After just over 13 years the current Managers have decided to retire and spend more time with family. They have loved their home, being a level 1 Three bedroom unit, giving them views over the Pumicestone Passage. The ground floor office which is on title also enables them to separate work from private life. Only one of the couple has operated the business while the other has performed Grandparent duties.
Sails Resort on Golden Beach is ideally located giving owners and guests the ability to walk to all major local shopping centres and experience everything there is to love about Golden Beach, Caloundra and Kings Beach, all accessible from the adjacent Coastal Pathway.
• Do you currently own a home and live locally?
The Body Corporate is about to vote on allowing the Managers to live off site, meaning that you could also increase the income by letting out the current Managers Unit while you continue to live off site. You simply come to work and operate from the Reception Office. Rental of a 3 bedroom unit at approximately $600 per week will generate an additional income of approx. $30,000 per year.
Given recent sales within the complex of similar units in excess of $800,000 it is expected that the value of the Managers unit and on title office may well exceed $850,000.
To facilitate this sale the vendors are happy to offer the Unit for $800,000 and the associated business for $450,000 making a total investment of $1,250,000. The business has been good to them over the past 13 years and offering it at a multiplier of only 2.5 times leaves lots of potential for the incoming Owners.
The new owner will require a full Real Estate Licence as the business includes a number of external rental managements. By having your full Real Estate Licence you can then also be involved in the sale of other units, something the existing manager has done as part of the Local Agent Onsite Team, a good way to assist your owners and secure an additional financial benefit as a result of your relationship building over the years.
3 Bedroom Managers Unit is Located on Level 1 with views across The Pumicestone Passage. The office located on ground level is on title as is the lock up garage.
Occupation Authorities are held for multiple storage areas on level 1 – used for linen etc. Garden shed and pool pump room are also covered under the occupation authorities.
A TOTAL OF 15 UNITS UNDER MANAGEMENT
In The Complex of 29 Units
• 9 Holiday Lettings
• 2 Permanent Rentals
Outside of the complex
• 1 Holiday Lettings
• 3 Permanent Rentals
Caretaking and Letting Agreements are current until 2 November 2040
Body Corporate Salary $50,080 with Annual CPI Increases
Net Profit as at 31st December 2022
• External Rentals contributed $22,491 to this result
Caretaking Agreement does not have any designated Office Hours, use the Office to run your rental business as you prefer. Current manager has operated under the following hours
• 9am -5pm Monday to Friday and 9am -3pm Saturday.
For further information and to arrange your private inspection please contact Agent Chris Hinkly.