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Robina Group Lands Multimillion-dollar Deal for Management Rights

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Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights. The management rights to Gold Coast development, Vue Terrace Homes, has sold off-the-plan for $5 million, with the new $170 million community described as a “dream to rent”.

An experienced operator, TDK, has purchased the management rights from developer Robina Group, setting a new record for the central Gold Coast suburb of Robina.

TDK – headed by Troy Edwards, Damien Windle and Kelvin Cotter, in a joint venture with experienced property managers, John and Sam Burke – purchased the management rights after highly competitive expressions of interest campaign, which attracted 14 offers.

The deal was negotiated by Resort Brokers Australia senior broker Alex Cook and included a three-bedroom terrace home in stage one, which will be occupied by resident managers, Sam and Jess Burke.

Sam and Jess will live on-site and work alongside Sam’s brother, John Burke, on the management of the secure gated community of three-bedroom terraces, which overlook Gold Coast City Council’s 17-hectare Robina City Parklands.

More than $93 million of homes have already sold, with stage one and two under construction and due for completion early and mid next year respectively.

John Burke said TDK, which held the management rights to nine communities between North Lakes and Coolangatta, saw Vue Terrace Homes as a “fantastic investment”.

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina is one of the most in-demand suburbs on the Gold Coast, with a vacancy rate of just 1.1 per cent.

“Vue features high quality homes in an ideal location, opposite major transport, close to Robina Town Centre, Bond University, popular schools and Robina’s medical precinct,” he said.

“All these factors have made it successful from a sales point of view and we believe it will be no different when it comes to tenanting completed homes – in fact, we expect it to be a dream to rent, particularly to young professionals and families.”

Robina is one of the most in-demand suburbs on the Gold Coast, with a vacancy rate of just 1.1 per cent, according to PRDnationwide’s “Robina property fact sheet – first half 2018”.

The high demand for properties in Robina has translated to strong competition from prospective residents for new communities, in particular, said Robina Group sales manager Azura Griffen.

“Every single terrace home community Robina Group has developed has had a waiting-list of prospective renters prior to completion – and we believe Vue will be no different. In fact, we’ve already been fielding interest,” Griffen said.

Griffen said TDK’s impressive track record of maintaining high quality communities, with low vacancy rates, had given them the edge over the other quality contenders who submitted expressions of interest for the management rights.

Robina Group Lands Multimillion-dollar Deal for Management Rights

Robina Group Lands Multimillion-dollar Deal for Management Rights

The high demand for properties in Robina has translated to strong competition from prospective residents for new communities.

“We short-listed seven candidates and from there selected a final three for a second interview – it was an extremely competitive process and allowed us to select the best of the best for Vue, which is a real win for both owners and residents,” she said.

“In the end, TDK ticked all the right boxes, including its proven experience in managing communities across South East Queensland from the off-the-plan stage.

“We wanted a team we were confident would retain the high quality of Vue over the long term and we have no doubt TDK will achieve just that.”

Cook, of Resort Brokers Australia, said Vue Terrace Homes’ management rights were a “prized asset for which many parties were willing to pay well”.

“Demand for management rights offering a high net income outnumber the opportunities available – particularly from the off-the-plan stage,” he said.

“On the Gold Coast, management rights of this size are extremely rare and it would be several years since anything like this has been offered to the market – it is a unique asset that encompasses everything people are looking for.”

The Vue Terrace Homes sales and display centre is open seven days a week from 10am to 5pm on the corner of East Lane and Stadium Drive in Robina on the Gold Coast.

Robina Group Lands Multimillion-dollar Deal for Management Rights

Source: theurbandeveloper.com

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Commercial Property

Tenant Demand in Gold Coast Office Market Expected to Rise

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Tenant Demand in Gold Coast Office Market Expected to Rise

Investment activity in the Gold Coast office market was subdued in 2018 with few assets on offer, although Knight Frank expects the tide to change this year with around $90 million in assets hitting the market in 2019’s first quarter.

The office investment market on the Gold Coast, Australia’s sixth largest city, has traditionally been dominated by private investors and syndicators given the relatively smaller investment scale.

But as confidence builds with a higher level of tenant demand and the depth of the market, Knight Frank’s Mark Witheriff says the region is “likely to appear on the radar for a greater swathe of investors”.

Sustained population growth is forecast to average two per cent per annum over the 25 year period from 2016 to 2041, with the majority of growth to come from both internal and overseas migration attracted to lifestyle and educational opportunities, according to Knight Frank’s Gold Coast office market overview.

Local businesses dominate demand

While tenant demand in the Gold Coast office market has been dominated by local businesses, Knight Frank’s Tania Moore said there’s a growing core of larger corporates with branch or head offices located in the region.

“With the likes of National Disability Insurance Agency, Mantra Group (Accor) and Wyndham Vacation Resorts and Asia Pacific,” Moore said.

“With only 37,500sq m of supply added to the Gold Coast market over the past 10 years (9 per cent growth in the stock base) there is a relatively small pool of modern assets which can handle the higher employee densities required for major corporate branch offices, processing centres and call centres.”

The research found supply remains low but pre-committed new construction was beginning such as the recently acquired Acuity Business Park, snapped up by Alceon last month for $7 million from the Gold Coast City Council, which plans to kick off construction.

Knight Frank’s Jennelle Wilson says the supply of new office space across the core Gold Coast precincts stalled during 2018 with only 2,744sq m of refurbished space returning to the market.

“Supply is expected to remain small, sporadic and pre-commitment driven in the medium term.”

Total vacancy for the Gold Coast office market is 11.6 per cent, this after hitting 12 per cent mid last year.

“Despite the vacancy rate on the Gold Coast stalling at double figures, rental growth is well entrenched due to the relatively low number of quality options available, with prime effective rental growth of 5.9 per cent year-on-year recorded,” Wilson said.

 

Source: theurbandeveloper.com

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Commercial Property

Alceon Snaps Up Council Land for Business Park

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Alceon Snaps Up Council Land for Business Park

Boutique investment firm Alceon has secured a large parcel of land in Robina for $7 million from the Gold Coast City Council.

Alceon will now look to create a new business park on the 9,921sq m site located at Robina Town Centre Drive.

The Acuity Business Park will comprise three stand-alone office buildings featuring large floor plates, a ground-floor plaza, basement parking, shops, gyms and parks.

The Gold Coast City Council, which intended to use the area for a new regional council office, sold the site to Alceon who now will look to provide 15,000sq m of “quality commercial premises serviced by public transport and public amenity,” Alceon said.

Alceon Snaps Up Council Land Business Park

“Robina is considered an ideal location for the next commercial Business Park because of its high resident population which is predicted to more than double within the next ten years,” Alceon project director Paul Huston said.

“This is supplemented with low rental vacancy rates reflecting a vibrant growth corridor for corporate occupiers seeking a point of difference for their business and employees.”

The development of Acuity Business Park Robina follows successful construction of similar suburban office projects in Eight Miles Plains and Northshore Hamilton.

CBRE who is handling leasing at the park, said the time was right for grade-A offices on the Gold Coast, justified by Australia’s largest home builder Metricon has committed to 75 per cent of the first of the building at the business park.

Robina’s market vacancy currently sits at 11.6 per cent with CBRE forecasting the figure moving to sub 10 per cent by the end of 2019.

“Vacancy rates have continued to decline through eight of the last nine years across the market with Robina historically leading the way with single figure vacancy,” CBRE director of office leasing Nick Selbie said.

Construction will commence in March with the first building scheduled to be completed by July 2020.

In Victoria, Alceon is currently developing the Novotel St Kilda site with Melbourne developer Gurner and the Shand’s Barana Group into a larger luxury offering yielding up to $550 million.

Plans for the Saint Moritz development include 240 luxury residences spread across the three new buildings, including a 1,000sq m penthouse which was recently sold to ex-Domain boss Antony Catalano for a record breaking $30 million.

 

Source: theurbandeveloper.com

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Commercial Property

Prime Slice of the Gold Coast Hits the Market

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Prime Slice of the Gold Coast Hits the Market

A prime 9,637sq m slice of the Gold Coast has come to market, giving potential investors an opportunity for development or an idyllic residential holding.

The property, located at 162 Siganto Drive, is positioned in a prime growth area and only eight minutes from the newly built Westfield Shopping Centre in Coomera.

The proposed commercial mixed-use development site caters for a range of potential uses under the low impact industry zoning which will suit developers in the distribution industry, or those looking for professional office space or even indoor sports and recreation.

The surrounding area has benefited from strong residential growth which has supported the housing market, commercial businesses and new infrastructure.

Prime Slice of the Gold Coast

The site sits within a rapidly expanding growth corridor and is situated directly off the M1, approximately 40 minutes from Brisbane, 25 minutes from Burleigh Heads and 20 minutes to Southport CBD.

On the site currently sits a resort style luxury home and swimming pool.

Under the current medium density zoning we understand the potential for this site may suit age care or subdivision of town homes and potential many more uses (STCA).

The proposed DA maximises the shape and size of this site and plans showan NLA of approximately 3,135sq m and only around 32 per cent site coverage allowing developers to increase the GFA and turn this development site into a winning investment.

The great thing about this site is it is tucked away giving potential businesses lots of privacy, but also providing ease of access around the site as it opens up with potential waterfront views.

The M1 off ramps to Siganto Drive is a massive plus with the North and South entry points to Siganto Drive being the Oxenford/Hope Island exit and North Helensvale/Movie World M1 access ramps allowing for an effortless flow of vehicles.

With recent transactions in this area of Saltwater Creek Pub and a mortgagee sale of the proposed MI-HQ development site we can see that by these transactions occurring in the last few months that commercial property and development opportunities are in high demand.

 

 

Source: theurbandeveloper.com

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