Little Projects sells Signature Broadbeach management rights to Ultiqa
Ultiqa Hotels & Resorts has purchased the management rights for the upcoming Little Projects 256-apartment project, Signature Broadbeach through Resort Brokers.
Over 20 local and international groups sought the opportunity to secure the 25-year term agreement covering Signature’s maintenance, letting and real estate rights.
On listing The Urban Developer noted Little Projects expected to see offers over $15 million.
“The management rights to quality buildings of scale are increasingly hard to come by on the Gold Coast, particularly in Broadbeach, where both tourism and real estate markets remain buoyant,” said Little Projects director, Leighton Pyke.
Positioned in the heart of Broadbeach and minutes from patrolled beaches, cafes, public transport, the Star Casino and Pacific Fair Shopping Centre, Signature Broadbeach was the top selling project for the Gold Coast in Q1 and Q2 2018.
On listing last July, Little Projects had reported more than 100 of the luxury units already under contract.
Designed by Rothelowman architects in collaboration with SJB Interiors, Signature Broadbeach will feature 49 one-bedroom, 192 two-bedroom and 11 three-bedroom apartments, all with Miele appliances and stone benchtops.
Each of the 256 residences have access to a 50-metre infinity edge pool, a gymnasium, onsite cafe and private cinema.
With the addition of Signature, ULTIQA’s current portfolio is valued at $60 million.
“Signature Broadbeach is a significant addition to our portfolio and represents an exceptional standard of well-appointed apartments in excellent locations,” said ULTIQA’s Chief Executive Officer, Mark Henry.
Signature Broadbeach will commence construction in early 2019 and is expected to be completed within 2 years.
Residences at Signature are for sale starting at $495,000 for one-bedroom, $619,000 for two-bedroom and $1.325 million for three-bedroom dwellings.
Last July it had prices starting from $483,000 and up to $2.25 million.