The management rights to a luxury Gold Coast apartment block are for sale – for a cool $15 million.
Melbourne-based developer Little Projects has listed the letting and care-taking rights to the $210 million, 35-storey Signature Broadbeach tower on Philip Avenue.
Positioned just metres from the ocean and in close proximity to Broadbeach restaurants and shops, the tower’s management rights are expected to attract offers in excess of the hefty multi-million dollar starting price tag.
Designed by Rothelowman Architects, Signature will feature 252 apartments for which the rights buyer will provide care-taking and management services, in return for a salary and likely under instruction from a body corporate.
It enters the market at a time of growing visitor numbers and predictions the Gold Coast is entering a a new ‘golden age’ of tourism.Boulder Capital managing director Damian Winterburn told The Urban Developer the Gold Coast’s market is one of the strongest in Australia thanks to a Commonwealth Games-inspired $12 billion infrastructure spend.
“We like the fundamentals of the Gold Coast economy and property market,” he said.
It is being marketed off-the-plan through an ‘expressions of interest’ campaign.
“We are intentionally taking the management rights to market early, prior to construction, so the future operator has the opportunity to partner with the developer to have input on operational matters, apply their brand standards, and act to optimise investors’ returns,” broker Alex Crooks told The Urban Developer.