02 Sep 2024
Words The Hotel Conversation

Management rights of inner-Brisbane Stonebrook for sale through ResortBrokers

Award-winning property developer Gardner Vaughan Group (GVG) has teamed up with ResortBrokers to market the off-the-plan management rights to its latest development, the 90-apartment Stonebrook in the Brisbane inner-city suburb of Stones Corner.

Scheduled to complete in early 2025, the nine-storey complex was conceived by the South East Queensland-based developer as a tranquil residential environment amid a busy urban landscape. The mid-rise development sits adjacent Hanlon Park, a 5.3 ha green expanse within 5 km of the Brisbane CBD and a short stroll to Stones Corner’s bustling dining and retail strip.

Stonebrook is the third occasion GVG has entrusted ResortBrokers to sell the off-the-plan management rights of one of its developments, and their eighth pair-up overall. ResortBrokers has sold a total of approximately $9.6 million of GVG’s management rights assets.

Previous GVG-ResortBrokers’ tie-ups include the sale in one line of the off-the-plan management rights of neighbouring Sunshine Coast beachside properties: Zinc Bokarina, comprising 84 apartments and eight townhouses, and 135-apartment Bask Bokarina. GVG also appointed ResortBrokers to market the off-the-plan management rights of the 122 apartment Estilo on the Park, a designer triple-tower complex in Chermside in Brisbane’s northern suburbs, as well as neighbouring complex Estilo on Kittyhawk, an established scheme of 116 apartments.

GVG has distinguished itself with several award-winning sustainably designed buildings. The 159-apartment Renovaré in the inner-city Brisbane suburb of Yeronga won the Medium Density category at the 2023 UDIA Queensland awards and was runner up in the Project of the Year category. GVG’s 11-storey Monterey in Kangaroo Point, a high-end complex of 29 luxury apartments, is Australia’s tallest residential tower made of timber. ResortBrokers sold the management rights to both buildings. Renovaré was a complex transaction involving six separate bodies corporate.

GVG also engaged ResortBrokers to sell the management rights of the 34-apartment Vara in Toowong and 49-apartment The Portal in Windsor.

“GVG developments are always highly attractive to management rights operators,” says Tim Crooks, ResortBrokers Director of New Developments & Hotels. “Thoughtful design and livability are at the heart of every GVG development, which makes them highly tenantable and easy to maintain, both major drawcards for operators. We’re expecting huge interest for Stonebrook, as we do with each new GVG project.”

“We’ve worked with Tim and his team on numerous management rights deals over the past couple of years,” says Sam Gardner, GVG Director. “Over that time, Tim has shown a desire to understand motivators and drive for the right outcome. Being part of an organisation that cares, our reputation is important to us in both existing and off-the-plan deals. Tim and ResortBrokers get this. They work efficiently and carefully during the marketing phase, comprehensively during the interview phase and tactfully during negotiations.” END