Presenting to the market, this outstanding opportunity to own a freehold refurbished hostel. A recession proof, secure commercial investment in a blue-chip Toowoomba city location. This highly profitable hostel is designed to minimise costs and maximise profits.
On a generous 800m2 allotment, 3 Rens Street is conveniently located just a couple of minutes' walk to the CBD. The building has recently had extensive renovations completed and provides accommodation for 14 residents. The property is comprised of a low-set Besser block building incorporating 14 single bedrooms, 2 courtyards, 4 bathrooms, 2 toilets, a laundry room, and a communal kitchen complete with all necessities including crockery, cutlery, pots and pans, microwave, kettle, toaster, and plenty of storage. There are also 2 new sheds, one for resident's bicycles, the other for cleaning supplies and there are 12 designated carparks. A neat complex all behind an electric gate, providing excellent security with 24 hour CCTV of carpark and entry. The secure income stream of established tenancies in this central Toowoomba city location makes this investment an attractive opportunity.
Very high level of occupancy with long term tenants
14 modern refurbished rooms with new furniture and fittings
The entire property has been rewired, replumbed, repainted, recarpeted, retiled & new ceilings with insulation.
4 new bathrooms 2 toilets
Spacious laundry room
New well-appointed communal kitchen
23 Kw solar system & 3 phase power (minimum power bills)
Booster on TV signal to all rooms
New 400 litre electric hot water system
800 m2 fully fenced property for privacy and security
NBN & complex wifi
Rooms vacuumed weekly & common rooms cleaned twice/wk
Laundered linen provided to tenants weekly
Security screens on most windows
Motion sensor lights throughout property & external security cameras
Ceiling fans in all rooms
New fencing/electric gate
Landscaped for low maintenance
2 fruit bearing avocado trees
12 car-parks & 1 designated car-wash bay
Fully compliant Level 1 Accommodation Service
Asbestos free building
Market Income/yr $174,720.00
Outgoings/year
Insurance approx. 7000.00
General council rates 3954.48
Water access fee 700.64
Water use 1850.00
Electricity approx. 2000.00
Internet 900.00
Cleaning 10,400.00
Total: $26,805.12
There has never been a better time to purchase a business-like a hostel, with the extensive lack of budget residential accommodation, booming Queensland tourism industry and a fast-growing local population. This business is well positioned for future growth, with low operational costs this property is a 'Cash Cow'!
EXTRAS TO NOTE-
Instead of 14 days remedy to breach with 7 days NTL it has legally been altered to 7 days remedy to breach with 2 days NTL to ensure waiting periods without rent will always be at a minimum should there be any issues with rent payment.
CURRENTLY REGISTERED AS QLD BUDGET ACCOMMODATION LEVEL 1 ACCOMMODATION SERVICE (this means no meals and no disability permitted)
Note: Inspections will be held by appointment only. Please contact me for further information - KYLIE NIELSEN | 0439 997 678
