Under Contract
INCREDIBLE SCALE MIXED-USE SERVICED APARTMENT IN MELBOURNE NOP $940K+
With a net profit close to $1M and an impeccable reputation as one of Melbourne's premier short-term buildings, the opportunity to acquire the award-winning management rights and concierge agreement to Deague Group's Melbourne Village is second to none.
With a net profit close to $1M and an impeccable reputation as one of Melbourne's premier short-term buildings, the opportunity to acquire the award-winning management rights and concierge agreement to Deague Group's Melbourne Village is second to none.
- Net profit
- $1M
- Asking $4,433,965
- Asking price
- $4.4M
- Management Rights - All
The business at a glance.
- Two towers, 21 and 27 levels respectively, with a total of 496 apartments & 33 townhouses
- 199 apartments in combined permanent and short-term letting pool
- Average occupancy over 80% in short-term pool
- Verified net profit by industry accountant McAdam Siemon of $943,839 per annum
- Concierge salary over $300k p.a and OC salary close to $600,000 per annum
- Building commenced operations at the beginning of 2020 based on 25-year agreements
- Reception/concierge hours are 7 days per week, 24 hours
- High calibre facilities include 25m pool, business lounge, cinema, gym & wellness area, library & lounge
- Property consists of 1- and 2-bedroom apartments with established apart-hotel branding
- Two person management team staff the building assisted by contractors for cleaning and maintenance
- 53 units are under a short-term leaseback model, 25 in the holiday pool and 121 permanent rentals
- Upside opportunity to convert outside agents back into letting pool
- All inspections by appointment only
The asset, the manager unit, the location.
West Melbourne, VIC
West Melbourne, VIC
Talk to the broker.
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Tim Crooks
Director of New Developments & Hotels
0422 208 450
07 3878 3999
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Run the numbers yourself.
Same model our brokers use to appraise. Adjust net profit, multiplier, real estate component. The result is indicative — independent appraisal available on request.
Request appraisalIndicative total$4,397,038
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