Summary
New price for this Unique freehold property only (6 apartments) for sale. The tenant is operating in the tourism sector. Tenant is a well established, highly rated and profitable business.
Location Details
124-128 Red Rocks Rd Cowes Vic 3922
The freehold is a modern and stylish property situated in Cowes on the main road to the world famous Penguin Parade. It is only a short drive in to the main centre Cowes with easy access to the Grand Prix Circuit, beaches and other attractions.
Potential
The freehold has enjoyed good capital growth and has doubled in value over the last 11 years. The property has 6 modern and stylised apartments that vary in size and been maintained to a very high standard and requires no further work. The business (tenant) is a well established, highly rated and profitable business. A new lease of 3x3x3 will commence for the business with settlement. Rental income is approx. 4% with outgoings covered by the tenant.
This property can also be easily converted into a large luxurious family home.
Skills
No skills required
Hours
This business operates 7 days a week for the entire year.
Lease
As a freehold, there would be a new lease from the operators (current owners) on a 3x3x3 basis.
Employees
There are no employees. Maintenance is minimal and we have a list of tradespeople who come in when required.
Reason for Sale
The owners of the property and the business have been operating for over 11 years in its current form. The building is just over 20 years old. This is a genuine sale, the property is outstanding value and the business is very good and will continue for many years to come. Owners want to semi retire.
About the Business
Hilltop Apartments has six fully furnished apartments that are rented out for short stay guests - this is anywhere from one to 14 nights. All apartments are fully furnished to a high standard all with king beds, wi-fi and smart TV's with Netflix. The apartments range in size from 35 square metres up to 85 square metres and all have either decks or courtyards. It also has an entry foyer, an office, linen room, a lift and a large laundry all set amongst beautiful landscaped gardens on a magnificent allotment of approximately 1778 square metres.
The business is run by the current owners as a couple with contracted help.
There is parking for all apartments. Being away from the main centre of Cowes makes it a quiet and private venue. Hilltop is a getaway for couples (no children), there are no groups, functions or parties.
Hilltop is alsolinked to Booking.com, Expedia, Agoda and other booking agents. The online agents account for the bulk of the reservations online although people do call and book direct. Hilltop apartments has a current rating of 9.5 on Booking.com and 9.4 on Expedia. This level/standard has been maintained for several years now. Our channel manager (Resonline) manages our calender and is connected to all the online booking agents.
Hilltop Apartments is unique in that it is a venue for adults only, we do not cater for children as we set out to create a venue where people come to get away from the hustle and bustle. Most of our clients are couples looking to get away for a few days. All of the apartments are different in size, decor and outlook and guests can choose the type they require.
Hilltop Apartments is a good investment in that the business is a going concern and has continued to grow over the years giving the purchaser a good cash flow for minimal work with the potential to improve substantially. The property has a large main building with 5 apartments and a smaller building housing one apartment.
An immaculately presented property offers incredible options.
History
Hilltop Apartments has been operating for approx 20 years. Originally there were only 3 apartments as the owner lived upstairs and all bookings were made thru the Phillip Island Visitor centre or direct. In the 11 years since we have had Hilltop, we have renovated the building to accommodate 6 fully self contained apartments. In that time we have upgraded all the beds, decor, TV's etc and it has been far more successful than it was originally with all bookings now online.
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