The Reef Luxury Apartments, Mount Maunganui

Property Name: The Reef Luxury Apartments
Address: 178 Marine Parade, Mount Maunganui
Property Type: Management Rights
Sale Type: Management Rights
Price: $1,185,000, Option of a luxurious two bedroom Managers’ apartment: $550,000
Region: Bay of Plenty

Overview

The Reef Luxury Apartments is a beautiful property that enjoys an above average occupancy for the area. There is a total of 30 luxury apartments in the complex, 22 of which are in the letting pool.  The spacious two bedroom owner's apartment has an open plan kitchen, lounge/dining with quality fixtures and fittings.  Access to the heated swimming pool and spa is via the lounge.

Those that require a low cost business with very little risk should seriously consider this opportunity.

Buying the Business Only

Should you wish to purchase just the management rights business only and not the freehold apartment, then the vendor would sell the business for $1,185,000, and rent you the apartment for the term of the management rights. This would cost $610 per week rent, and includes all Body Corporate fees, rates and insurance. This makes the purchase of this property an affordable option.

Features

The Reef Luxury Apartments is situated in the heart of Mt Maunganui across the road from the beautiful surf beach and would undoubtedly be one of the better accommodation providers at The Mount.

This is a serious business that will provide the owners a stable and secure future and enviable lifestyle.

The 2-3 bedroom apartments all have 2 bathrooms, and each have a generous living area and large fully equipped designer kitchens.  All apartments have large balconies or patios.

Guests can enjoy the use of the all year heated swimming pool and the hot relaxation pool.  There is also the exercise room / gym. Secure underground parking is available – 2 parks per apartment.  

Management Agreement Details

20 years left on the Management Agreement as at December 2010.

Financials

Financial information is available after the signing of a confidentiality agreement, which can be found in the download panel.  On receipt of this agreement, a password will be supplied by the broker.

Contact

For further information about this opportunity please contact John Ferguson on 021 546 430, john@resortbrokers.co.nz or 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 precedents 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 Reef Apartments.pdf (144.88 KB)

Reef Apart. P&L March 09.pdf (87.09 KB)

Reef Apart. Management Agreement.pdf (1.57 MB)

Reef Apart. Body Corp Rules.pdf (1.27 MB)

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