HIGH YIELDING REAL ESTATE INVESTMENT PROPERTY WITH PLENTY OF DEVELOPMENT UPSIDE - 2735MI
(no street name provided), Palm Cove QLD 4879
OFFERS CONSIDERED OVER $8M
BusinessSize: n/a
Tourism Brokers is delighted to introduce to the property market Periwinkle Apartments for sale via Private Treaty.
Strategically situated within the Buchan Hill precinct of Palm Cove, the tourism capital of Far North Queensland, this unique Real Estate Rental Investment opportunity is not to be missed.
This is your opportunity to own just under two acres of high yielding secure residential asset which includes:
- 32 Studio apartments - Leased permanently.
- 12 one-bedroom apartments - Leased permanently.
- And ample land for expanding the Lettable area, including Subdivision of Land to the North boundary and further Apartments on second level of car park.
Currently leased out at $275 per week for a studio and $320 per week for a one-bedroom apartment, the complex is currently at 100% occupancy, and has been since COVID due to near 0% vacancy rates in Cairns Region. Estimates for 2023 will increase rentals for studios to $290 and one-bedrooms to $340 per week.
The complex is a short stroll to the Palm Cove Beach and Williams Esplanade with all of the fine dining restaurants.
A 21 kw solar photovoltaic system reduces the electricity bills substantially, and tenants also contribute to the cost of electricity.
The owner is retiring after 10 years. Own it as an owner manager and earn $529,730 p.a after expenses or place a Rental Caretaker Manager and earn $450.730 p.a as a passive investment in a Blue-Chip coastal location.
Periwinkle Apartments has a further two development opportunities:
1. Construction of a two level, 20 one-bedroom apartments over the existing car park.
2. Construction of two to three Townhouses on the Northern side of the property with access to Coral Coast Drive.
Gross Annual Rentals $717,560; Net Annual Rentals $529,730
Contact Antonio Curulli from Tourism Brokers for further information or to arrange an inspection.
Property ID: 2735MI (quote when enquiring)
Property Code: 4629
Strategically situated within the Buchan Hill precinct of Palm Cove, the tourism capital of Far North Queensland, this unique Real Estate Rental Investment opportunity is not to be missed.
This is your opportunity to own just under two acres of high yielding secure residential asset which includes:
- 32 Studio apartments - Leased permanently.
- 12 one-bedroom apartments - Leased permanently.
- And ample land for expanding the Lettable area, including Subdivision of Land to the North boundary and further Apartments on second level of car park.
Currently leased out at $275 per week for a studio and $320 per week for a one-bedroom apartment, the complex is currently at 100% occupancy, and has been since COVID due to near 0% vacancy rates in Cairns Region. Estimates for 2023 will increase rentals for studios to $290 and one-bedrooms to $340 per week.
The complex is a short stroll to the Palm Cove Beach and Williams Esplanade with all of the fine dining restaurants.
A 21 kw solar photovoltaic system reduces the electricity bills substantially, and tenants also contribute to the cost of electricity.
The owner is retiring after 10 years. Own it as an owner manager and earn $529,730 p.a after expenses or place a Rental Caretaker Manager and earn $450.730 p.a as a passive investment in a Blue-Chip coastal location.
Periwinkle Apartments has a further two development opportunities:
1. Construction of a two level, 20 one-bedroom apartments over the existing car park.
2. Construction of two to three Townhouses on the Northern side of the property with access to Coral Coast Drive.
Gross Annual Rentals $717,560; Net Annual Rentals $529,730
Contact Antonio Curulli from Tourism Brokers for further information or to arrange an inspection.
Property ID: 2735MI (quote when enquiring)
Property Code: 4629
Inspections
No open inspections scheduled.
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Key details
Property type:
Business
Other Details
Property history
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Palm Cove suburb information
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SummaryMedian sales
Average Age
54 years
Population
2,450
Listing ID: 181729617. This listing has been viewed 3 times. It was first displayed on 27/06/2023 and last updated on 10/03/2024.
Allhomes acknowledges the Ngunnawal people, traditional custodians of the lands where Allhomes is situated. We wish to acknowledge and respect their continuing culture and the contribution they make to the life of Canberra and the region. We also acknowledge all other First Nations Peoples on whose lands we work.
"With open hearts and minds, together we grow." artwork by David Williams of Gilimbaa.