Under Contract
Off-the-Plan Purpose-Built 4.5 Star Apartment Hotel!
An exclusive opportunity to acquire the management rights and property to this iconic historical landmark overlooking Geelong's Eastern Beach.
- 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
