TROPIC TOWERS CORPORATE / HOLIDAY COMPLEX

Tropic Towers Holiday Apartments occupies a strategically smart location between Cairns Airport and the CBD and has for years attracted strong patronage from the corporate and holiday market.

The property is a 5 level complex with elevator access, off street parking and a resort atmosphere providing the ideal base for visitors to Far North Queensland.

The complex was constructed in 1994 and has been very well maintained and upgraded throughout as needed.

Offering 1 and 2 Bedroom Apartments tastefully furnished with standard decor, fully equipped kitchen and laundry facilities, private balconies and every amenity for the modern traveller and corporate clients. With spacious resort pool and spa facilities with barbecue, Tropic Towers is the perfect place to unwind at the end of a day sightseeing and relaxing.

The current business agreement expires 2043 and the BC salary around $137,000, with annual CPI reviews, is very attractive. The business has always been a good performer and while COVID had some impact, it was nowhere near the impact most holiday accommodation suffered. Consequently the recovery in 2021 & 2022 has been excellent.

Tropic Towers is using a pooled income for units in the manager’s letting pool.

The manager’s residence comprises of 2 x 1 bedroom interconnecting apartments which provides flexible options for incoming managers.

Reception and Back office are on title with direct access from the manager’s residence. The manager has exclusive use of the fully enclosed 3 bay garage and a separate laundry room.

This business has been under the same management for almost 2 decades, being testament to the excellent relationships that have been developed over the years with guests, owners and Body Corporate.

Retirement beckons and the vendor is genuine about selling.

This is a business definitely worth consideration on several counts and your inspection is recommended.

Property Details

AUTHORITY:
open
BUILDING TYPE:
5 story with lift
FEATURES:
Pool, BBQ arera
PETS ALLOWED?
Yes

Management Rights Information

$1,200,000

PRICE

300,000

Net Profit

ACTUAL

Calc. Type

125,000 plus GST

renumeration

Total Number of Units in Complex: 44
Units in Letting Pool: 36
Units Owner Occupied: 1
Units Let by Outside Agents: 6
Number of Lockup Units: 1
MR Agreement Term: 25
Agreement Term Remaining: 20
Age of Complex: 28

Manager Unit Feature

Office on Title:
Yes
Office Attached to Unit:
Yes

Value of Manager’s Realestate ($AUD):

300,000

Bedrooms in Manager’s Unit:

2

Bathrooms in Manager’s Unit:

2
Carspaces with Manager’s Unit:
2

Additional Manager’s Unit Features:

office and back office

Consultant Details

Frank van der Heijden

PHONE:

0407137186

MOBILE:

0407137186

Enquiry Form

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