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JLL Snaps Up Newstead Series Management Rights

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Global real estate company JLL has acquired the management rights to JGL Properties' 200 apartment Newstead Series in Brisbane's inner city, The Australian Financial Review reported.

The deal, worth $5 million, is JLL's first for off-the plan apartments in Queensland.

JLL's Queensland managing director Geoff McIntyre told The Australian Financial Review the deal was low risk.

"We have a very defined criteria of what we are looking for and we take a long term view on it," Mr McIntyre said.

The deal is conditional upon the apartment project being built, settled and rented. The high-end apartment project is already sold out and Watpac has started construction which it expects to complete next year.

Mr McIntyre said JLL's property management business continued to be a major engine room for growth.

JLL is the largest property manager in Australia and is currently seeking diversification.

Newstead Series developer John Livingstone from JGL Properties said the investment by JLL was a strong endorsement for his project.

 

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