Management rights for sale, Melbourne VIC

About the business

Management and letting rights for a two-tower high-rise apartment development in Melbourne, Victoria. The two towers have a total of 879 apartments. The first tower is complete with 456 apartments over 31 levels. There are 101 units in the established permanent rental pool in Tower 1, and an expected letting pool of an additional c. 100-150 units in the second tower. The agreements run for 25 years, ready-drafted and disclosed from the outset. Key operational space is provided under license / occupational authority, with an option to purchase 50sqm retail space. The broker reports substantial FM and caretaking salaries over the two towers.