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Management Rights
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Luxury Permanent - Rare Find

$2,200,000

Permanent management rights, Smithfield QLD

Luxury-styled large permanent.
Exciting & contemporary Cairns gated community in Smithfield.
Permanent let property with a total of 111 apartments & villas.
The property was completed and opened in 2006.
A high percentage of rental units are furnished.
Units are top quality with extensive facilities and on a large well positioned site in the sought after Northern Beaches of Cairns.
Only 15 minutes to the Cairns CBD.
Great managers three bedroom/two bathroom villa with quality fittings, plus large office.
No set office hours.
Good $170k incl. salary with CPI increases.
Excellent opportunity to get into the industry in a top building with a well-established business.
Mix of 6 month and 12 month leases.
No requirement for Manager to reside onsite.
Cairns currently has one of the lowest vacancy rates in the country at less than 1% and rental rates are on the rise.
Little impact by Covid has been noticeable with this property.

Contact Alex today for further details and property inspection.

More Information

Financial Overview

Total Purchase Price: $2,200,000
Net Income: $ 358,000 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 495,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 4.8
_{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: 95
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 11
_{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: 4
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 111
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 154,440
_{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: 20 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 15 years
_{How long has the management rights existed.}

Office Hours: no set hours
_{Required Office Hours}

Complex Features: 25m Lap pool, plus Lagoon pool, Childrens Pool, BBQ areas, Two Gazebos, Gym, Tennis Court, Large Managers Storeroom, Close to JCU University, schools, shops and beaches.