HIGHLY DESIRABLE LARGE SCALE PERMANENT MLR TOWER COMPLEX – EST. NET $800K+

ResortBrokers exclusively presents to the market an exceptional twin tower development comprising 257 apartments, located in an elevated position in Varsity Ridge. This premium business has been established for nearly a year and features a large letting pool of 235 units, creating an extremely solid foundation for incoming operators.

  • Total apartments 257 with 235 units in the pool
  • Brand new 25 year Caretaking and Letting Agreements
  • North Tower has 10 levels and West Tower has 16 levels
  • Podium level with pool, alfresco resident lounge & kitchen plus rooftop area in West tower
  • No requirement to live on-site; manager must be contactable via telephone during office hours
  • Net profit of $866,000 p.a. - specialist industry sales figures pending
  • Supervisory caretaking salary of $242,094 p.a. with 1.5% renewal or CPI annually
  • Freehold office with reception, seating area, 5-person back office, amenities & patio.
  • Plenty of operational space under Occupational Authority for storage & refuse
  • MLR Price Guide of $5,629,000 plus a spacious freehold office & reception $950,000
  • Expressions of Interest will close on Friday 13th October 2023 at 5pm AEST.

 

Listing Ref OTP007694
Property Type Management Rights
Sale Type Management Rights - Off the Plan
State QLD
Region Gold Coast
Suburb VARSITY LAKES
Net Profit $866,951
Price $6,579,000
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Alex Cook

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Tim Crooks
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