Business + Office

$3,115,000

Permanent management rights, Teneriffe QLD

This business has proven extremely stable during the current managers tenure and the office with street appeal provides an exceptional opportunity for growth. Designed by O'Neill Architects and constructed in 2003 Ellington is centrally located in one of Brisbane's most prestigious and highly sort after suburbs. This impressive complex offers a lifestyle opportunity second to none with a very solid income. The units are oversized and rent themselves (when rarely available). While the manager must reside on-site there is no requirement to purchase a unit. The office is well positioned with street appeal. Office hours are 4hrs per day Monday - Friday and 2hrs on Saturday (except public holidays). The complex is extremely well maintained and attracts predominately professionals. Inspections are available by appointment.

- Net Profit $506,828.

- Body Corporate Salary $292,806.

- Office for sale at $250,000 (included in list price).

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More Information

Financial Overview

Total Purchase Price: $3,115,000
Net Income: $ 506,828 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 250,000
_{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.}

Letting Business

Letting Pool: 61
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 109
_{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: 19
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 189
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 292,806
_{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: 22 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 22 years
_{How long has the management rights existed.}

Office Hours: 4hrs/day Monday - Friday
_{Required Office Hours}

Complex Features: Complex built circa 2003____189 units across three buildings around a central pool area____ The three buildings are Water Apartments, Bank Apartments and Trees Apartments____Designed by Oneill Architecture and winner of the UDIA Queensland Urban Renewal Award State Presidents Award.