Sunset Bungalows Resort for sale Port Vila, Vanuatu

SUNSET BUNGALOWS FOR SALE IN VANUATU - FREEHOLD GOING CONCERN AUD$2.85M PLUS SAV & VAT (IF ANY)

Nestled quietly on the water's edge in a unique tropical setting just 10 minutes away from Vanuatu's bustling capital Port Vila, Sunset Bungalows Resort is now for sale. Just into its 6^th year of operations this stylish property featuring Melanesian architecture is seeking a new owner to take it to new heights.

The purchase price of AU$2.85m includes the assignment of the land lease (commercial), all buildings on the land, the Goodwill for the business, all plant and equipment for the restaurant (and kitchen) and all chattels for the resort.  It also includes a company vehicle.  It does not include stock at value. SAV includes wet and dry stock, cleaning products, stationery, consumables for rooms and linen

The resort as it now stands includes 1 Honeymoon Spa & Bungalow, 10 Superior Bungalows (4 with kitchenettes) and 8 Lagoon View Studio Units, restaurant & bar, 3-bedroom manager's house and outdoor dining area. Exterior improvements include a pool, large timber decks cantilevered over the lagoon and lush tropical landscaping.

All Room Facilities include:

Luxury King Beds (Most 4 poster)      Balconies with water views

Air Conditioning                                   Cable TV including movies

Mini Bar                                               In-Room Safe

Direct dial telephone                           Hair dryers

DVD/CD players

 Resort Facilities Include:

Professional tour desk                       Swimming pool and waterfall

DVD library                                        Snorkel equipment

Kayaks and paddleboats                     Pool table

Over water restaurant                        Guest library and board games

English and French speaking staff     18+ guests welcome

Internet kiosk and wireless broadband (in restaurant area)

 Restaurant & Bar

BUNGALOW: ATE Overwater Restaurant

The over water restaurant and bar offers the perfect atmosphere to unwind and enjoy excellent contemporary cuisine or a tropical cocktail. Open for breakfast, lunch and dinner.  The restaurant caters for both resort guests other tourists, and local and ex-pat residents.

Financial Performance

The current owners and managers have made a number of changes to SBR and to the way SBR is marketed and operated, as a result turnover and net profit has grown year on year and there is still the potential to continue this growth. Turnover has grown by 154% between 2005 and 2009.

INFORMATION ON VANUATU

Tourism Statistics for Vanuatu

 (Vanuatu Statistics, 2008)

There are now just over 80,000 visitors a year to Vanuatu (81,345 2007, excluding Resident arrivals and Cruise ship visitors).  This has increased 19% from 2006 (68,179) and that was an increase of 10% from 2005 (62,123).  On top of these figures there is was an additional 85,000+ Visitors from cruise ships in 2007 and 2006.

These visitor numbers for 2007 are made up of holiday makers (63,325), visiting friends and relatives (6,162) and business travellers (10,838). 

The main growth in the holiday maker market is coming from New Zealand (38% increase from 2006 to 2007) then Australia (17.5% increase from 2006 to 2007).  The incremental growth for the tourism industry will come from new flights into Port Vila.  These will include direct flights that have just started from Melbourne as well as additional flights added from Auckland, Sydney and Brisbane. 

 The Islands and the People of Vanuatu

Vanuatu is an archipelago of 83 volcanic islands, situated in the South Pacific Ocean between Fiji and New Caledonia. Formerly known as the New Hebrides, Vanuatu was an Anglo-French Condominium from 1906 until independence in July 1980, when it became a self-governing republic and a member of the Commonwealth.

The beautiful islands of Vanuatu, such as Efate, Espiritu Santo, Malakula, Tanna, and Pentecost, offer a rich variety of business, sightseeing, recreational, and cultural opportunities. Efate is the most populated island and is home to the country's capital, Port Vila. Espiritu Santo is Vanuatu's largest island and boasts some of the world's best beaches and diving locations. Malakula is the most culturally and linguistically diverse island, where over thirty distinct languages are spoken. Tanna boasts the most accessible active volcano in the world. And, Pentecost is the home of the famous land diving ritual, the origin of bungee jumping.

Vanuatu is a multi-cultural society of approximately 200,000 citizens. The indigenous Ni-Vanuatu people are of Melanesian origin and account for the vast majority of the population. However, French, British, Australian, New Zealand, Vietnamese, Chinese, and other Pacific Island groups add to the islands' rich cultural diversity. Part of this cultural diversity is Vanuatu's linguistic diversity. Bislama is the national language, but daily activities and business is routinely conducted in Bislama, English, or French. In addition to these three dominant languages, there are over 110 local languages.

 Climate

The weather from May to October is the best that a tropical climate can offer. This is the dry season, known locally as winter, with temperatures around 23º C. June, July, and August is the coolest months, with the lowest humidity. The wet season runs from November to April; it's hot and humid, with temperatures up to 32º C, marked by periods of heavy rain.

 Visiting Vanuatu

When visiting Vanuatu you must have a return/onward ticket and a passport with at least four months validity remaining from the time of arrival. For stays up to 30 days, nationals of Commonwealth and EU countries do not require visas.

Only a short three hour flight from Australia and New Zealand, Port Vila's international airport hosts airport regular flights from Sydney, Brisbane, Auckland, Noumea, and Nadi. In addition to the international airport, Port Vila also has a domestic airport that serves all of the major islands of Vanuatu.

During your stay in Vanuatu, there are a several ways to get around. Cars and 4WD vehicles are available for hire at reasonable rates. Busses and taxis are a convenient and economical way to get around town. If you choose to drive, remember that driving in Vanuatu is on the right-hand side of the road.

The Government and Legal System of Vanuatu

Vanuatu is governed by a republican political system headed by a president and prime minister. The President, whose duties are primarily ceremonial, is elected by a two-thirds majority of an electoral college consisting of 50 members of Parliament and the presidents of Regional Councils. The President serves a five-year term. The Prime Minister, who is the head of government, is elected by a majority vote of the Parliament. The Prime Minister in turn appoints the Council of Ministers; together the Prime Minister and the Council of Ministers constitute the executive branch of government.

The legal system is based on English Law and adjudicated upon by the Supreme Court of Vanuatu.

Financial Information on Vanuatu

Vanuatu is attractive to investors because of the country's solid infrastructure, stable government, and the government's proactive attitude towards foreign investment and taxation. Vanuatu offers high quality professional services and international banking to investors, while maintaining the "Island feel and lifestyle" of the Pacific.

As well as this, Vanuatu offers:

• No Personal Income Tax
• No Company Income Tax
• No Capital Gains Tax
• No Estate or Death Duties
• No Tax On Interest Earned In Bank Accounts
• No Tax Treaties With Other Countries
• No Currency Exchange Controls
• VAT of 12.5% Is Charged On Goods And Services
• Property Transactions Contracted In Any Currency
• Several Established International Banks, Solicitors Firms and Insurance Companies
• The Right To Repatriate Investments, Guaranteed By Law
• A Convenient Location In The Asia Pacific Region (+3 hours Hong Kong and Singapore, +1 hour Australia (EST), -1 hour New Zealand)

Vanuatu has been enjoying steadily increasing capital gains from both the residential and commercial property markets. Other important sectors of the Vanuatu economy are tourism, light industry, agriculture, and activities of the financial centre. Principal exports are copra, beef and timber products.

Vanuatu's local currency is the Vatu (Vt). Australian dollars and credit cards are widely accepted in Port Vila; however the outer islands prefer Vatu. Bank accounts can be opened in a number of different major currencies.  There are branches of ANZ and Westpac banks in Port Vila, where currency can be exchanged from Monday to Friday. Technology available in Port Vila includes a mobile phone network and broadband Internet.