High-Yield Investment Property with Harbour Views - Ocean View Serviced Apartments, Port V, Port Vila City

Description

Asking Price: VUV 280 Million Net Profit (2023/24): VUV 37 Million (13.2%) Return on Equity: 19%+ Bonus: Development Approval for 5-Storey Expansion Ocean View Serviced Apartments is a high-performing commercial property located above Tanna Russet Plaza in Port Vila, just a short walk from the city centre. All units enjoy panoramic views over Port Vila Harbour. The property includes 24 self-contained apartments: 9 studios, 8 one-bedroom units, 6 two-bedroom units, and 1 three-room office. Two well-established restaurants operate on site: Stone Grill (80 seats) and Stone Lounge Bar (50 seats). Each apartment is equipped with air conditioning, a kitchen, internet, TV, and a private balcony or terrace. The property includes 9 on-site car parks, laundry and storage facilities. The total built area is approximately 2,000 m² on 2,143 m² of commercial leasehold land (75-year term). The top floor and roof were rebuilt in 2015 following cyclone damage. Performance Highlights: Net profit for 2023/24 is VUV 37 million, with a return on investment of 13.2% and a return on equity above 19%. The property performs consistently through global OTAs and is a preferred option for government departments, NGOs, and long-term corporate tenants. Development Opportunity: The sale includes approved architectural plans for a 5-storey expansion featuring 22 luxury apartments (1 x 3-bedroom, 19 x 2-bedroom, 2 x 1-bedroom), a lift, and 14 basement car parks. Preliminary municipal approval has been granted and can be reactivated.