This article is from the Australian Property Journal archive
Oaks Hotels & Resorts has bout the Management Letting Rights to Devine’s Charlotte Towers apartment project in the Brisbane CBD for $7 million.
Scheduled for completion in May 2007, the 44 level Charlotte Towers project will contain 416 one and two bedroom apartments.
All but eight units are sold in the project.
Devine with the assistance of Oaks will manage Charlotte Towers for six months after completion of the project before formally handing over the management to Oaks.
Oaks’ managing director Brett Pointon said Charlotte Towers was the latest in a string of premium apartment projects Oaks had secured MLR’s for.
He added that Oaks had a contracted pipeline of new serviced apartment hotels and resorts, with six new properties opened already in fiscal 2007, with a further five properties, including Charlotte Towers, subject to unconditional contracts and scheduled to open over the next 18 months.
“The latest signing, plus several other opportunities we’re currently evaluating, put us on track to meet our growth and profit targets for fiscal 2007,” he added.
The Charlotte Towers MLR is expected to lift the investment made by Oaks in new MLR’s since June 2006 to in excess of $30 million.
Devine’s managing director David Devine said the sale to Oaks provided investors in Charlotte Towers with an ASX-listed management company with a strong track record and established dominance within the CBD markets of Brisbane, Sydney, Melbourne and Adelaide.
By Nelson Yap
