Towering Bid for 2019

Towering Bid for 2019

Tue, 22 Jan 2019, Quentin Tod from Gold Coast Bulletin

The Gold Coast management rights industry is off to a flying start to 2019 with the $10 million-plus sale of the rights to the yet-to-be-built Signature tower at Broadbeach.

Varsity Lakes group ULTIQA Hotels and Resorts has bought the rights to the 256-apartment tower from Melbourne developer Little Projects.

It headed off more than 20 other contenders, both domestic and international, for the 25-year rights.

The part South African owned ULTIQA already owns the rights to Broadbeach properties Beach Haven, Freshwater Point and Air.

The Signature rights sale is the second $10 million-plus off-the-plan rights deal in 12 months, coming on the heels of the rights to The Beach tower settling.

Both transactions have been handled by Alex Cook and Tim Crooks, of Resort Brokers.

The value of the Signature deal has not been disclosed but when they were put on the market mid-year there was speculation they would reach $15 million.

An industry source yesterday said that given that the offering took in letting, real estate and management rights at the 256-apartment building, the deal would be worth ‘well north of $10 million’.

Little Projects director Leighton Pyke yesterday said the group was seeking a buyer who could deliver long-term value for Signature owner-occupiers and investors, as well as maintain the lifestyle experience that Signature was intended to deliver.

“ULTIQA’s track record in resort management in Broadbeach and internationally gives us great confidence that the group will fulfil the high expectations we have set for the project.”

Mark Henry, the CEO of ULTIQA, said Signature was a significant addition to the group’s $60 million portfolio.

“We seek properties that demonstrate a combination of high quality, luxury and comfort and for us, Signature Broadbeach is the epitome of this.”

ULTIQA, originally set up in set up in 2010 as The Holiday Club, is a partnership between South Africa’s 45-year-old Beekman Group and Mr Henry, who moved to Australia from South Africa in 2000.

Its portfolio includes properties on the Sunshine Coast and in Brisbane and Melbourne.

Signature, to be built in Philip Ave, was the top-selling apartment project on the Gold Coast in the first half of 2018 and entered this year with nearly 150 sales.

Price starts at $495,000 for one-bedroom units, $619,000 for two-bedroom ones, and $1.325 million for three-bedroom apartments. Tenders to build the tower have closed and a builder is expected to be appointed by the end of February for a start by June.

Signature will include a 50-metre infinity pool, cinema, café and gymnasium.

 Published: The Gold Coast Bulletin, Thur, 10 Jan 2019, article by Quentin Tod.

 

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