The problematic management rights to the Q1 resort in Surfers Paradise have been bought by Q1 Management P/L, a company controlled by brothers Bryan, Peter and Maurice Frawley.
The management started this week.
Management rights to the Australia’s tallest residential tower has been problem plagued and the sale ends Mantra Group’s troubled tenure. Mantra inherited the business from former owner MFS.
Market sources say the deal, taking on 180 of the building’s 540 apartments, was struck just above $10 million. Recent management rights sales include $9 million paid for the Chevron Renaissance by the Picone family in 2009 and $15 million for the Turtle Beach Resort last year.
Q1 apartment owners threatened to sack Mantra as manager over its performance at last year’s AGM.
The Frawley family has been involved in management rights on the Gold Coast since 1985 when they bought the management rights to Paradise Centre’s Allunga and Ballah towers for $850,000. Bryan Frawley operates the Resonline last-minute hotel booking website.
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