The management rights to Gold Coast development, Vue Terrace Homes, has sold off-the-plan for $5 million, with the new $170 million community described as a “dream to rent”.
Experienced operator, TDK, has purchased the management rights from developer Robina Group, setting a new record for the central Gold Coast suburb of Robina.
TDK – headed by Troy Edwards, Damien Windle and Kelvin Cotter, in a joint venture with experienced property managers, John and Sam Burke – purchased the management rights after a highly competitive expressions of interest campaign, which attracted 14 offers.
The deal was negotiated by Resort Brokers Australia senior broker Alex Cook and included a three-bedroom terrace home in stage one, which will be occupied by resident managers, Sam and Jess Burke.
Sam and Jess will live on-site and work alongside Sam's brother, John Burke, on the management of the secure gated community of three-bedroom terraces, which overlook Gold Coast City Council's 17-hectare Robina City Parklands.
More than $93 million of homes have already sold, with stage one and two under construction and due for completion early and mid next year respectively.
John Burke said TDK, which held the management rights to nine communities between North Lakes and Coolangatta, saw Vue Terrace Homes as a “fantastic investment”.
“Vue features high quality homes in an ideal location, opposite major transport, close to Robina Town Centre, Bond University, popular schools and Robina’s medical precinct,” he said.
“All these factors have made it successful from a sales point of view and we believe it will be no different when it comes to tenanting completed homes - in fact, we expect it to be a dream to rent, particularly to young professionals and families.”
Robina is one of the most in-demand suburbs on the Gold Coast, with a vacancy rate of just 1.1 per cent, according to PRDnationwide's “Robina property fact sheet - first half 2018”.
The high demand for properties in Robina has translated to strong competition from prospective residents for new communities, in particular, said Robina Group sales manager Azura Griffen.
“Every single terrace home community Robina Group has developed has had a waiting-list of prospective renters prior to completion - and we believe Vue will be no different. In fact, we've already been fielding interest,” Griffen said.
Griffen said TDK's impressive track record of maintaining high quality communities, with low vacancy rates, had given them the edge over the other quality contenders who submitted expressions of interest for the management rights.
"We short-listed seven candidates and from there selected a final three for a second interview - it was an extremely competitive process and allowed us to select the best of the best for Vue, which is a real win for both owners and residents," she said.
"In the end, TDK ticked all the right boxes, including its proven experience in managing communities across South East Queensland from the off-the-plan stage.
"We wanted a team we were confident would retain the high quality of Vue over the long term and we have no doubt TDK will achieve just that."
Cook, of Resort Brokers Australia, said Vue Terrace Homes' management rights were a “prized asset for which many parties were willing to pay well”.
“Demand for management rights offering a high net income outnumber the opportunities available – particularly from the off-the-plan stage,” he said.
“On the Gold Coast, management rights of this size are extremely rare and it would be several years since anything like this has been offered to the market – it is a unique asset that encompasses everything people are looking for.”
The Vue Terrace Homes sales and display centre is open seven days a week from 10am to 5pm on the corner of East Lane and Stadium Drive in Robina on the Gold Coast.
For more information, visit the website or call (07) 5582 1888.
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