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Business Only $660,000
Resort / Holiday management rights, Kings Beach QLD
The Iconic Casablanca Kings Beach - Management Rights Business Only - NO Property to BUY - NO NEED TO LIVE ON SITE
Casablanca Kings Beach Apartments is a 1981 iconic 24 unit Holiday complex which has one of the best locations in Caloundra being directly opposite Kings Beach.
Facilities include a heated pool with covered BBQ and entertaining area at the front of the complex and half court tennis court in the back yard.
The current vendor has been a solo operator of the property since November 2012.
Total of 24 Units - All 2 Bedroom units - used as follows:
1 x Rented to the complexes Manager as its residence
21 x Holiday rentals
1 x Owner Occupied
1 x Lock-up
New Accommodation Module Caretaking and Letting Agreements dated 25th August 2023.
ADDITIONAL FURTHER TERMS as follows:
5 years 15th August 2023 to 14th August 2028
5 years 15th August 2028 to 14th August 2033
3 years 15th August 2033 to 14th August 2036
5 years 15th August 2036 to 14th August 2041 (Contract Condition - Subject to Approval at next EGM)
NO PROPERTY TO BUY
"representative" must "reside in the Caretaker's unit" (Contract Condition - To be removed at up coming EGM)
Current Manager rents "Caretaker residence" for $600 per week
Current Rental Agreement can be transferred to incoming Manager
NO SET OFFICE HOURS
"be available to perform the caretaking duties at all reasonable times"
"be contactable at all reasonable times by telephone , short message service or email,"
"be available to attend the Complex within 30 minutes,"
OCCUPATION AUTHORITY for The Office and Garden Shed.
BODY CORPORATE SALARY of $60,461.28 with yearly CPI adjustments (each July)
Duties include cleaning and maintaining the Pool and BBQ area and to ARRANGE cleaning of other Body Corporate Areas. Generally, the caretaking activities take around 1 hour per day.
ADDITIONAL INCOME can therefore be earned by providing quotes to the Body Corporate to undertake some of the duties currently being done by external contractors. Total approximately $8,000 per year. Current operator also uses external contractors to attend to minor repairs and maintenance within individual lots. A two person management team have the scope and ability to increase the net profit of this business.
NET PROFIT - Profit and Loss - For the Year ended June 30 2023 - Expected Minimum net profit of $180,000 for verification purposes.
OCCUPANCY RATES
Financial year 2019 was 73%
Financial year 2020 was 72%
Financial year 2021 was 79%
Financial year 2022 was 85%
Financial year 2023 was 88%
To book your inspection or to seek further information please contact the listing agent.
More Information
- Total Purchase Price: Business Only $660,000
- Net Income: $ 180,000
(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: 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