01 Aug 2023
Words John Miller The Hotel Conversation

Off-the-plan management rights for Mirvac’s Quay and Isle for sale with ResortBrokers via expressions of interest

ResortBrokers Directors Tim Crooks and Alex Cook are inviting expressions of interest for the off-the-plan management rights for Quay and Isle, the two latest luxury high-rises to be developed by property giant Mirvac as part of its groundbreaking Waterfront Newstead precinct in Brisbane’s inner north.

The completion of these projects represents the next stage of Mirvac’s masterplan for Newstead that began with its purchase of the prime riverfront site in 2001.

Mirvac has rolled out its grand plan in stages, beginning with Pier in 2008, Park in 2012, Unison in 2014 and now Quay, which is scheduled for completion in mid-2024, with Isle to follow in 2025. A third tower, yet to be named, is also in the pipeline.

Both buildings rise 25 levels and boast biophilic design that has incorporated natural and organic elements into each building’s architecture. Both high-rises have been imagined as a “park within a park” to blend into the 5.5 ha of publicly accessible parkland that surrounds them.

While the management rights to the 135-apartment Quay and 124-apartment Isle are being presented to market separately, ResortBrokers welcomes expressions of interest to buy them in one line. Due to potential synergies of operation, an in-one-line transaction is anticipated as the more likely outcome. Both businesses are underpinned by 25-year Accommodation module caretaking and letting agreements, solid body corporate salaries and operational space (including reception/concierge desks) under occupational authority.

“ResortBrokers is delighted to invite expressions of interest for these truly exceptional opportunities,” says Tim Crooks, ResortBrokers’ Director of New Developments Nationwide. “Quay and Isle are two of a small and select group of large-scale management rights that have come to market in recent years. Combined with the exceptional quality and absolute prime location, it will make it a very rare and highly sought-after opportunity.

“Given climbing construction costs, ongoing supply chain challenges and rising borrowing expenses, it is likely only a limited number of complexes of the scale of Quay and Isle will be developed in Brisbane in the foreseeable future. For an experienced and astute operator, this is a chance to acquire one or both of these exceptional management rights businesses in their infancy and build them from the ground up.”

View listing here.

Disclaimer: All images are artist’s impression. Architecture, services and finishes are indicative only and subject to change. Image shows upgraded finishes and fittings options. Furnishings are not included in this apartment. Views depicted are indicative only. Views and view corridors may be affected by other developments and planning issues outside of the control of Mirvac. The location, extent, height and design of the upstand balustrades is subject to change.