Mantra Group Scores Massive 'FV' Management Rights Deal

Gurner has announced the successful sale of the building management rights to its landmark $600m ‘FV’ project in Brisbane, to Mantra Group’s high-end ‘Peppers’ brand, after an international expressions of interest campaign launched last year.

The management rights span 970 apartments across the project’s three towers, as well as portions of the 4,000 square metres of commercial space and leisure facilities comprising proposed multiple food and beverage premises, conference and business facilities, concierge, housekeeping and maintenance areas, numerous pools, private spa areas, a gymnasium, private dining and moonlight cinema areas, along with the expansive hotel-style rooftop amenity atop the third and final building, No1.

Left to right: Gurner Founder and Director Tim Gurner, Brisbane Lord Mayor Graham Quirk, and Mantra Group CEO Bob East.

The deal was contracted in the final days of 2016, and managed by Resort Brokers Australia, who said it represented the largest off-the-plan management rights sale recorded in Australia to-date.

Under the terms of the deal, the managed apartments and associated facilities will be known as ‘FV by Peppers’.

Gurner Director Tim Gurner said the deal had completed the developer’s vision to create a world-class mixed-use 5 star precinct in the heart of one of Brisbane’s most vibrant inner city locations.

“From the outset FV has been an incredibly important legacy project both for the business and me personally so we wanted to ensure that our clients and residents would be serviced by the best in the business after the project has reached completion, so that in 10 and 20 years time it is still a place we are all incredibly proud of.

“The sheer scale and level of luxury at FV meant we needed to be incredibly diligent in who we selected to manage the building in order to ensure our incredibly high standards of service and quality could be met for our buyers and residents,” he said.

Mantra Group Chief Executive Officer, Bob East said the acquisition would herald the arrival of the Peppers brand in Brisbane and represents a continuation of the Group’s strategic direction to grow the permanent rentals arm of the brand.

“Once open, FV by Peppers will be Mantra Group’s largest property in Australia and our second largest globally - superseded only by the 1,176-room Ala Moana Hotel in Honolulu Hawaii.

The three-tower project features a total of 3,000 square metres of private amenity complete with multiple pools including a feature U-shape pool and bar in the Flatiron building, in addition to a crowning rooftop pool in the No.1 building, along with a number of bars, private dining areas, cinema facilities, a gym, yoga studio, business club and much more.

Inspired by luxury Maldives and Bora Bora resorts, the third building includes an exclusive 800 square metre rooftop lounge including an expansive pool wrapping around half the building, an underwater lounge area, water feature, sundecks, bars and barbeque areas.

The project also includes a ‘FV Private Club’ which services residents of all three buildings and offers over 2000 square metres of luxury amenity including a long u-shaped sunken pool, a private dining room, moonlight cinema room, health club, yoga studio, BBQ and outdoor landscaped deck areas, as well as three VIP lounges with pools available for private bookings.

‘FV by Peppers’ is expected to launch later this year in line with the first stage of construction completion.

Construction of the project’s first two stages, ‘Flatiron’ and ‘Valley House’ is currently underway, with these stages slated to reach completion in the third quarter of 2017.

Construction of the third tower commenced in January 2017 and is anticipated to reach completion in 2019.