Bowen Hills QLD 4006

Chelsea Apartments in Bowen Hills offers the opportunity to secure a stable and efficiently run management rights business that is fully established and underpinned Caretaking and Letting agreements with full 25-year tenure and BC salary. The business also benefits from strong BC salary of c. $335,000, representing more than 50% of annual net profit. The two-tower permanent complex comprises 197 apartments in total with 100 managed in the onsite letting pool.

- A high-yielding asset attractive to syndicators and corporates
- Strong BC / committee relationship with full 25-year tenure to agreements
- Features a well-presented, clean Profit & Loss statement with sufficient wage allocation
- Permanent complex with quality facilities including pool and gym
- Comprises a total of 198 apartments over two towers with 100 in the on-site letting pool
- Good scope to grow unit sale business, given scale of complex and location of office.
- Located in Bowen Hills, a sought-after inner-city fringe suburb, close to all amenity
- Potential for significant growth via outside agent conversion back into the letting pool
- 2 bed, 2 bath managers' residence requirement to own and live on-site - $595,000
- Reception/office under OA is located between the two towers and 42sqm storage in basement
- All inspections by appointment only