Property Description

The business to be created at Nelson Bourke will be a short term leng apartment / accommodation business that will take advantage of the surrounding retail and business centres of Ringwood.

The offering is a minimum of 40 apartments (a mix of 1, 2 & 3 Bedroom) which will be required to be furnished at the expense of the purchaser. If possible, additional apartments above the minimum 40 units may be signed up for the manager’s letting pool and included in the business at no additional cost to the purchaser.

The caretaking fee for the maintenance of the gardens and common areas will be paid by the owners corporation from the annual budget. The initial first year’s fee will be $70,000 + GST.

The caretaking agreement will be for a 3 + 3 + 3 + 3 year term with market reviews at the end of each 3 year term and annual CPI adjustments.

The asking price has been set by the developer based on assumptions for a short term letting business of 40 furnished apartments.

The Purchaser will be required to offer the unit investors a minimum 3 year 5% rental guarantee (less a 6% management fee) to encourage them to sign on with the manager and utilise the letting service offered. A longer rental guarantee period can be offered by the business purchaser should they desire a longer term.

Business Asking Price: $600,000 + GST based on 40 rental units.

Manager’s Residence:

The manager may choose any available apartment to purchase should they wish to purchase one and live on site.

The apartment, if required can be selected from the remaining unsold available apartments at list price.

Management Rights

NOTE: All property and business information and pricing is correct at the time of going to market. Please contact us for the detailed information memorandum.
Total Unit Count111
Letting Pool
Complex TypeOff the Plan
Office ReceptionExclusive Use
Office HoursNIL
Terms of Agreement
Body Corporate Salary$70,000
Net ProfitTBA

Property Features

Close toEastland Shopping Centre
Building TypeLow rise
Building AgeNew
Secure Parking
New Construction
Air Conditioning

Management Pricing

Total Price                         $600,000

Property Enquiry

3 + 1 = ?

Property Agent

Rod Askew

07 3554 0040

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