An exclusive opportunity to acquire the management rights and property to this iconic historical landmark overlooking Geelong's Eastern Beach.

Key Features

  • Incredibly rare opportunity to secure a purpose-built short-term management rights in Victoria's most sought-after, second largest and undersupplied city
  • Ideal for an experienced owner-operator or accommodation/hotel group seeking to expand their operations in a high-demand Victorian location
  • Due for completion Q4 2020, it will command prime position at the edge of the CBD with stunning bay views
  • 109 apartments (127 keys) including 18 dual-key apartments with all investors purchasing on the basis of a short-term letting
  • This unique, short-term offering enters the market at a time when Geelong is enjoying surging overnight visitation and has a strengthening economy. In fact,  it attracts more than 1.5 million overnight visitors pa. (greater than Hobart & Darwin) a market that has shown a compound annual growth rate of 4.5% since 2007
  • Off-the-plan management rights opportunity arising from the redevelopment of Geelong’s elegant, heritage-listed Ritz building on the corner of Bellerine and Corio streets
  • Independently prepared income projections by specialist management rights accountant, Tony Rossiter of Holmans - projecting a net profit of $1.29 million
  • Brand new 50 year caretaking and letting agreements (5 x 10 year terms)
  • Ground level one-bedroom manager's apartment including a MPR with integrated security comms and single car park - $460K
  • Separate freehold title consisting of 15sqm office with dual entry located adjacent to reception on ground level - $220K
  • Includes extensive branding and signage package installed during construction
  • Geelong is attracting substantial private and Government investment with significant renewal & revitalisation to many key landmarks
  • Excellent security and communications systems to be installed
  • Growing at 2.5% pa it currently has a population of more than 244,000, a number forecast to eclipse 300,000 by 2031

Key Details

Listing Ref: OTP005603
Property Type: Management Rights
Region: VIC - South West
Suburb: Geelong
Sale Type: Management Rights - Off the Plan
Net Profit: $1,298,344 Projected
Price: $5.2M Plus $680K of Real Estate

Location

Listing Agent(s)

Agent Feedback

ARIA Property has had the pleasure of working with Tim on our 3 most recent projects, VINE, Jardin and Austin. Tim is very knowledgeable in off the plan multi-unit residential and his enthusiasm is infectious. He has shown to have a good work ethic and has been very transparent in all of his dealings.  ARIA Property Group will continue working with Tim on its upcoming developments.      

- Tim Forrester
Managing Director,
ARIA PROPERTY GROUP

I had the pleasure of meeting and dealing with Jim Chapman at Resort Brokers nearly four years ago during the sale process of our first Quest business. Having being so pleased with the way Jim dealt with the first sale, I approached Jim to sell my next Quest business where again Jim delivered the sale with excellent results. I found Jim a true Gentleman and professional. Jim's communication was consistent and advise during the sale process was invaluable putting my mind at ease and delivering me a stress free sale. I would highly recommend Jim Chapman to sell your business and I will certainly approach Jim to sell my next business. Thanks Jim, good luck and keep up the great work that you do!

- Chris Brown
Vendor,
Quest Moorabbin

Tim is helpful, friendly and passionate about the management rights industry and it is a pleasure to work with such a professional who takes a long term outlook on the industry.

- Michael Kent
Queensland Development Manager,
PELLICANO GROUP