Stillwater, Rotorua

Property Name: Stillwater
Address: 64 Kawaha Point Road, Rotorua
Property Type: Management Rights
Sale Type: Management Rights
Price: $650,000
Region: Bay of Plenty

Number of Rooms

64 three bedroom houses, 55 in the letting pool.

Age

3 years old.

Configuration

There are 3 streets of houses, all with grass verges and trees.  This is a very attractive complex situated in a very nice area of Rotorua.

Owner’s Accommodation

A 3 bedroom house with a garage on site.  One of the bedrooms is used as an office.

Features

Stillwater is a very attractive complex situated in a quiet part of Rotorua. There are 3 streets of houses that have been landscaped with grass verges and decorative trees. All the house have 3 bedrooms, the master bedroom is upstairs, 50% of the houses have an ensuite. 2 bedrooms are on the ground level with open plan kitchen, dining and lounge.  The private patio area is accessible via the lounge.

There are 64 houses in the complex, 55 of these are in the letting pool.  This complex is all permanent residents so it is a very easy operation to run.   This business is in no way reliant on tourism or domestic travellers and is well positioned to cater for the strong rental market.

The usual minimum letting period is for 6 months which means that the day to day running of this complex is very relaxed and the office is open during business hours, 5 days a week.

This is a wonderful opportunity for a couple starting out in business for themselves or a semi retired couple that require a very low risk business as there is no rent, rates, repairs and maintenance, insurance etc.  

Lease Details

27 year

Approximate Yield

Approx 24%

Contact

To discuss this lucrative opportunity, please contact the broker on 021 33 54 88 or email ray@resortbrokers.co.nz

For further information about this opportunity please contact Ray Hart on 021 33 54 88 or email ray@resortbrokers.co.nz

Potential buyers should review an Australian summary of management rights by clicking on the reference below which is a historic and dated document but sets out the salient issues around management right ownership and operation.  Much of the content is relevant to the New Zealand situation:

http://www.resortbrokers.co.nz/research-and-reports/58/

There has been recent legal precedence with regards the status of management rights in this country and we recommend that all potential buyers of management rights read the decisions by clicking on the links below:

http://www.resortbrokers.co.nz/research-and-reports/131/

http://www.resortbrokers.co.nz/research-and-reports/134/

Downloads

Confidentiality Agreement New Stillwater.pdf (144.88 KB)

Stillwater Prop Management Agreement.pdf (1.10 MB)

Stillwater Assignment of Lease.pdf (266.13 KB)

Stillwater Management Agreement.pdf (245.13 KB)

Stillwater Letting Service Agreement.pdf (1.17 MB)

Stillwater Financials 2009.pdf (34.72 KB)

Stillwater Deed of Lease.pdf (1.07 MB)

Stillwater Body Corp Rules.pdf (1.16 MB)

Stillwater Plans 1.pdf (85.12 KB)

Stillwater Plans 2.pdf (420.43 KB)