Completion of the deal worth just under $4 million, including manager’s residence, is seen as a sign that demand for premium residential management rights remains keen, despite recent funding challenges and concerns of oversupply in the sector.

Aurora Assets Management Group has added the management rights of HCAP Developments’ luxury 220-apartment Haven at Newstead to its expanding portfolio, now including 935 apartments across four towers in this suburb, in a deal negotiated by Tim Crooks and Gareth Closter of Resort Brokers Australia.

The sale, which includes a two-bedroom manager’s unit on level 21, followed a competitive national tender process that drew seven submissions “from some of the best private operators in the business”, Mr Crooks said.

HCAP Developments CEO, Steve Howell, said Aurora Group, now with more than 3,000 apartments under management in southeast Queensland, was chosen for their “passion for the premium Haven offering and wealth of building management experience.”

The UDIA Award-winning 25-level Haven project, delivered by Marquee Development Partners for HCAP Developments, includes an integrated street-level retail centre and a 570sq m rooftop recreation area with expansive river and city views.

“The combination of its unique island site, amenities, views and superior retail has created incredible rental demand with more than 2,000 enquires resulting in 176 apartments with 85% of apartments rented in under 5 weeks,” Mr Crooks said.

“It absolutely confirms rental demand for quality apartments of a generous size in Brisbane is tracking well above expectations.”

Haven’s 1,450sq m retail precinct, is overseen by John James’ RL57, the retail mastermind behind the highly successful James Street precinct.

Tenants include premium food outlets Betty’s Burgers, Jocelyn’s Provisions, Salt Meats Cheese, Cheeky Poke Bar, Ecco Bistro and lifestyle tenants Studio Pilates and a Miele appliances showroom.

Haven’s large footprint also means it boasts one of the biggest rooftop leisure zones in Brisbane, including a dramatic infinity-edge pool overlooking the city, 10 entertainment zones and a dining terrace.

Mr Howell says the level of rental demand strongly contradicts what some media commentators have said about the Brisbane market.

“Haven offers superior views of the park, river and CBD because it sits on a large island site with large setbacks,” he said.

“Additionally, we have spent several million dollars upgrading apartment finishes and resident amenities.

“Premium buildings in premium lifestyle locations are in demand from tenants, particularly white-collar professionals who are heavily attracted to the amenity-rich Gasworks precinct.”

Aurora Group COO Paul Daly describes Haven as the company’s flagship residential community and one of Brisbane’s best developments.

“Notably, we’ve experienced very strong demand for three-bedroom apartments with river and city views, which are rare in premium Brisbane locations.”

To discuss this sale in further detail phone or email Tim Crooks or Gareth Closter of Resort Brokers Australia via the below contact details.

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