Under Offer
TENERIFFE'S CREAM OF THE CROP - $287K NET BUSINESS-ONLY
ResortBrokers proudly present this premium quality, business-only management rights located in the vibrant inner-city suburb of Teneriffe.
- Business was under contract however, purchaser had to withdraw due to personal reasons
- Net profit of $287,048 has been independently verified by previous purchaser accountant by Sam Hodgetts of McAdam Siemons
- Additional $27,750 income is produced from rental of manager's lot – creating overall net profit of $314,798
- Very desirable high-rise building with Woolworths Metro tenancy on ground level
- Built in 2019 it comprises 66 modern apartments
- 57 units in the letting pool (excluding the manager's lot)
- All developers stock has been sold down
- Large 14sqm storage area on ground level for operator use under OA
- Solid BC salary of $103,484 - reviewed on CPI index
- 22 years remaining on Caretaking and Letting Agreements
- No requirement for the manager to live on-site or own a unit in the building
- Freehold 2 bed / 2 bath + MPR - $685K (can be sold separately)
- Rooftop swimming pool, dining area and open lawns
- Strong tenant demand and consistent low vacancy rates
- NB. Business price is calculated on $287,048 net profit x the multiplier of 6.3x
Inspections by appointment only and all offers via formal submission process
