Receivers to sell Soul management rights
Management rights to the luxury 77-level Soul Surfers Paradise beachfront apartment tower on the Gold Coast are about to be put to the market for the first time, under instructions from receivers and managers at PwC.
Specialist accommodation property agency Resort Brokers Australia has been appointed to handle what could be a record-breaking sale through an international expressions of interest campaign from March 6 to close on April 13. The sale will proceed under instructions from receivers and managers, Michael Fung, Derrick Vickers and Gregory Hall of PwC, who were appointed to companies associated with the Soul development in October 2012.
Included will be the management (holiday) letting rights and caretaking business and associated real estate covering reception and back offices, the two-hatted ‘Seaduction’ restaurant, conference centre, storage space and maintenance, staff and housekeeping rooms.
The towering 287-unit residential tower, with a beachfront retail and dining precinct at its base, was developed by the Juniper Group and completed in 2011
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Initially a Sea Temple resort, it has traded as Soul Surfers Paradise since November 2013 when Mantra Group was appointed to manage the property.
PwC’s Michael Fung said, since their appointment, the receivers’ and managers’ focus has been on maximising the value of all components of the Soul development.
Resort Brokers Australia’s regional sales consultant Glenn Millar and senior broker Alex Cook will handle the EOI campaign, which is expected to attract widespread interest from both domestic and international contenders.
Designed by internationally awarded architects DBI Design and boasting a grand lobby with 9m high ceilings and a cantilevered marble staircase, Soul is Australia’s third tallest residential building and a striking addition to the Gold Coast skyline.
Guest facilities include a 25m tiered heated pool, children’s pool and spa on a podium level overlooking the beach, an indoor 25m heated lap pool, spa, sauna and steam rooms, dual-room gymnasium, and elevated landscaped gardens and barbeque area.
The record for a management rights sale is believed to stand at $15.5 million paid by an investment syndicate in 2010 for the Turtle Beach holiday resort at Mermaid Beach.
