Agnes resort rights on the market
THE management rights to one of Agnes Water's best holiday blocks is up for sale.
Resort Brokers Australia representative Glenn Millar said the company that previously owned the management rights to the Agnes Water Beach Club had gone into receivership.
"The property is running extremely well, but the company hit financial trouble," he said.
The building is in the heart of Agnes Water and opened in 2006.
The Beach Club was designed as luxury accommodation by Guymer Bailey Architects.
Mr Millar said the building was now run by onsite managers appointed by the receivers.
It features 36 two-bed room, two-bathroom apartments, 35 of which are available to let.
It also has a pool, a heated spa and a barbecue area.
The Agnes Water Beach Club is marketed as luxury accommodation in Agnes Water, only a minute's walk from Queensland's northernmost surfing beach.
The complex's website says units in the building start from $495,000, and adds the Discovery Coast gem is being touted as "the new Noosa".
Mr Millar said management rights were a very tightly controlled industry in Queensland.
"All the funds received go to a trust account," he said.
"They are very solid businesses."
Mr Millar said anyone who bought the management rights would be buying the right to operate a business in the complex for the next 20 years.
"There is also some freehold real estate, which is the manager's unit in the complex," he said.
Mr Millar said all the units in the building were individually owned by investors, and they were all available to let.
He said whoever owned the management rights got an income from letting out the units, and also from items such as towels, linen and arranging tours for residents.
"The body corporate also pays the manager a salary," he said.
"They get about $41,000 a year for taking care of the common areas."
The call for expressions of interest for the management rights to the building were first advertised on Saturday, and Resort Brokers Australia was committed to advertising for four weeks.
That would finish on February 10.
The expressions of interest received would be forwarded to the receivers for a decision.
Mr Millar said the interest in taking on management rights was mostly local, although the company had had a number of calls from overseas.
Agnes Water is listed in the Lonely Planet guide as one of the top 10 destinations in Queensland.