A Rare Woolstore Management Rights Opportunityâ Welcome to Teneriffe Apartments | Resort Brokers ID : MR007976
$599,000 + $830,000 for Mgr Unit
Permanent Management Rights, Teneriffe QLD
Unlock a rare lifestyle and business opportunity with ResortBrokers. Secure the management rights of the legendary Teneriffe Apartments, a heritage-listed WoolStore building, situated at the crossroads of Commercial Road and Arthur Street, seamlessly blending historical charm, modern luxury and commercial convenience.
Enjoy the 99sqm two-storey loft-style Woolstore apartment, featuring two bedrooms, two bathrooms, and a spacious loft office space, with striking 8m tall ceilings.
The substantial net profit of $137,277 comes with relatively minimal responsibilities and an exclusive onsite office, providing flexibility for business operations.
Capitalise on growth potential with 23 apartments in the letting pool, with over 68% of the income derived from the Body Corporate salary. Business selling for $599,000 with an additional $830,000 for the spectacular two-bedroom manager's residence.
Benefit from a stable income whilst relishing Brisbane's rich history and enjoying the benefits of a thriving property market.
Contact ResortBrokers, as this fantastic opportunity won't last long.
- Acquire management rights to the iconic, heritage-listed Teneriffe Apartments.
- Ownership includes a unique 99sqm two-storey, loft-style Woolstore apartment.
- Enjoy a net profit of over $137k (CPI increase coming) with minimal responsibilities.
- Long 22 year agreements with a history of top ups and variations, showing an active body corporate
- Majority of net profit derived from body corporate salary ($95,429).
- Benefit from no set office hours with an onsite office under exclusive use.
- Potential growth with 23 of 66 apartments in letting pool and 14 outside agents (2 self managed).
- Prime location at the intersection of Commercial Road and Arthur Street, Teneriffe.
- Inspections are by appointment only
Date updated: 21 Apr 2024 23:00:05
More Information
- Total Purchase Price: $599,000 + $830,000 for Mgr Unit
- Net Income: $ 137,277
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 830,000
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?