22 Nov 2019
Words Phil Bartsch Courier Mail

Apartment Rights Boom

A rebound in Brisbane's rental market has driven demand for management rights businesses in the accommodation sector.

ResortBrokers, which specialises in management rights along with hotels and motels sales, said it has settled on just over $25 million in sales from 16 transactions in Brisbane since July 1 and has a further 25 agreed deals on the books worth more than $43 million.

"After several years of declines, Brisbane's rental market turned the corner in 2019 and this has helped to drive a boom in Brisbane's management rights sector," ResortBrokers' Gareth Closter said.

"We're receiving an unprecedented number ofinquireies from existing managers looking to expand their portfolios in addition to the already extensive number of people looking to get into the industry."

Of the 16 settled management rights deals, Mr Closter was directly involved in two of the largest recent transactions in Brisbane - Vue at Milton for $3.7 million and Riverside Hamilton for $3.38 million.