Melbourne-based developer Little Projects has listed the management rights to its $210 million Signature Broadbeach apartment tower.
For sale are the letting and caretaking rights to the 35-storey Philip Avenue building along with associated real estate including reception, office and back-of-house facilities expected to see offers over $15 million.
The tower, designed by Rothelowman architects in collaboration with SJB Interiors, will feature 252 apartments.
The owner of the management rights of a building typically enters into a contractual agreement with the body corporate of a complex to provide care taking and management services in return for a salary.
The developer, headed by former Toll Holdings boss Paul Little, entered the Broadbeach project on a joint venture with property development and project delivery company KM Develop.
The Broadbeach apartment tower enters the market at a time of growing visitor numbers and industry-led predictions the Gold Coast is entering a new “golden age” of tourism.
Boulder Capital managing director Damian Winterburn says the Gold Coast’s market fundamentals are now some of the best in Australia due to the more than $12 billion in further infrastructure spending post-commonwealth games and forecasts tourism numbers will rise to 13 million annually.
"We like the fundamentals of the Gold Coast economy and property market,” Winterburn said.
“Several of the traditional lenders have been hesitant to finance projects on the Gold Coast recently, which has helped limit supply as evidenced by the tight vacancy rate and we are now witnessing strong migration to the region converting to sales results.”
Resort Brokers Australia management rights specialists Tim Crooks and Alex Cook are marketing Signature Broadbeach 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,” Crooks said.
Signature Broadbeach, which is estimated for completion in late 2020, will feature 49 one-bedroom, 192 two-bedroom and 11 three-bedroom apartments with prices starting from $483,000 and reach up to $2.25 million.