Brisbane CBD Leasehold Hotel

$850,000

Resort / Holiday management rights, Brisbane City QLD

We are pleased to be able to offer to the market Turbot House which was originally built in 1916.
It is one of the very few well protected heritage buildings in Brisbane City.
Prior to transforming into a motel in the 1980s, this building was used as a farmers warehouse, then offices. It now provides budget accommodation in the Brisbane CBD, and offers affordable accommodation for: - local, interstate, international travellers - students and school groups - corporate travellers - long-term tenants.
Walking distance to Queen Street Mall, South Bank, Suncorp Stadium & Railway Stations.
Long lease with 30 years remaining. Rent Review March 2020 with rent reduction. Removal of Franchise October 2020. Excellent cash flow business with strong occupancies.
Return on Investment based on 2021 figures is 30%.
Vendor motivated for a sale.

More Information

Financial Overview

Total Purchase Price: $850,000
Net Income: $ 325,000 (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: 2.6
_{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: 58
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 0
_{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: 0
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 59
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 0
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 30 years
_{How long is the caretaking contract.}

Agreement Remaining: 28 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 0 years
_{How long has the management rights existed.}

Office Hours:
_{Required Office Hours}

Complex Features: Restaurant Bar currently vacant â Food Liquor license in place, Tour office, Guest laundry, Wireless broadband, Garage for 1-2 vehicles.