19 Aug 2024
Words The Hotel Conversation

Property Vine acquires management rights to Noosaville’s largest resort through ResortBrokers

ResortBrokers has sold the management and letting rights to Noosaville’s largest resort, the 133-apartment Ivory Palms Resort, to Property Vine.

The 4-star resort covers three hectares in the rapidly growing Noosaville leisure hub, a council designated short-stay zone, five minutes’ drive from Noosa’s Hastings Street.

The off-market transaction sees the management rights to the resort change hands from StayCo (The Stay Company), a property fund and well-known operator with a concentration of holiday properties in Broadbeach on the Gold Coast, to Property Vine, which is headquartered on the Sunshine Coast.

Property Vine specialises in management rights and property rentals. Its portfolio of 14 management and letting rights businesses across Queensland includes two in Airlie Beach recently acquired through ResortBrokers.

“Ivory Palms Resort is unique as the sole independently owned and operated resort of its scale in the region, distinguishing itself from comparable resorts that are all owned by major corporates,” says ResortBrokers Sunshine Coast agent Chenoa Daniel who brokered the deal with Brisbane agent Jeff Keast and Sunshine Coast agent Glenn Millar.

“The sale of a property of this magnitude, with multiple income streams from cafes and conference centres, along with the intricacies of a large, diverse letting pool, made this transaction more complex than others. We were delighted to get it over the line.”

“The distinctive feature of this business lies in its classification under its short-stay council zoning,” adds Jeff Keast. “This zoning specifically designates the apartments for short stays of three months or less. This unique designation enhanced the property’s appeal, aligning it with the requirements of short-term visitors and creating a niche in the market. This appealed to a number of sophisticated buyers in our network when we presented this offering to them off market, of which Property Vine was ultimately successful.” END