30 Jan 2024
Words The Hotel Conversation
ResortBrokers have settled one of the largest management rights transactions in Brisbane
The off-market deal saw the management rights to the 272-apartment complex, opening to 317 keys, change hands rights from vendor Collective Hotel Management to a private syndicate for more than $10 million.
Situated across from the future 2032 Olympic precinct in inner-Brisbane, Gabba Central comprises four seven-storey buildings and enjoys a roughly 50/50 split of short-stay and permanent rentals.
Between them, Cook and Crooks have brokered some of the largest management deals in the country. Cook’s recent settlements include Annexe Apartments, which set a record sale price of $8.3 million as the first large, short-let management rights to sell in Brisbane since Covid. In 2017, Crooks brokered the largest off-the-plan management rights transaction in Australia with sale of the rights to Gurner’s FV high-rise in Brisbane for $28 million.
Cook’s successes earned him two of the highest industry awards in 2023: REIQ’s Commercial Salesperson of the Year and ARAMA’s Broker of the Year.
“Gabba Central presented an unrivalled opportunity to acquire a first-rate large-scale management rights business in inner-city Brisbane, close to existing infrastructure and perfectly placed to capitalise on its position across from the future Olympic precinct,” says Cook.