Boutique CBD Apartments with Long Lease
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Well maintained and purpose-built, City Gardens Apartments is a complex of 16, 2-bedroom, fully self-contained apartments, located in Darwin's CBD.
Darwin is a vibrant, multi-cultural city that offers everything from magnificent beaches and sunset markets to world-class restaurants, art galleries and major festivals.
With its proximity to Kakadu and Litchfield National Park, there's something for everyone here, attracting tourists and travellers all year round.
This attractive investment, which has been accommodating tourists, business people and families for 30 years, offers larger than average ground level and first floor apartments, with off-street parking with a secure gated entrance. Boasting a AAA 3.5 Star rating, all apartments overlook the shaded lagoon-style swimming pool.
Run by the same operators for 17 years, the average annual turnover has been in excess of $1 million over the past 8 years, thanks to a hands-on approach.
On offer is the opportunity to lease 15, 2-bedroom, individually strata titled apartments and a separate office, although the business can be run from home after hours. Another strata titled apartment is available to buy and could be used as the owner/manager's home.
Strong forward bookings are already in place for this year. As of January 2016, accommodation is already fully booked for the Darwin Cup, and more than 50% booked for the V8 Supercars.
The property has had major upgrades over the years, with the last being a complete refurbishment of all bathrooms. The kitchens are currently being upgraded. Beds were recently replaced, sofa mattresses upgraded, and wall-mounted TVs and split system inverters installed.
• Lease 15 furnished apartments + office inc. all equipment required to run the business - $295,000
• Also purchase manager's apartment - $400,000
• Also lease 2, 3-bedroom apartments at Darwin Deluxe Apartments
There is potential to Increase profit through tour sales commission & adding additional apartments (STCA).
The current owner/operators are prepared to train and help the new owner through transition, as they have a significant ongoing interest in the property, by way of ownership of units and input into the Body Corporate.