Lovely complex in Varsity offers a prime investment opportunity in the heart of Varsity Lakes on Queensland’s Gold Coast. This permanent residential complex is easy to manage, making it ideal for both experienced and first-time property managers. A single individual can efficiently oversee day-to-day operations, ensuring smooth management with minimal effort.
Investors have flexible living options, with the choice to live off-site and lease the manager’s unit for over $850 per week, benefiting from a separate on-title office and toilet. Alternatively, they can reside on-site in a brand-new, spacious three-bedroom, two-bathroom manager’s apartment with two car spaces. The complex enjoys strong financial performance, with a body corporate salary exceeding $136,000 annually and a net income of over $246,000. Its prime location near Bond University and shopping centres ensures high occupancy and rental demand, with apartments renting for approximately $850 per week.
The complex consists of 92 units, with 33 currently in the letting pool and three more expected to return after restoration from fire damage, increasing the total to 36. Residents enjoy access to premium amenities, including a pool, BBQ area, and gym. The management rights agreement spans 25 years, with 21 years remaining, providing long-term security. The property is designed for low maintenance, featuring predominantly hardscaped areas that reduce gardening responsibilities.
The on-site manager’s apartment is undergoing a complete rebuild following a fire in 2022, ensuring a modern and high-quality living space upon completion. Financially, the manager’s apartment is valued at $950,000, while the management rights business is priced at $1,200,000, bringing the total investment to $2,150,000.
With its strategic location, low-maintenance setup, and strong financial returns, This complex presents an outstanding opportunity for investors.
Ras360 – Specialists in Management Rights | Motels | Hotels | Pubs | Parks
