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Accommodation & Tourism business for sale in South Melbourne

  • Accommodation & Tourism
  • 51-59 Palmerston Crescent South Melbourne VIC 3205
  • $1,400,000 (GST na)

Apartment Hotel Leasehold - South Melbourne

We are pleased to offer for sale the forthcoming City Edge South Melbourne Apartment Hotel franchise.

Key features
Construction already commenced. Completion late 2019-early 2020
69 apartments (57 studios + 12 one bedroom, interconnecting available), 27 secure undercover car spaces, restaurant (to be leased to F&B operator)
Conference room, gym, luggage storage
Commercial lease of 10 years plus 5 plus 5, based on the City Edge lease template. One only landlord
No Owners Corporation
Commanding, landmark location on Kings Way, South Melbourne
Will be the flagship City Edge property

Rent schedule
Year 1 - $1,390,000 plus GST with 3 months rent free
Year 2 - $1,459,500 plus GST
Year 3 - $1,517,880 plus GST
Year 4 - $1,578,595 plus GST
Year 5 - $1,641,739 plus GST
Year 6 – Market review
Years 7 to 10 – rent increased by 4% per annum on each
anniversary of the commencement date.

Lease key points
Rent review - every 5 years to market

Outgoings payable by tenant - consumption of all utilities, general repair and maintenance of non capital nature, maintenance and repair of fitout

Outgoings payable by landlord - all outgoings not listed above e.g. council and water rates, building insurance, land tax etc.

Net Earnings Projected Year 1 : $400,000

Business Highlights

Business ID2014642685
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Category
Last updated  3 Feb 2019
Map for 51-59 Palmerston Crescent South Melbourne VIC 3205
Skyline Business Brokers
37 Elizabeth Street Malvern VIC 3144

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