08 Aug 2017
Words Courier Mail

Singing Praises of Opera Rights

The management rights to one of South Brisbane’s most innovative apartment buildings has been acquired in a deal that included a parcel of real estate tower.

Experienced operators Prestige Residential paid $3.6 Million off-the-plan for the caretaking and letting rights, as well as four apartments in the 17 level Opera tower in Cordella St after a deal struck by Resort Brokers’ Tim Crooks.

“It was a competitive five week campaign from which we received six submissions from experienced operators,” Mr Crooks said.

“Our buyers backed their confidence in the building by also taking a significant equity holding including four apartments.”

The $100 million tower was developed by Melbourne based Kaias Family, built by Hutchinson Builder, and project managed by Marquette Properties.

Mr Crooks said it was one of the very first buildings to incorporate a sky garden with a rooftop leisure area, including alfresco dining and an infinity pool with city views.

“It was a trailblazing design feature, introduced by collaborating architects Paul Fairweather and Anthoy Jemmott so successfully that rooftop amenity has become a key element of many developments that have since followed,” he said.

“For the building managers, it is a standout drawcard that underpins rental demand.”

With 180 apartments and an upscale entry lobby, Opera was the top-performing project south of the Brisbane River during it pre-sale phase, achieving $85 million worth of sales in its launch quarter.

Complimenting Opera’s facilities, Prestige Residential is also offering residents concierge-style services such as arranging laundry/linen cleaning, maintenance and internet.

Prestige Residential director Ben Orton said all of the letting pool have been rented out.

“In my opinion there are not many buildings in Brisbane better than this one.” He said.