ICONIC HOLIDAY COMPLEX - RAINBOW BAY - $677K NET

$5,500,000

Resort / Holiday management rights, Coolangatta QLD

Outstanding beachfront business opportunity exists for new owners of this iconic complex in Rainbow Bay. The property is located in what is fast becoming one of the premier holiday destinations in Queensland.Apartments are spacious, north facing, 2-bedroom and 3-bedroom with breath-taking ocean views all the way to Surfers Paradise and with world famous Snapper Rocks surf break at the doorstep.

The building consists of a total of 52 apartments, 41 of which are in the letting pool. Over the past 2 years, a number of units have been refurbished and the complex presents beautifully. The new managers will appreciate the benefits of the hard work already done.

This is the perfect business, with high net profit, excellent systems in place, no set office hours and long agreements. The complex enjoys outstanding repeat business with a fantastic percentage of direct bookings.

All this and a beautiful modern 2- level 2-bedroom managers apartment with ocean views, a deck and courtyard space for entertaining.

- High Net Profit $677,000
- One of the best locations on the Gold Coast
- Unique 15 Year Agreement Fully Topped Up
- No Set Office Hours
- Strong Repeat Business
- Recently Renovated Holiday Units
- 2 Level Manager's Apartment with Ocean Views

This complex is a must to inspect, call now to arrange a time!

More Information

Financial Overview

Total Purchase Price: $5,500,000
Net Income: $ 677,183 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 1,400,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: undisclosed
_{Estimated number of years till the Net Income reaches the Purchase Price of the business component. Other factors such as lifestyle, workload, location and offering should always be considered ahead of the multiplier when evaluating a Management Rights business.}

Letting Business

Letting Pool: 41
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 3
_{Number of units resided in by their owners.}

Lock Ups: 8
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 0
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 52
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 78,081
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 15 years
_{How long is the caretaking contract.}

Agreement Remaining: 15 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 0 years
_{How long has the management rights existed.}

Office Hours: no set
_{Required Office Hours}

Complex Features: Heated Swimming Pool, Tennis Court

Real Estate Component

Manager's Unit: 2 2

Included Real Estate: $ 1,400,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 1

Office On Title: 1
_{Is there a manager's office included on the title?}

Pets: Yes
_{Can the manager own a pet on site?}

Unit Features: Stylish two level 2-bedroom 2-bathroom unit with ocean views, a deck off the upper level and a private courtyard on the lower. 1 car space