Varsity Lakes
$1,690,000
3
3
2
Management Rights
- 81 Total Units
- Permanent Complex Type
- 21 Letting Pool
- $148,906 Remuneration
- $200,255 Net Profit
- $820,000 Manager's Unit
- BBQ, Pets Allowed, Pool Features
Property Description
LIVE OFF-SITE - SECURE A HEALTHY SALARY
On offer is a profitable package of four residential Gold Coast Management Rights businesses, all tightly located within the sort-after suburb of Varsity Lakes. These townhouse communities are all within a short stroll from each other and very well positioned within Varsity Lakes. Walk to Market Square, Bond University and Varsity Lakes College, a well-known and respected public primary and high school. Never have an issue leasing these townhouses as this location is hot property! As a part of this package there is only one property to purchase. This being the manager's 3-bedroom townhouse, featuring 2.5 bathrooms, 2 car spaces and separate office all on one title. Choose either to live on or live off-site. Presently, the manager's residence is rented at $41,000 p.a. Current total Body Corporate salary exceeds $148,000 p.a. plus GST, with all four schemes having long terms remaining on management agreements of between 23 and 24 years. A total net income of $200,000 p.a. is securely anchored by the stable Body Corporate salaries which represent over 70% of business profit. Furthermore, with a total of 21 lots in the current letting pool, there is a considerable potential profit upside in that a further 19 onsite townhouses are presently rented by external real estate agents. This presents an opportunity to almost double your property management income! Working arrangements are flexible as there are no set office hours. Well established operating procedures are in place to allow for a smooth handover to the incoming manager. Please contact me for further details.
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