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ESTABLISHED BUSINESS ONLY COMPLEX IN 'THE GABBA' WITH SHORT-TERM LETTING OPTION! | Resort Brokers ID : MRB008446
$1,868,500
Permanent Management Rights, Woolloongabba QLD
Fantastic opportunity to acquire the established management and letting rights to a stunning business-only complex in the heart of Woolloongabba. The mid-rise apartment complex is currently run as a permanent letting business, but the agreements allow for short-term conversion and it is ideally situated to attract this target market.
ResortBrokers is excited to offer The Foundry business to market, with recently topped up agreements, a solid letting pool and verified net profit of $296,581 it has all the hallmarks for continued success and high performance that experienced operators look for.
- Comprises 88 apartments with one retail lot to ground level
- Total current onsite letting pool of 58 apartments
- Run under one single Body Corporate Scheme only
- Business-only with no office or real estate to buy and no requirement to live onsite
- No set office hours in agreements
- 24 years remaining on Caretaking and Letting Agreements
- Beautiful rooftop with city views offering lounge and BBQ area
- Podium level swimming pool and BBQ area.
- Verified net profit of $296,581 with $125,929 BC salary
- Run under by owner-operator with contract cleaners and gardeners
- Ability to convert letting appointments to short-term if desired
- All inspections by appointment only
Date updated: 15 Dec 2024 22:00:03
More Information
- Total Purchase Price: $1,868,500
- Net Income: $ 280,893
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 0
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