11/5230 Great Ocean Road

Wongarra VIC 3234

The property is situated in a resort complex, on approximately 11 acres. The resort facilities include use of pool, tennis court, games room, storage and office facilities.
The title to the property is through a Company Share Title, there are 15 apartments on the complex.
On the average yearly gross income is approximately $35,000 per annum, with service fees of approximately $6,900 which cover, electricity, gas (excluding log fire) water, council rates, land tax, building insurance, local phone and internet.
Approximately 95% of bookings are derived online.
The property in question has on site part time staff, however, an owner can decide to manage their property themselves. There is no restriction on the number of weeks one can use the property personally, as long as the owner does not live there permanently.
Unfortunately, the property is not for everyone ,as it is difficult to get finance as the Title is a company share title, this is the old fashion type of property titles before strata titles came into existence . The reason for this type of title is the property is situation in a rural zone with a restrictive development overlay allowing only subdivision on titles over 100 acres. To overcome this restriction, the old fashion form of title was set up, which gave owners individual ownership and rights as per the legal company constitution. The title s office recognises these titles as stamp duty is payable on the purchase price just like any other legal title.

Disclaimer: We have been furnished with the above information, however, For Sale For Lease gives no guarantees or undertakings concerning the accuracy, completeness or up-to-date nature of the information provided. All interested parties are responsible for their own independent enquiries in order to determine whether or not this information is in fact accurate.