After almost 15 years, John and Lynda are offering the Management Rights for Penguin Mews Merimbula for sale for $595,000.
Penguin Mews is a 3.5 star AAA Tourism rated short or longer term holiday accommodation complex on Beach St overlooking Merimbula lake. The complex has stunning lake, beach and ocean views and one of the best locations in Merimbula just 100 metres to the heart of town, cafes, restaurants and clubs.
Penguin Mews has been in operation for 40 years and has been well maintained and refurbished as required. The 5 townhouses and 6 apartments are all individually owned. The accommodation is self catering, the units are not serviced daily and no meals are provided. We employ 3 casual cleaners so there is no cleaning currently involved. However, the potential to increase net profit exists if the buyers choose to clean units.
There are 13 apartments in total on the complex, 10 of which are in the rental pool. There are no permanent residents.
The business consists of a home and income including:
- Large 3 bedroom residence with spa and views over the lake, the beach and the ocean
- 1 bedroom apartment on the same title, also with stunning views
- Under cover parking for 2 vehicles
- Letting rights over 10 x 2 bedroom units
Accommodation in Letting Pool
- 4 x 2 storey 2 bedroom townhouses
- 6 x 2 bedroom apartments
All apartments are spacious, well maintained and have reverse cycle air-conditioning, fully equipped kitchens and queen beds in the master bedroom.
They are self-catering and no servicing is done. Most have views. They are all non-smoking inside and pets are not allowed. All have off street parking.
- Solar heated, saltwater swimming pool
- Toddler's pool
- 2 undercover gas b-b-qs
- Large table tennis room
- Manager has exclusive use of a large storeroom and a locked area for garden tools and equipment
- Reception office separate from Managers' residence
- Foxtel to all units including Manager's residence
The large 3 bedroom residence is on the second floor and has stunning views out over the lake, the beach and the ocean and is central to all amenities. It has reverse cycle air-conditioning and the bathroom has a spa. To be included in the sale is a large fridge as well as all curtains and roman blinds.
One bedroom in the Manager's residence is currently in use as an office. There is a separate reception office at the front of the complex where guests are booked in. There is a cabled network between the two enabling reservations to be handled at the reception while also working upstairs. There is an intercom between the two locations. There are no fixed office hours stipulated in the management contract.
All computers, routers, phone, fax, scanner/copier, office desk and chair and wifi equipment are being offered with the business. We use a fully featured reservations and Trust accounting software package called PUMA2. It is a leased program and yearly costs are very low at $478.50. Backup and support from the company providing the software is exceptional. It is approved and well liked by auditors as it also makes their job easier. A user manual is available and training will be provided.
We have an excellent web site (www.penguinmews.com.au) with online booking facilities with good Google rankings. We also us channel manager software to list availability on other sites.
An inventory of all equipment used by the Manager and owned by the Owner's Corporation is available. No leased equipment is in use.
Merimbula is situated approximately half way between Melbourne and Sydney and is a 3 hour drive from Canberra and has been included in the National Landscapes Coastal Wilderness program.
Experience the climate, beauty and spectacular scenery of Merimbula and the Sapphire Coast. We enjoy a temperate climate with perfect summers and in winter, the warm clear days offer a relaxing break making an ideal winter getaway.
This is a very special area of great natural beauty and history. The coastline offers many pristine deserted beaches, forests, rivers and lakes, with picturesque rolling hills and mountain backdrops. Although this is the smallest of the coastal shires, it has an extremely diverse variety of scenery including spectacular coastline, beautiful lakes and rivers, lagoons and inlets, quaint rural villages, historic towns and wilderness and visitors enjoy a wide variety of experiences during their stay.
Just over 40% of our guests are repeat clients or have been referred to us by previous guests and one family has been coming every year for the past 28 years!
Caretaker's payments are increased annually in line with CPI as are the Tariffs.
There is a potential to increase net profit if the Managers choose to do some unit cleaning themselves.
- Net income:
- Residence price:
- Business price:
- Asking price – including residence & 1 bedroom apt:
- $ 99,910
Income is derived predominantly from:
- Caretakers salary
- Commissions on bookings
- Provision of linen
What are Management Rights?
For further details call Lynda Nicholl on (02) 6495 1660 or email firstname.lastname@example.org or use our online contact form
27 Beach St,
Merimbula NSW 2548
Ph/fax: (02) 6495 1660