Itara Apartments Townsville located on the banks of the Ross River at Riverway, offers a new and unique proposition to the City of Thuringowa, never seen before. This is stage 1 (52 apartments), the first of five stages (280 apartments in total). This business is in its infancy, already hitting the boundaries of profit earnings over $200,000 year one. Your core business is divided into two real components permanent letting and short term corporate. James Cook University, Townsville numerous army divisions, Dairy Farmers Stadium (Cowboys), Townsville hospital and nearby sporting facilities is just the start of your letting capacity. A real opportunity to purchase a new property with a load of up-shot.52 apartments – 37 in the letting pool (mixture permanent& short term/corporate)25 year agreements – 23.5 remainingHigh Body Corporate salary – $65,000+Stage 2 – 70 apartmentsThis property has been valued recently showing a 4.25 multiplier. Currently being sold for 3.8 timesNet Profit: $205,000