The Townsville property market continues to grow at an unprecedented rate and opportunities are becoming harder to find especially a complete set of units in one line. ‘Gulls’ 30-32 Rose Street North Ward is one such property and presents an outstanding opportunity for those looking to invest in generational holdings.
Set on 2,605m2 the complex has 11 x 2-bedroom units, each with its own living, dining, kitchen, bathroom, laundry, and covered car park. The 12th unit was designed as the managers unit with 3-4 bedrooms, a large living dining area, car parking and courtyard. The complex was built as short term accommodation and does not require any further registrations to be used again for motel or BnB style accommodation. Currently let as individual, long term accommodation the property is returning a modest 6.6% gross ROI however this is grossly under let and we believe returns, as a long term rental, should be in the vicinity of 8% gross. Should the property be returned to short term, hotel or BnB style accommodation the ROI would be significantly higher and the value of the property would also be significantly higher given the value as a viable business would need to be factored. The current owner has gone to extreme measures to install large capacity solar system that feeds the entire complex with each unit individually metered to meet legislation enabling the tenancy to be billed for usage. The care given to the complex and attention to maintenance has been one of the current owner’s priorities as will be seen on inspection.
Rates: $40,121.02 per annum approximately
Insurance: $17,336.92 per annum approximately
These units are incredibly well positioned in North Ward being within walking distance to The Strand (beach), cafes, bars, restaurants, shopping centre along with some of Townsville’s best schools. With the airport and all major amenities only a short drive away. Sets of units/motel/BnB style accommodation in North Ward do not come to market often and this property represents an extraordinary value proposition and a timely investment.
This is a very rare opportunity to invest in one of Australia’s fastest growing markets and in Townsville’s premier beachside suburb.
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Disclaimer: While all care has been taken to ensure the information provided herein is correct, we do not take responsibility for any inaccuracies and we accept no liability for any errors or exclusions (including but not limited to a property’s land size, floor plans and building age). Accordingly all interested parties should make their own enquiries and obtain their own legal advice.
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