Multiplier Reduction!! No Flooding Issues!!

$2,335,000

Permanent management rights, Newstead QLD

IMPORTANT NOTE: NO FLOODING ISSUES IN RECENT DAYS - NO BASEMENT FLOODING IN THIS COMPLEX. EXCELLENT POSITION!

Location is everything, but when you have an A-Grade location like Newstead, it just gives you so many more opportunities to walk, run, cycle or scooter along one of the finest riverfronts in Australia! BUT, imagine working next to this and being able to duck-over-the-road and go for a morning run, take in the sights and get some sun!! Sensational!!

This opportunity offers a strong permanent rental business located in the prime rental territory of Newstead! The current and verified net profit is a healthy $259,013. Within this figure are 4 easily managed external rentals. These externals will be sold at a well priced 3 times multiplier. Note: Sam Hodgetts at McAdam Siemon has completed the Verification.

With 21 and 23 years remaining you're 100% safe to step in the door and take over without any care about the remaining terms.

The two adjoining and on a common boundary, complexes, allow you to easily manage both! Both Bodies Corporates pay for the weekly gardening and swimming pool servicing. The then remaining managers duties include the common area cleaning which is currently outsourced at $200 per week. The current manager does bill the Bodies Corporate for additional work outside of the duties, including bamboo trimming and weed spraying, cleaning of the common area tiles and changing light bulbs in the Fire Exit Lights.

After this is done for the day, its your choice to do as you please!!! This, is a great lifestyle business and would suit a first time operator and or experienced managers looking to kick it down a notch.

Call Greg Jorgensen today for a confidential discussion on .

More Information

Financial Overview

Total Purchase Price: $2,335,000
Net Income: $ 267,267 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 795,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 5.8
_{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: 42
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 16
_{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: 21
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 82
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 143,591
_{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: 23 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 21 years
_{How long has the management rights existed.}

Office Hours: None
_{Required Office Hours}

Complex Features: Two adjoining apartment complexes, both modern and offering exceptional rental stock!

Real Estate Component

Manager's Unit: 2 2

Included Real Estate: $ 795,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 3

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: A two bedroom, two bathroom just-renovated apartment with an attached office and 2 secure basement car spaces plus one lock-up garage space. The quality of the late 2021 renovation is high, bringing this apartment to an as-new standard.