Thursday, November 15, 2018

Are these the most expensive management rights in Australia?

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.

Signature Broadbeach, due for completion in late 2020, will feature a 50-metre infinity edge pool stretching along the northern edge of the building.
 
The development includes 49 one-bedroom, 192 two-bedroom and 11 three-bedroom apartments with prices ranging from $483,000 to $2.25 million.

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.

About Kate Jackson

Kate Jackson
Kate Jackson is the editor of Accomnews. You can reach her at any time with questions or submissions: [email protected]

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One comment

  1. Dream on Little & associated spruikers. The days of over inflated valuations on Management Rights have been destroyed thanks to AIRBNB & the like. Not to mention the new tower planned directly in front & behind Signature, which will completely obliterate any views you had. Welcome to the NEW Gold Coast, where town planning has been thrown out and replaced with unlimited height availability on all sites East of the tram tracks.

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