PROPERTY DESCRIPTION
The Iconic Casablanca Kings Beach – Management Rights Business is Now For Sale
Casablanca Kings Beach Apartments is a1981 iconic 24 unit Holiday complex which has one of the best locations in Caloundra being directly opposite Kings Beach.
Facilities include a heated pool with covered BBQ and entertaining area at the front of the complex and half court tennis court in the back yard.
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 Rented to the complexes Manager as its residence
• 20 x Holiday rentals
• 2 x Owner Occupied
• 1 x Lock-up
New Accommodation Module Caretaking and Letting Agreements dated 25th August 2023.
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 PROPERTY TO BUY
• “representative” must “reside in the Caretaker’s unit”
• Current Manager rents “Caretaker residence” for $600 per week on a 3 years agreement
• Current Rental Agreement can be transferred to incoming Manager
NO SET OFFICE HOURS
• “be available to perform the caretaking duties at all reasonable times”
• “be contactable at all reasonable times by telephone , short message service or email,”
• “be available to attend the Complex within 30 minutes,”
OCCUPATION AUTHORITY for The Office and Garden Shed.
BODY CORPORATE SALARY of $58,483.20 ex GST with yearly CPI adjustments (Each July)
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. Total approximately $8,000 per year. 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.
NET PROFIT – Profit and Loss – For the Year ended June 30 2023 – Expected Minimum net profit of $180,000 for verification purposes.
OCCUPANCY RATES
• Financial year 2019 was 73%
• Financial year 2020 was 72%
• Financial year 2021 was 79%
• Financial year 2022 was 85%
• Financial year 2023 was 88%
To book your inspection or to seek further information please contact the listing agent.