TDK secures $5M management rights for Robina community
Written on the 17 August 2018 by Business News Australia
Robina Group's $170 million Vue Terrace Homes community is set to be managed by TDK after the operator secured rights to the tune of $5 million, setting a new record for the central Gold Coast suburb.
The private developer said it had received 14 offers for the deal in a highly competitive expressions of interest campaign to administer the secure gated community on East Lane in Robina, overlooking the Gold Coast City Council's 17ha Robina City Parklands.
TDK headed by Troy Edwards, Damien Windle and Kelvin Cotter in a joint venture with experienced property managers John and Sam Burke.
The deal was negotiated by Resort Brokers Australia senior broker Alex Cook and included a three-bedroom terrace home in stage one, to be occupied by resident managers.
More than $83 million of homes have been sold to date with stage one under construction and due for completion early next year.
Burke said Vue Terrace Homes would complement would complement TDK's portfolio spanning nine communities between North Lakes and Coolangatta.
"We see Vue Terrace Homes as a fantastic investment due to the high quality of homes and the ideal location, opposite major transport, close to Robina Town Centre, Bond University, popular schools and Robina's medical precinct," he said.
"All these factors have made it successful from a sales point of view and we believe it will be no different when it comes to tenanting completed homes - in fact, we expect it to be a dream to rent, particularly to young professionals and families."
Burke said TDK had built its reputation on the team's philosophy of treating each property like its own.
"We will bring this value to Vue, with an on-site management team who own and live in the community and have its best interests at heart, and are supported by our experienced owner-partners," he said.
Robina Group sales manager Azura Griffen said TDK's impressive track record of maintaining high quality communities with low vacancy rates gave it an edge over the other quality contenders who submitted expressions of interest.
"We short-listed seven candidates and from there selected a final three for a second interview - it was an extremely competitive process and allowed us to select the best of the best for Vue, which is a real win for both owners and residents," Griffen said.
"In the end, TDK ticked all the right boxes, including its proven experience in managing communities across South East Queensland from the off-the-plan stage.
"We wanted a team we were confident would retain the high quality of Vue over the long term and we have no doubt TDK will achieve just that."
Cook, of Resort Brokers Australia, said Vue Terrace Homes' management rights were a 'prized asset for which many parties were willing to pay well'.
"Demand for management rights offering a high net income outnumber the opportunities available - particularly from the off-the-plan stage," he said.
"On the Gold Coast, management rights of this size are extremely rare and it would be several years since anything like this has been offered to the market - it is a unique asset that encompasses everything people are looking for."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia