Under Contract

NEWSTEAD PREMIUM MANAGEMENT RIGHTS - C. $850K NET - AN UNMISSABLE OPPORTUNITY

ResortBrokers exclusively presents the management rights to a prestige building in Brisbane's highly popular inner-city neighbourhood of Newstead. For the first time to market as an established business this complex is truly impressive offering rooftop amenity and a total of 220 apartments. With its clever design of unit types attracting investors, along with enviable river, park and city views, this outstanding building delivers a net profit circa $850,000 per annum, and Caretaking and Letting Agreements topped up recently.

  • Comprises a total of 220 apartments over 25 levels
  • 69 x one bedroom units; 133 x two bedrooms + levels 21-24 have 3, 4 and 5 bedroom penthouses
  • 149 units in letting pool with strong weekly rental averages
  • Rooftop with infinity edge pool, outdoor kitchen and dining, cocktail terrace, firepit and pavilion
  • Elegant lobby, reception, office and storage under Occupational Authority
  • Body Corporate Salary of $308,553 per annum excluding GST
  • Annual Renewal of salary due in November 2023
  • Verified net profit of $812,495 p.a. excluding GST
  • Additional $37K income for 20x external lots managed by vendor
  • Business-only with option to purchase two bedroom unit for $980K - Unit 2206
  • 24.3 years remaining on Caretaking and Letting Agreements
  • Currently run by 2 person team, with cleaning and gardening contracted

 

 

Tim Crooks

Interested? Why not give Tim Crooks a call on 0417 544 562 or