Property available for purchase on Hamilton Island

just back from Hamilton Island.
inspected a block of units. bed sits, double story block (new) with toilet and laundry facilities at the end of each floor.
each block has 23 bed sits.
the vendor is prepared sell with a a 10 year lease for the entire block and a 10 year option.
as the purchaser you would have only one tenent who is able to guarrantee 100% occupancy for 10 years.
On the block there are 5 of these blocks for sale.
the block would be set up as a strata situation which includes a swimming pool.
It offers a 9% return per annum.

Purchase price of $1.2 million per block

Road access is bitumen. and is 2 minutes from the waterfront of Hamilton Island.
The facility would be used for staff accommodation.
Now the kicker:
all electricity/gas/water/rates/occupancy are in the control of Hamilton Island Enterprises, who can raise and lower prices at their whim.
access to the Island for trades people must be on the Islands Cargo ferry at prices they determine.
In addition one would need to know the financial stability of the “Hamiltion Island Enterprise” and what would happen if they went into resceiver ship like “Williams” who develped the Island.

I have declined to go ahead with the purchase
this is a good example of what on the surface looks like a good deal but in reality is not.