30 Aug 2023
Words John Miller The Hotel Conversation

Management rights of Annexe Apartments sold for $8.3m by ResortBrokers

ResortBrokers Director Alex Cook and Brisbane Broker Jeff Keast recently settled their sale of the management rights of Annexe Apartments for $8.3 million.

The sale of the 81-apartment complex in the inner Brisbane suburb of Bowen Hills was the first large, short-let management rights to settle in the Queensland capital since Covid. The sale eclipsed ResortBrokers’ previous post-Covid management rights record of the 46-unit Manor Apartments Hotel in Queen St that sold for $6.3 million.

A ResortBrokers Director since 2018, Cook specialises in large management rights transactions nationwide, particularly large, short-stay and off-the-plan developments. His previous landmark management rights deals include the sale of Soul on the Gold Coast, which set a record price of $25.7 million when it sold in 2015. Cook recently won ARAMA’s 2023 Broker of the Year Award and has been shortlisted as a finalist for this year’s upcoming REIQ Commercial Salesperson of the Year Award.

Keast started with ResortBrokers in February 2020 and has since sold 35 properties with a total value of more than $58 million over his three-year tenure. Earlier this year, he placed as a finalist for ARAMA’s Sales Broker of the Year Award for a second year in a row.

“Annexe Apartments is a particularly pleasing sale because it signifies Brisbane’s large-scale management rights market is back in full swing,” says Cook.