25 Jul 2019
Words Sunshine Coast Daily

$170m lakeside development sells management rights

IT'S been described as Noosa's "last big development" and the management rights to Parkridge Noosa are up for grabs.

Covering a total of 5.4ha, Parkridge Noosa is a staged, $170 million development with 179 homes surrounded by the Girraween Nature Reserve, with views of Lake Weyba.

A few minutes' drive from Noosa's CBD and pristine beaches, the complex is being developed over nine stages with the last stage scheduled for completion in mid-2021.

The management rights for Parkridge Noosa are being sold by ResortBrokers®' Sunshine Coast specialist Glenn Millar who described the development as "the last of its kind" for one of Australia's iconic holiday destinations.

"This is quite possibly the last chance to secure an investment in a development of this size, and quality, because of the lack of sites in Noosa," Mr Millar said.

"It will be possible to develop much smaller sites, but nothing on this scale and this is the last of its kind for Noosa.

"It also presents a serious business opportunity when you consider the location, the sophisticated design and combine that with the anticipated boom in visitor numbers to the Sunshine Coast over the next two decades."

Management rights typically include the ability for an onsite manager to earn fees from letting out apartments in strata-titled building as well as earning a salary for managing day-to-day duties such as cleaning.

The management rights package for Parkridge Noosa comprises a 25-year letting and a caretaking agreement which includes a $365,000 annual remuneration.

The value of a management rights business is generally calculated by applying a multiplier to its annual profit.

Developed by Altum Property Group, the complex will feature a range of one, two, three- and four-bedroom apartments and villas, at a combined total of 179 residential lots comprising apartments, town homes and villas.

Communal facilities and five commercial lots include a large gymnasium, onsite management, two 25-metre lap pools, restaurant and café, a local provedore and over 2,500 square metres of lush parkland.

This Parkridge Noosa Expressions of Interest campaign closes at 5 pm on August 9.