the Annual fire testing which sees the Body Corporate contracted fire experts come in an inspect the fire system installations within the complex. On average this takes three part days. The Annual Pest Control treatment is similar, about three part days. Of course the Pest Control treatment is a Body Corporate expense.

A point of note is that the CCTV camera system is able to be viewed on your mobile phone.

This is a low-medium demand business!

If you're looking for a great income, a great salary and good lifestyle, this inner city location could be the one that works!

Call Greg Jorgensen today on 0407 721 335 to both discuss and receive the documents package.

More Information

Financial Overview

Total Purchase Price: $2,288,000
Net Income: $ 284,344 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 750,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 5.4
_{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: 34
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 35
_{Number of units resided in by their owners.}

Lock Ups: 0
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 11
_{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: $ 177,450
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 25 years
_{How long is the caretaking contract.}

Agreement Remaining: 22 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 Very Close to City Unit and Townhouse styled complex with a central courtyard and pool area.

Real Estate Component

Manager's Unit: 3 2

Included Real Estate: $ 750,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 1

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: Renovated large two level apartment with 2 bedrooms on the bottom floor and a super large loft - bedroom on the top floor. Good sized balconies lead off both bedrooms and the living areas. This is a very nice apartment with modern kitchen and bathrooms, having been very well maintained and renovated in recent years! The apartment has both garage and office on title and a 213sqm surveyed floor area.