Aquarius on the Beach - Sale of Management Rights & Strata Lots

75 The Strand, North Ward, Queensland 4810

Hotels For Sale

For Sale
Land Area: 0.40 Hectares.    Floor Area: 503.00 m2.    

Aquarius on the Beach

Description

SALE PRICE
5.3 multiplier on net income + $1.28m strata

Colliers International is pleased to offer for sale by the Management Rights and attached strata properties at ‘Aquarius on the Beach’.

This landmark accommodation complex is located on Townsville’s picturesque beachfront, ‘The Strand’. With two street access from both The Strand and Mitchell Street, Aquarius comprises of a total of 156 Studio Units being 12 units per floor with 125 units in the letting pool, a two bedroom Managers Residence and 3 Managers Lots. Included in the sale of the Management Rights is the ground floor Managers Residence, being Lot 1, comprising of two bedrooms, one bathroom, and an outdoor area overlooking the pool with a floor area of 71 m2 approximately, Lot 2 includes the reception, office, boardroom, caretaker unit and various store rooms with a total area 372 m2 approximately. In addition Lot 333 which includes a café area, kitchen and store rooms with an area of 60 m2 approximately.

Aquarius on the Beach generates circa $1.2m in net annual income and has maintained strong occupancy figures for many years with average occupancy rates around 70% based on the daily average room rate of $128 per room. The 25 year management contract, now with 17 years remaining includes an allowance for considerable manager salary of $116,389 pa. The asking price is based on a 5.3 multiplier plus the total value of the strata lots being $1,280,000 – apportioned as follows,

• Manager’s Residence (Lot 1) - $350,000
• Reception / office (Lot 2) - $750,000
• Café (Lot 333) - $180,000

The complex offers common facilities such as on site management, large pool area, boardroom, internet room, meeting rooms, guest laundry, WIFI, CCTV, 2 passenger lifts and 1 services lift as well as considerable on-site parking.

For more information or to arrange inspection, please contact:

James Pascoe & Angelo Castorina

Features

  • Only 14 Level Accom Tower on the Strand
  • Selling on 5.3 multiplier + strata
  • Strata value is $1.28m

Map

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