THIS BUSINESS HAS GROWN IN THE LAST 12 MONTHS IN ALL AREAS!

Asking Multiplier of Only 5.45x

Permanent management rights, Fortitude Valley QLD

Showing strong growth in figures recently updated to 31 December 2024, the Net Profit has now risen to $291,531! The primary letting pool remained stable at 35 under management with the close - near-by external managements increasing to 6.

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 Old Museum and Exhibition Grounds. Note: The Manager has no duties involvement with the 12 commercial lots.

Principally a one person role for gardens, pool and common area cleaning, usually performed as a few hours a day leaving most of the week for a mix of business and down-time. The current managers do engage cleaners one day a week - part time - to clean the entry areas.

The Managers, after 10 good years, are looking to move to semi-retirement. The current & pragmatic committee work well with the manager. The length of time in the role is testament to the stability and quality of this particular business.

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

Caretaking duties only occupy a few hours each day (M-F). Sometimes only M-Thursday!

A point of note is that the CCTV camera system is available 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, a very nice two level 3 bedroom apartment, then this inner-city location could be the one that works!

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

More Information

Financial Overview

Total Purchase Price: Asking Multiplier of Only 5.45x
Net Income: $ 291,531 (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: undisclosed
_{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: 41
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 34
_{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: 7
_{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: $ 183,484
_{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: 21 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. Has been managed for last 10 years by one person + once a week cleaner. Both roles are part time only!

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 - 3rd 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.