Sold
Management Rights · Milton · MR006428
Savoir Faire Residences presents an outstanding opportunity for an experienced operator to acquire the exclusive management rights to a high quality residential complex in the centre of Milton.
Large-scale Permanent Management Rights next to Park Road Milton
Savoir Faire Residences presents an outstanding opportunity for an experienced operator to acquire the exclusive management rights to a high quality residential complex in the centre of Milton.
- Net profit
- $377K
- Asking Bus-only $2.401m + $595K unit
- Status
- Sold
The business at a glance.
- 130 apartments in total, with 92 in letting pool
- Potential upside by converting the 8 lots using outside agents back into the pool
- The first tower was completed in November 2015 with the second following soon after in December 2016.
- Both buildings have long tenure (20 & 21 years respectively) remaining on the Caretaking and Letting Agreements.
- Robust net profit in excess of $400K
- Large combined Body Corporate salary circa. $163K
- There is no requirement to live on-site or own a lot, however, a modern two-bedroom manager's unit is being sold with the business with the potential to generate $32K per annum in rental income
- Lot 19 is fully furnished to a high specification. A full inventory list can be provided on request.
- The on-site office must be opened 2 hours per day between 9am-5pm, Monday to Friday and the manager must be contactable by phone at other times
- Easy caretaking duties with low maintenance grounds and on-site pool, gym & BBQ area in each building
- Two offices, two cleaning rooms and an additional large storage room under OA - which could convert to cinema, meeting area or for extra linen/storage.
- Both Tower I & II comprise 65 units each - 33 x 1 bedroom and 32 x two bedroom designs.
- Located 3km to the CBD with access to CityCat ferry services, direct bus routes & easy entry to main roads & motorways
- Surrounded by amenity including Suncorp Stadium, South Bank cultural precinct, University campuses and river recreation
- Short walk to the vibrant shopping and dining district of Park Road and near to major shopping complexes in Toowong and City
The asset, the manager unit, the location.
Milton, QLD
Milton, QLD
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