Director | Taupo, Rotorua and South Auckland
Mob: +64 21 666 991
Phone: +64 9 369 9702
Director, | Coromandel, Auckland CBD
MCentral Apartments consists of serviced apartments in a prime location in close vicinity to Manukau Central train station, Manukau Institute of Technology, Westfield Shopping Centre, Event Cinemas, Rainbow’s End theme park and more.
MCentral was completed in 2015 and dominates the landscape in the immediate area.
The building is an 11 level structure, two of which are for commercial use and the balance consisting of 114 apartments made up of one, two and 4 bedroom accommodation.
The current owner has council approval which allows for 50 apartments to be operated as transient accommodation, they also have a very small number of apartments that they can manage as permanents for investors. There is an opportunity to lobby existing owners to establish a larger permanent letting pool if one wanted to increase revenue.
The arrangement with the Body Corporate includes a salary and the cleaning contract of the common area. There is also an apartment supplied for the Building Manager and the rent of that apartment is paid for by the Body Corporate.
The sale of the Management Rights also includes the administration office and a storage area predominantly used for the cleaners.
There is a lease on the reception area for 6 years with two rights of renewal and final expiry through to 2033.
This is an excellent opportunity to establish a business in Auckland City with a proven business showing great results and an exciting future.
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:
There have been recent legal decisions with regards to the status of some of the provisions commonly found in management rights contracts in New Zealand. We recommend that all potential buyers of Management Rights seek legal advice.
Disclaimer: We do not accept responsibility for mis-statement or error contained on this site. Interested persons should rely on their own enquiry. All prices are plus GST if any unless otherwise stated. If the transaction is recognised as a going concern then the sale should be zero rated.
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