The Iconic Casablanca Kings Beach – Now For Sale
Casablanca Kings Beach Apartments is an iconic 24 unit Holiday complex which has one of the best locations in Caloundra being directly opposite Kings Beach.
It is a Class 2 property built in 1981 and is a three-story walk-up with no lifts.
Facilities include a heated pool and half court tennis court.
The current vendor has been a solo operator of the property since November 2012.
Total of 24 Units – All 2 Bedroom units – used as follows:
• 1 x Manager’s residence
• 20 x Holiday rentals
• 2 x Owner Occupied
• 1 x Lock-up
Accommodation Module, Gallery Vie Compliant, New Caretaking and Letting Agreements dated 11th August 2022 commencing 15th May 2022 replacing the original Agreements of 15 August 1993.
ADDITIONAL FURTHER TERMS as follows:
• 5 years 15th August 2023 to 14th August 2028
• 5 years 15th August 2028 to 14th august 2033
• 3 years 15th August 2033 to 14th August 2036
NO SET OFFICE HOURS
• “be available to perform the Letting Services; and”
• “be contactable on a telephone number prominently displayed at the Office, if absent from the Scheme.”
• “keep the Office open and staffed at such times as are necessary to provide the Letting Services”
Occupation Authority for The Office, Store Room and Garden Shed.
Body Corporate Salary $50,000 ex GST with yearly CPI adjustments subject to Market Reviews 15/8/28 and 15/8/33. Caretaker or Representative to reside onsite.
Duties include cleaning and maintaining the Pool and BBQ area and to ARRANGE cleaning of other Body Corporate Areas. Generally, the caretaking activities take around 1 hour per day.
Additional Income can therefore be earned by providing quotes to the Body Corporate to undertake some of the duties currently being done by external contractors. Current operator also uses external contractors to attend to minor repairs and maintenance within individual lots. A two person management team have the scope and ability to increase the net profit of this business.
Profit and Loss – For the Year ended June 30 2022 – Expected Minimum net of $175,000 for verification purposes.
• Managers Unit $750,000
• Business $645,000
Total Asking price of $1,395,000 (can be split to suit purchasers financial requirements based on Banks Valuations at the time)