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NORTH WARD, QLD
Apartment Management Rights in Stunning Northward
North WArd, QLD, 4810
Services · Management Rights
Business Only $450k
Business Only means no real estate to buy which makes your dollars go further!And with a large body corporate salary of $141.5k providing income security, plus the massive upside of Real Estate sales, this is an opportunity not to be missed!Key Details Nett Profit Circa $157,000 Business Price: $450,000 Business Return on Investment: 34%+ Body Corporate Salary $141,536 55 Units Across Two Towers 6 Units in Letting Pool 5 Additional External Properties Managed Genuine Business-Only Management Rights No Requirement to Purchase a Manager's Unit Approx. 15 Years Remaining on Agreements Intended Top-Up Application at Next AGM Supportive Body Corporate Committee Reception Area Available for Business Operations Additional Sales Commission Opportunities 9 Sales Completed in the Past 12 Months Over $8 Million in Recorded Sales ActivityA rare opportunity to acquire a genuine business-only management rights operation generating a nett profit of approximately $155,000 per annum and underpinned by a Body Corporate salary delivering over 90% of Profit providing income securityFulton Gardens comprises 55 units across two residential towers and benefits from a manageable internal letting pool of six units, together with a further five external properties under management. The business also presents additional income opportunities through property sales, with nine sales completed within the complex over the past 12 months, representing more than $8 million in transaction value.A key point of difference is the recent decoupling of the manager's unit from the management rights agreements following a successful Body Corporate vote. This creates a true business-only operation, allowing the incoming purchaser to operate the business without the requirement to purchase or occupy a manager's residence.The current owners enjoy a strong working relationship with a supportive Body Corporate Committee. With approximately 15 years remaining on the agreements and an intended top-up application at the next AGM, the business offers both immediate tenure security and future upside.A reception area is available for business operations and additional office space may be available for lease if required.Business-only management rights opportunities are rarely offered to the market. Fulton Gardens combines strong recurring income, low capital entry requirements, operational flexibility and future growth potential in a tightly held Townsville location.Contact Joel McCartin for further information.**RAS360 Property Solutions Specialists in Management Rights | Motels | Hotels | Pubs | Parks****Note:** The adjusted Profit & Loss Statement shows a net profit of $157,042 for the complex, including $18,161 income from external letting income. The net profit has been priced at a 2.91x multiplier, and the external letting income has been priced separately at a 2.5x multiplier. This gives a total business price equal to a blended multiple of 2.87x net profit.All offers should be submitted on the basis of this calculation, with the understanding that the external letting income has already been taken into account when setting the listing price.
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