Management rights for Metro Property’s Newstead Central’s Laguna and St Tropez apartment towers have sold for $5.173 million
A BRISBANE-based property management duo has agreed to pay a record unconditional off-the-plan price for the rights to Metro Property Development’s Newstead Central’s second and third high-rise apartment towers, Laguna and St Tropez.
Peter Rohland and Amy Potter secured management rights to both towers for $5.173 million, representing a 5.28 times multiplier, the highest off-the-plan multiplier to ever go unconditional in Brisbane.
Metro general manager of sales and marketing Peter Hobbs said the sale was in line with the strategy to focus on the development, sales and marketing and construction of projects.
“It enables us to focus on what we do best and move on quickly to the next project,” he said.
Resort Brokers Australia national off-the-plan specialist Tim Crooks, who was the exclusive agent for the sale, the quality and that 420 apartments were sold under the one community management scheme pushed up the valuation multiplier.
“We had an extensive national campaign attracted widespread interest and resulted in a number of quality submissions from the cream of the property management industry,” he said.
“Another huge drawcard for interest in the towers’ management rights was no doubt Newstead’s rising star, which continues to attract residents at a record pace.”
Newstead Central, next to the Waterloo Hotel on Ann St, will have 920 apartments, spread across five towers upon completion. The first stage Aqua has been completed and settled 125 apartments to date while Laguna and St Tropez have sold 405 units between them.
Mr Rohland and Ms Potter have almost a decade of experience in property management and most recently owned and managed the rights and letting agreements for 291 units, across two Brisbane CBD high rises.
“Our intention has always been to sell off both currently owned management rights and move on to a new complex that we would make our primary and sole focus,” Mr Rohland said.
“St Tropez and Laguna tick all the right boxes for us to do that. We obviously have a significant vested interest in success — and that’s reflected in the size of our commitment to the management rights.”
Originally published as Management rights sale hits a high