Signature Deal Sees Little Projects Sell Management Rights at Broadbeach
January 11, 2019 11:12 am
Little Projects has today announced global manager, ULTIQA Hotels & Resorts, as the successful purchaser of the management rights for its 256-apartment project, Signature Broadbeach.
During the five-week expression of interest campaign led by Alex Cook and Tim Crooks of Resort Brokers, over 20 local and international groups vied for the opportunity to secure the 25-year term agreement covering Signature’s maintenance, letting and real estate rights.
“The management rights to quality buildings of scale are increasingly hard to come by on the Gold Coast, particularly in Broadbeach, where both tourism and real estate markets remain buoyant,” said Little Projects Director, Leighton Pyke.
“Signature Broadbeach presents a highly attractive proposition for operators, given its contemporary Rothelowman design and interiors by SJB, plus a level of amenity which has never before been seen on the Gold Coast,” said Pyke.
“With many aging complexes in the area and a scarcity of new developments on the market with this level of elevated quality, the response to Signature exceeded all expectations.”
Positioned in the heart of Broadbeach and mere minutes from patrolled beaches, cafes, public transport, the Star Casino and Pacific Fair Shopping Centre, Signature Broadbeach is already changing perceptions of the local market.
Signature Broadbeach was the top selling project for the Gold Coast in Q1 and Q2 2018 and has proven there is great appetite for design-led projects that are rich in amenity, crafted to a high-quality and well positioned in desirable locations. Moreover, it demonstrates the value of projects that create a quality of life beyond the confines of an individual apartment and build a sense of community across multiple levels.
The community focus and dedication to amenity at Signature Broadbeach continues to underpin the projects’ success, with the each of the 256 residences oriented towards the ocean and all benefitting from a huge 50-metre infinity edge pool, an expansive outdoor lawn, state-of the art gymnasium, onsite café, private cinema and more.
“For us, the sale was all about who could deliver long-term value for our Signature owner-occupier residents and investors, as well as maintain the desired experience that Little Projects seeks to deliver, which is why we were immediately attracted to ULTIQA,” said Pyke.
“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.”
With the addition of Signature, ULTIQA’s current portfolio is valued at approximately $60M.
“Signature Broadbeach is a significant addition to our portfolio and represents an exceptional standard of well-appointed apartments in excellent locations,” said ULTIQA’s Chief Executive Officer, Mark Henry.
“We seek properties that demonstrate a combination of high quality, luxury and comfort and for us Signature Broadbeach is the epitome of this.”
Signature Broadbeach will commence construction in early 2019 and is expected to be completed within 24 months.
Residences at Signature are now selling and start at $495,000 for one-bedroom, $619,000 for twobedroom and $1.325m for three-bedroom dwellings.