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Investment Opportunity: Central Apartments Varsity
$1.2M MR$950k Unit = Total $2.15M
Permanent Management Rights, VARSITY LAKES QLD
Central Apartments Varsity offers a prime investment opportunity in the heart of Varsity Lakes on Queenslands Gold Coast. This permanent residential complex is easy to manage, making it ideal for both experienced and first-time property managers. A single individual can efficiently oversee day-to-day operations, ensuring smooth management with minimal effort.
Investors have flexible living options, with the choice to live off-site and lease the managers unit for over $850 per week, benefiting from a separate on-title office and toilet. Alternatively, they can reside on-site in a brand-new, spacious three-bedroom, two-bathroom managers apartment with two car spaces. The complex enjoys strong financial performance, with a body corporate salary exceeding $125,000 annually and a net income of over $246,000. Its prime location near Bond University and shopping centers ensures high occupancy and rental demand, with apartments renting for approximately $850 per week.
The complex consists of 92 units, with 33 currently in the letting pool and three more expected to return after restoration from fire damage, increasing the total to 36. Residents enjoy access to premium amenities, including a pool, BBQ area, and gym. The management rights agreement spans 25 years, with 21 years remaining, providing long-term security. The property is designed for low maintenance, featuring predominantly hardscaped areas that reduce gardening responsibilities.
The on-site managers apartment is undergoing a complete rebuild following a fire in 2022, ensuring a modern and high-quality living space upon completion. Financially, the managers apartment is valued at $950,000, while the management rights business is priced at $1,200,000, bringing the total investment to $2,150,000.
With its strategic location, low-maintenance setup, and strong financial returns, Central Apartments Varsity presents an outstanding opportunity for investors.
Ras360 Specialists in Management Rights | Motels | Hotels | Pubs | Parks
More Information
- Total Purchase Price: $1.2M MR$950k Unit = Total $2.15M
- Net Income: $ 247,693
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 950,000
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.
Number of units the manager is authorised to manage.
Number of units resided in by their owners.
Number of units owners are not renting out, but also do not live in.
Number of units being rented by other agents (these could potentially be acquired by the manager).
The total number of units within the complex.
This is the body corporate caretaker salary. It is included in the Net Income above.
How long is the caretaking contract.
How long remains on the caretaking contract before it must be renewed?
How long has the management rights existed.
Required Office Hours
The value of on-title property included with the business. Its price is included in the Total Purchase Price.
Is there a manager's office included on the title?
Can the manager own a pet on site?