BrokerJacquelineFeatherby takesuson
Weshowcaseourbiggest dealsfromaroundthe countryforQ1FY25.
Prominentwomeninthe managementrightsindustry sharetheirperspectives.
Ourlong-timeSA/NTbrokerKelliCrouch ontheexceptionalreturnsavailable forthosepreparedtogoregional.
GoldCoastMayorTomTate reflectsonhisthreeeventful termsandgivesaglimpseof whatliesaheadforhisfourth.
Chefturnedhotelier GregWinstonshares hisrecipeforM&G’s
Words_Ian Crooks, Chairman
ResortBrokers enters its 40th year in October. It’s an achievement I’m proud of, but it wouldn’t have been possible without the support and counsel of my wife of 51 years, Karin.
Whenwecrossedtheditchtoseeifwe couldmakeagoofthingsinAustraliaback in1985,IaskedKarintogivemeayear.She gavemesomuchmorethanthat:afaith thatneverwavered.
Now,40yearslater,we’restillhereandI’m entrustingthereinsofResortBrokersto mythreechildren:mytwodaughtersTrudy (ManagingDirector)andCarla(Director ofMarketingandStrategy),andsonTim (DirectorofNewDevelopmentsNationwide).
That’smywayofleadingintoour female-focusedthemethisissueby acknowledgingthegreatwomeninmy life(andTim,too,ofcourse).
Wehavemoregreatwomenat ResortBrokers.You’llbereading contributionsfromallofthemthisissue.
OurNationalOperationsManagerand Tasmanianspecialistbroker,Marissa vonStieglitz,tellsuswhyinterstate investorsarebuyingupaccommodation propertiesinherhomestate.Thenwe’re overtoSouthAustraliaandtheNorthern TerritorywherebrokerKelliCrouchgives usthelayoftheland.
BrokerJacquelineFeatherbythengives usaspinthroughherNSWpatchofthe CentralCoast,Newcastle,theHunter ValleyandBlueMountains.
Forourmainstory,welookatour managementrightssectorfroma femaleperspective.
Forthebrokerangle,we’llhearfromtwoof ourbestmanagementrightsagents,Jessie ShiinBrisbaneandChenoaDanielonthe SunshineCoast,whobothhavetheadded benefitofpreviouslybeingmanagement rightsoperatorsthemselves.
JessierecentlywonARAMA’sSales BrokeroftheYearAward—anincredible achievement.Welldone,Jessie.
Oursecondmainstorylooksatagreat initiativepioneeredbyMissionAustralia thataimstoalleviatehomelessnesscaused bydomesticviolence.DVisanational problemthataffectsmenandwomen, butpredominantlywomen.
OneinsixAustralianwomenhave experiencedviolencebyanintimate partner,comparedtoonein16formen. DVvictimsoftenfinditverydifficultto secureprivateaccommodation.
That’swhereThePriorityProjectcomes in.Ifyou’realandlordorlettingagent whowantstobepartofthesolutionto DVhomelessness,ThePriorityProject isapracticalwayyoucanhelp.The RealEstateInstituteofQueenslandhas alreadygotbehindthisgreatinitiative, andResortBrokersishappytodoour partinpromotingit.
Justsothemendon’tcomplainabout gettingalook-inthisissue,wetalktoGreg WinstonoftherapidlygrowingM&GHotel Group,andourFacesoftheIndustryisGold CoastMayorTomTate!
Enjoytheissue. END
Ioftenhearfrommybrokersthatsome clientsquerywhyResortBrokersasks forsomuchinformationinpreparation forapotentiallisting.
‘Whydoyouneedallthis?’isthe generalrefrain.‘Nootheragency hasaskedforthisinformation. Whyareyou?’
Actually,I’mgladwe’rebeingasked thisquestionbecauseitmeanswe’re doingourjobproperly.Andmostofour clients,despitetheirinitialhesitation, eventuallyseethegoodsenseofwhy wedoit.
So,whydoweaskforyourlastthree years’trade,up-to-the-minuteP&Ls, ADRs,occupancy,conditionreports, legaldocumentsandthelike?
Becausewe’resettingyoursaleupfor successnotfailure.
Believeme,ifyouragentisn’tasking youthesequestionsnow,yourbuyers willlater.Inthismarket,buyersaremore rigorous.Andtheyhaveoptions.We’re increasinglyseeingmoreandmorestock cometomarket.
There’snoquestionwe’reinachanging market.Gettingadealagreedisone thing,butgettingitsettledisanother. Theagentwhoasksyouthemost questionsistheagentwho’stryingto thinkofeveryconceivablesituation buyersmightraiseinduediligence.
Sure,wecouldsellyoubluesky(many agenciesdo)butwe’drathernotwaste yourtime.ResortBrokershasalways prideditselfonbeingstraightwithour clients.Thismayloseuslistingson occasions,butwe’dratherbehonest, evenifthatmeansthebrutaltruth.
Someagencieswilltellyouwhatyou wanttohear.Blueskyouttothehorizon! Here’sonewaytoputthoseagentsto thetest:askforcomparablesales.If theycan’tgiveyouup-to-the-moment dealsthendareIsaybeverycautious aboutgivingyourlistingtothatagent. Ifthatagentgivesyouadealfromwhen weemergedfromCovid,forgetit.Buyers aremorethanawaretheCovidsugarhit hasgone.
If your agent isn’t asking you the right questions, perhaps you should ask whether they’re the right agent for you?
Themarkethasmoved.Ifanagenttold yousomethingeightto12monthsago, it’sancienthistorynow.
Alsobewaryofagentswhorecommend takingyourassettomarketviaan expressionsofinterest(EOI)campaign. This,asyouknow,iswhenyoudon’tput asalepriceonyourassetbutratherlet themarketdecidetheprice.
It’ssomucheasierforanagenttotella vendor,‘Hey,let’snotletmedecide,let’s letthemarketdecide.’Restassured,this agentdoesn’tknowwhat’shappeningin themarketorisn’twillingtotellyounews youdon’twanttohear.
I’dhaveanumberofexperiencedbuyers tellmerecentlytheywon’tlookatEOIs thesedaysbecauseitsaystothemthe sellerwantstoomuchfortheirassetor theagentdoesn’tknowhowtosellit.
ThisisnotthemarketforEOIs.
Twoyearsago,whenthemarketwas muchhotter,ResortBrokerswasdoing moreEOIs.Inthismarket,we’dseldom recommendanEOIunlesstheassetwas sospecial,andtheanticipateddemand sohigh,thatwewouldn’twanttorestrict itsvalue.AgoodexampleisQueen’s WharfResidences,whichResortBrokers iscurrentlymarketingthemanagement rightsto.Queen’sWharfResidencesis partofthe$3.6billionQueen’sWharf Brisbaneintegratedresort,thelargest
“Believe me, if your agent isn’t asking you these questions now, your buyers will later.”
FOUR OF THE BEST ACROSS AUSTRALIA
privateconstructionprojectever undertakeninQueensland—aone-off, historic,game-changingbuilding.
Inthismarket,we’remostlyselling assetswithapricetag,onethat’s soundlybasedontheasset’sfinancials. Inmanycases,we’regettingabove askingpricebecausewe’recreating interestthatisgeneratingenquirythat isleadingtocompetition.
Thesedays,themostself-defeating thingyoucandoisputyourassetout thereatanunrealisticpriceandthenfail togetaresult.Iteitherfailstoattract anyinterestatallandbecomesastale listing,oritspricetagwon’tstandup toscrutinyinduediligence.
There’snothingmoreheartbreaking thanseeingdealsfalloverdueto lackofpreparation.Bettertolistyour assetproperlyatapriceyouknowyou candefend,andmakesureyouhave everythingreadytogoinpreparation forduediligence.
Vendorsobviouslywantthebestprice. And,obviously,asagentswewanttoget youthebestprice.Ifyoucan’tgetthe priceyouwantnow,thenworkwithan agentyoulikeandtrust(hopefullyus) andhaveanopen-bookpolicy.
Wesitdownwithmanyofourclients everyquartertoreviewtheirfinancials. Wecanseehowthey’retrackingand tellthemthesalepricetheyhavein mindisachievableoncetheygettheir netprofittoacertainlevel.
Bestthingtodoishaveastrategy.Some ofthebestoperatorsinthisbusiness prettymuchknowthedatethey’regoing toputtheirassetonthemarket,then executeaplantoworktowardsit.
Astheoldsawgoes,“Ifyoufailtoplan, you’replanningtofail.” END
&
An o -market transaction by our brokers Chenoa Daniel (Sunshine Coast) and Je Keast (Brisbane) saw the management rights for the 133-apartment, 4-star Ivory Palms Resort, Noosaville’s largest resort, change hands from StayCo to Property Vine, a buyer in our network that recently purchased two Airlie Beach management rights businesses through us.
&
Ibis Styles Albany, Albany WA
Sold for our client Elanor, a hotel accommodation fund, to a private buyer who saw untapped potential to grow occupancy of this 50-key midscale motel which has strongly traded for over 40 years. Albany’s developing tourist market is WA’s third largest after Augusta-Margaret River and Busselton. A great conjunction between our brokers Blair Macdonald (Western Australia) and Kelli Crouch (South Australia & Northern Territory).
Sky Garden, Glen Waverley VIC
Two of the best in the business, Directors Tim Crooks and Alex Cook, brokered the management rights transaction for developer Golden Age’s sprawling Sky Garden complex comprising 536 apartments across three towers. Sky Garden o ered a high net profit, long term agreements coupled with five-star amenities in the bustling Glen Waverley neighbourhood.
Cousins Motor Inn, Inverell NSW
Our regional specialist brokers David Faiers and Jason Vogler sold the lease to Inverell’s premier motel, a corporate favourite with diverse room configurations, modern amenities and a large family residence. Regional leases are in huge demand with buyers looking for both a solid business and home to live in.
Our Brisbane management rights broker, Jessie Shi, is this year’s ARAMA TOP Awards — Sales Broker of the Year.
In July, Jessie received the management rights industry’s highest individual honour: ARAMA TOP Awards — Sales Broker of the Year.
The award from the industry’s peak body caps off an extraordinary decade in the management rights sector for Jessie which included five years as an operator of a Brisbane CBD apartment complex before joining ResortBrokers in late 2019.
In her time as a broker, Jessie has established herself as one of Brisbane’s foremost management rights specialists.
“I love being a management rights broker because it allows me to be a pivotal part of people’s journeys as they navigate significant life and business decisions. The role is incredibly dynamic, blending the analytical aspects of evaluating businesses with the personal touch of understanding my clients’ unique needs and aspirations.”
Jessie and ResortBrokers Director Tim Crooks are currently marketing the management rights
to the prestigious Queen’s Wharf Residences, the only residential tower directly connected to the historic Queen’s Wharf Brisbane integrated resort development.
“It’s a great honour to be recognised with this ARAMA TOP award,” says Jessie. “ARAMA has done so much for our industry. Operators are now better educated, informed and professional thanks to ARAMA’s focus on member support and education.”
“I’d like to think this recognition is not only about my sales record but also my approach to sales. I’ve always believed that while I work for my client, treating buyers with the same degree of professionalism is equally important.”
“Every deal is an opportunity to make a positive impact, which is what I find most fulfilling about this profession. It’s deeply rewarding to match buyers with great opportunities that align with their lifestyle and financial goals, while also helping sellers transition to their next chapter with confidence.”
“For buyers, many of the people I sell to are couples with families. It’s really rewarding for me to be able to set them up in a great business with a stable foundation and a healthy work-life balance.”
Any words of advice for people looking to buy a management rights business?
“Work with experienced professionals like brokers, lawyers and accountants who specialise in management rights,” says Jessie. “Their expertise can help you navigate complexities and avoid costly mistakes.”
“Be clear about what managing the property will involve. It’s not just an investment; it’s a hands-on business that requires time, effort and a commitment to service.”
“The most successful operators in this business, whether they’re running a small or large complex, are the most professional. They have both great interpersonal skills and great operational systems.” END
今年七月，Jessie获得了物业管理权行业 的最高个人荣誉：ARAMATOPAwards 年度最佳物业管理权销售奖。
这一行业最高机构的奖项，为Jessie在 管理权行业的非凡十年又添彩一笔。在 此期间，Jessie曾运营布里斯班CBD的 一处物业长达五年，并于2019年底加入 ResortBrokers。
在担任物业管理权销售期间，Jessie已经 成为布里斯班管理权领域的顶尖销售。
“我热爱作为物业管理权销售的工作，因为 这让我能够在客户做出重要的商业和生活 决策时，成为他们旅程中关键的一部分。
这份工作充满活力，将评估业务的分析能 力与理解客户独特需求和愿望的个人关 怀完美结合。”
Jessie与ResortBrokers的董事Tim Crooks目前正在推广尊贵的Queen’s WharfResidences的物业管理权。该住 宅楼是唯一直接连接到Queen’sWharf 皇后码头综合度假开发项目的住宅大楼。
“能够获得ARAMATOPAward，我感 到非常荣幸，”Jessie说道。“ARAMA为 我们的行业做出了巨大贡献。正是因为 ARAMA对会员长久以来的支持和对行 业教育的重视，如今的物业经理们更为专 业、信息更为灵通，也接收到了更好的行 业教育。”
我希望这份认可不仅仅是因为我的销售 业绩，也在于我对销售物业管理权生意的 态度和方式。我一直坚信，虽然我为卖家 工作，但以专业的态度对待每一个买家同 样重要。
“每一笔交易都是一次带来积极影响的机 会，这也是我对这个职业感到最满足的地 方。能够将买家与符合他们生活方式和财 务目标的优质物业机会相匹配，同时帮助
卖家自信地迈向人生的下一个篇章，这让 我感到非常有成就感。”
“对于买家来说，我的很多客户都是有家 庭的夫妻。能够为他们找到一个基础稳 固、并能保持良好工作与生活平衡的优质 物业管理权生意，这让我感到非常满足。” “对于那些想购买物业管理权的人，有什 么建议？”
与专注于物业管理权经验丰富的专业人士 合作，如销售中介、律师和会计师。他们的 专业知识和经验可以帮助你应对复杂问 题，避免代价高昂的失误。
明确了解管理物业所涉及的工作内容。
这不仅仅是一个投资，而是一个需要投 入时间、精力，并致力于提供优质服务 的生意。
“在物业管理权行业中，无论是经营小型 还是大型物业，最成功的小区经理都是最 专业的，”Jessie说。“他们不仅具备出色 的人际交往沟通技巧，还有优良的运营系 统。” END ®
We’ve been experiencing exceptionally high demand across all accommodation asset classes. Here’s a selection of some of our biggest and best sales and listings.
QLD
The most prestigious management and letting rights offering ever to come to market in the Brisbane CBD, the 667-apartment Queen’s Wharf Residences is the only residential tower directly connected to the $3.6 billion Queen’s Wharf Brisbane integrated resort, the largest private construction project ever undertaken in Queensland.
TimCrooksM:0417544562
JessieShiM:0422935428
The 111-apartment, 4-star Quest Macquarie Park business was the buyer’s second Quest Apartment Hotels business acquisition through ResortBrokers in 12 months. The Page family bought the business to the 59-apartment Quest Cronulla Beach through us in November 2023 and have now purchased Quest Macquarie Park. ResortBrokers has been Quest’s preferred agent nationwide for over a decade and sells more Quest businesses than any other agency.
One of the Southern Gold Coasts’ most impressive beachside resorts, the management rights to the immaculately presented 51-unit Kirra Beach Apartments offered an impressive return on investment underpinned by long-term agreements.
management and letting rights to this 84-apartment corporate hotel in Karratha, the unofficial capital of the Pilbara, offers a letting pool of 100%, which is virtually unheard
LISTED
TOOWOOMBA, QLD
Showing better than 10% return under full management, this large-scale Big4 freehold going concern caravan park in Toowoomba offers stable and consistent income due to its diverse accommodation options across 99 sites and cabins.
Jason Vogler M: 0427 431 213
LISTED
FORSTER-TUNCURRY, NSW
Nestled on three hectares, five minutes’ drive from Nine Mile Beach and Forster Beach, this large-scale, 107-key freehold going concern caravan park in the popular Forster–Tuncurry region of NSW’s Mid North Coast with a track record of continued growth is now under contract.
Josh Roberts M: 0439 654 464
LAKE CRACKENBACK, QLD
UNDER OFFER
MURRAY BRIDGE, SA
The lucrative letting business to this multi-award-winning, 4.5-star resort with 110 apartments in the letting pool offers an imperishable tourist location in the Thredbo Valley surrounded by the spectacular Snowy Mountains.
David Faiers M: 0432 766 788
Once Tasmania’s most luxurious hotel under the ownership of business mogul Reg Ansett, the historic Lufra Hotel at Eaglehawk Neck on the Tasman Peninsula opened in 1948. The freehold going concern of this iconic 41-room hotel is now on the market accepting offers over $4 million.
Marissa von Stieglitz M: 0437 198 164
Spanning more than 12 ha in an idyllic, well-elevated position along the Murray River, this thriving 156-site freehold going concern caravan park and marina in the historic river town of Murray Bridge offers a lucrative bottom line and a two-bed, one-bath manager’s unit.
Kelli Crouch M: 0410 441 750
David Faiers M: 0432 766 788
LISTED
CAPE TRIBULATION, QLD
Set on almost three hectares in the Daintree Rainforest, this freehold going concern resort of 27 cottages and cabins is one of only a handful of accommodation businesses in Cape Tribulation, one of Australia’s most blissful beaches.
David Faiers M: 0432 766 788
Chenoa Daniel M: 0403 143 151
Female practitioners in the management rights space share their perspectives on an evolving industry.
Is there a female perspective of the management rights industry? Is it reasonable to even ask that question in these hyper genderconscious times? We’ll leave the answer to that question up to you. But the women we interviewed for this feature were happy to share their perspectives. The views they expressed are as varied and diverse as these women themselves and help illuminate what is still a largely male-dominated domain.
Georgina Bishop took on her first management rights business in 2010 when she was looking for flexible employment as a single mother with two children, aged 11 and 13. She was 47, recently divorced and had been out of the workforce for 11 years, having been a stayat-home mother in Fiji before relocating back to her hometown of Brisbane.
“I needed to be at the state school at five minutes past 3 pm at the latest every single day for pickup and could be back in the office again within 20 minutes,” says Georgina. “Nobody on the body corporate questioned that. If one of my children got sick and I needed to go, I could get away. What other industry can you do that in?”
“The management rights industry appeals to women because of the flexibility it provides,”
Armed with a management degree, a background in retail and no shortage of get-up-and go, Georgina bought the management rights to the 61-unit Newstead Terraces, which she sold (through ResortBrokers) in April this year.
Prior to acquiring Newstead Terraces, Georgina had worked part-time in property management, earning $20 an hour. She found she liked the work but not the constraints of working for someone else.
“I thought, I’m not a very good employee, this is not suiting me, but I like property management. I thought management rights sounded like a better fit for me.”
Georgina bought Newstead Terraces using her super, money from her divorce settlement and borrowings from ANZ. She currently operates the 39-unit Boulevarde Apartments in New Farm and is the former operator of the 20-unit Lush Apartments in Lutwyche, which she operated for two years until selling recently. Her excellence in the management of apartment complexes has been acknowledged with multiple ARAMA awards, including a 2023 Building Manager of the Year Award.
“The management rights industry appeals to women because of the flexibility it provides,” says Georgina. “You can do meetings in your car with your baby in the back if you need to. That’s this industry. It’s really female friendly.”
With almost 25 years’ experience behind her, Amy O’Donnell is the most senior female practitioner in the management rights industry.
A partner at Mahoneys since 2020, Amy got her start in management rights shortly after finishing her articles with Hillhouse Burrough McKeown in the late 1990s. Having already worked on motel transactions, when the firm acquired a management rights practice, newly admitted Amy put her hand up for the work and has remained a specialist in the field since. In 2004, she moved to Hynes Legal, where she stayed (other than a couple of years away from the field when her children were very young) until joining Mahoneys.
“A lot of lawyers are afraid of specialising too early,” says Amy. “I take the opposite view. I think specialisation is the key to a successful career. It allowed me to concentrate on, and become an expert in, management rights and motels, which benefits the clients I act for.”
Now, more than two decades later she’s still enjoying it.
“I like helping people achieve their goals of getting into, and succeeding at, business. These days it can take up to six months from signing the contract to settlement. It’s not a quick process.
“It’s very hard to separate the natural mothering tendencies to helping clients."
"So I get to work with my clients over a long period. You can’t beat the settlement day buzz when they finally achieve what they’ve been working towards. So, from that perspective, working with people to achieve what they want is great.”
A mother of two teenagers, Amy says she brings her maternal experience and instincts to her work.
“It’s very hard to separate the natural mothering tendencies to helping clients through the process of buying, running and selling a management rights business, especially when a lot of my clients are mum and dad operators” she says. “When I’m talking to a client, I’m turning my mind to more than just the legal transaction. Buyers might be selling a home to finance a management rights purchase. Or they might be moving locations, so there’s often the logistics of moving a family, perhaps with the added difficulty of uprooting kids and finding a new school.”
“It’s always a little different each time, so being conscious of that is hugely important to helping them beyond the legal side of things.”
Sharon Flood
Key Word: Communication
Sharon Flood commenced her legal career at Hynes Lawyers in 2005 before establishing Flood Legal in 2014.
“This was always my long-term plan,” says the 42-year-old. “I aim to provide my clients with a unique service.
Branching out on my own allowed me to achieve that. It also provided me with the flexibility to have children and work from home when necessary and be able to enjoy all the things that being a parent offers — school events, sport and all the other fun stuff.”
Sharon manages a thriving legal practice and a family of five children, ranging in age from six to 13. How does she manage it?
“I’m fortunate to have an exceptional husband, which is tremendously beneficial,” she says. “I strive to balance my work and family time. I desire a bit more work-life balance, but it’s challenging. I haven’t quite figured that out yet!”
Situated in Kingscliff close to her home in Fingal allows Sharon less time travelling to work and more time being able to service her clients and spend time with her family.
Flood Legal specialises primarily in management rights conveyances and offers clients a fixed-fee payment structure.
“Many of my clients are first business purchasers or small management rights operators who have budgeted a specific amount for their transaction. I take pleasure in providing them with that level of certainty. Some law firms still bill by the hour, but that’s not a practice I wish to focus on.”
Flood Legal has a team of seven women of different ages and skills. The practice offers staff the opportunity of working from home with team members based in Moreton Bay, Brisbane City and the Gold Coast.
“In our sphere, if you consider the lawyers, I’d estimate that perhaps a quarter, or even fewer, are women. In terms of owning a firm, I believe I’m the only female principal who has ventured out on her own servicing the management rights industry.”
Do women make better management rights lawyers?
“I can’t say,” says Sharon. “I tend to be more of a peacemaker than a fighter. I’m not a litigator and don’t have one on my team. I aim to promptly resolve matters and find pragmatic solutions rather than prolonging disputes. My approach to transactions and disputes is distinct from that of other firms in our field. I prefer to initiate dialogue between the parties before situations escalate. In most instances, this approach significantly aids in resolution. There are very few disputes I’m unable to resolve, and it costs my clients substantially less.”
“I prefer to initiate dialogue between the parties before situations escalate."
Kelley
Rigby Key Word: Growth
Kelley Rigby is the powerhouse behind Letts Group, a business development consultancy specialising in management rights.
Active in the industry for over a decade, with experience in residential sales and working for ARAMA, Kelley branched out on her own with Letts Group five years ago. The group works as business development manager for its operator clients to grow or rebuild their letting pool.
“After my maternity leave, I decided I wanted to be a more hands-on mum, and thought, ‘How do I do this?’ I can’t go back to nine to five,” says Kelley. “A manager friend called to say they were losing investors out of their letting pool, and asked if I could help. We started working together and Letts Group evolved from there.”
Based in Mermaid Waters, Letts Group has clients all over Queensland though concentrated in Brisbane and the Gold Coast.
“People forget how important the relationship side is. It’s all about building relationships."
Kelley says she was initially reluctant to tell clients she was a working mother, but that opening up helped establish a connection other mothers could relate to.
“When I first had my son, I was very shy about telling people I was a working mum because you think they’ll think you aren’t going to work hard,” says the 36-year-old. “But actually it’s the opposite. As I opened up to everyone about being a mum my business grew 10-fold because of it. When I opened up to owner-investors about being a working mum it built relationships straightaway because you have that mum club. The secret club!”
“People forget how important the relationship side is. It’s like anything in business, but especially management rights. It’s all about building relationships and communities.”
Tayla Phipps &
Tayla Phipps and Simone Kennedy are client managers at Mike Phipps Finance, the finance brokerage and consultancy service founded by management rights industry stalwart Mike Phipps, who is Tayla’s father-in-law.
“There’s definitely an impact women have had on the management rights industry,” says 27-year-old Tayla. “Most of our clients are couples whose dream is to have their own business. If they can’t get the finance, they can’t make their dream happen. I take a lot of responsibly in playing a part in making their dream come true.”
“It could be a couple's first management rights purchase so take the time to listen to them."
“It’s obviously a pretty hectic process they’re going through. Everyone they’re dealing with is so busy as they go through the motions of the deal, but they’re forgetting it’s this couple’s first time and that they may have no idea what’s going on. I take the time to not only listen to them but also to explain the finance side of it and other aspects of the transaction.”
Adds Simone, “Something I really enjoy about this work is we’re funding mums and dads into a dream. It could be an older couple who want to go into a smaller complex for lifestyle reasons. Touching on what Tayla said, you have that emotional aspect. It’s not so much about getting a deal done but being able to assist someone achieve their dream. You’re emotionally invested in their transaction, so you’ll go to the ends of the earth to get it across the line.”
Both Tayla and Simone acknowledge the role mentors have played in their careers. Tayla credits Mike for giving her the encouragement to establish herself in the industry, and Simone says it’s a privilege to work for prominent industry figures such as Mike, Cameron Wicking and Paul Grant.
Marisa Millane
Marisa Millane is the driving force behind the popular Women In industry luncheons.
Launched in 2017, the luncheons hit their stride in 2020 in the wake of the pandemic.
“After Covid, everyone was craving connection. You could feel it across the industry,” says Marisa. “People wanted a space where they could all come together.”
Marisa’s journey into management rights began 15 years ago in Broadbeach, where she managed Markham Court, Penthouse Apartments and Paros on the Beach. After leaving those businesses in 2014, she transitioned into the IT sector, spending eight years as a business development manager for Freedom Internet, where she was responsible for installing broadband in management rights complexes. Today, she is a director and co-founder of Ottro, which offers management rights training, employment opportunities and consultancy solutions for industry operators.
Women In is Marisa’s passion project.
“It’s my way to give back to an industry I hold in high regard,” she says.
Ten luncheons are held annually, rotating between the Gold Coast, Brisbane and Sunshine Coast.
“People enter management rights with dreams of a great lifestyle,” says Marisa. “But soon many feel isolated, asking themselves,
‘What have I done?’ They often don’t know where to turn, especially in the first three to six months. While there’s plenty of contact during the pre-purchase period, the day after settlement new managers are often left to navigate on their own.”
“Women In gatherings provide an open, friendly space where people can come together as one, share knowledge and connect from a place of understanding. These events reassure operators that everything will be okay, reminding them that they’re not alone. Beyond being a social venue, these gatherings create opportunities to network, often leading to new connections.”
Once exclusively women-only affairs, some luncheons are now open to all.
“People wanted a space where they could all come together.”
“We’ve recently expanded our platform to welcome men in our industry, responding to numerous requests over the years asking, ‘Can I come?’ Because all they had was golf days. So, I’ve opened it up. We need both men and women in this industry!”
Lel Parnis
Key word: Confidence
Since 2016, Lel Parnis has been a principal at well-known industry accountancy practice Holmans where she specialises in providing tax, audit and advisory services to accommodation clients.
“What I like about management rights is it used to be all about the man and now that’s increasingly less of an issue,” says Lel. “The whole gender thing has become irrelevant. It’s just who’s better at any particular aspect of a management rights business. Sometimes it’s the man, sometimes it’s the woman. The expectation that it’s just the man has gone.”
“Gender is increasingly less of an issue due to women's growing confidence."
Originally from Scotland, the 36-year-old Chartered Accountant holds a bachelor’s degree in law and accounting.
“Multitasking, flexibility and time management are things women bring to management rights that are more of a struggle for men. Historically, management rights were mum-anddad businesses, with mostly the dad looking after everything and the mum was on reception. I feel that has changed quite quickly in recent years. Increasingly, I’m finding it’s the women in the couples taking the lead.”
“I feel confidence has been a big part in women taking over from men as the main business head. There was an expectation in the past it would be the man, but they might not have been the best of the two. But now women have more confidence to step into that role.”
Lel herself is a working mother. She and her husband have three children: two boys aged five and three, and a six-month-old girl. How does she juggle work and family?
“Badly!” she says with a smile.
Chenoa Daniel
Key word: Change
Chenoa Daniel and Jessie Shi
(see separate feature) are unique among ResortBrokers’ management rights agents — they’ve been operators themselves.
Over 12 years, Chenoa operated two successful management rights businesses, as well as a consultancy to advise other operators, before joining ResortBrokers in 2016.
Chenoa says gender attitudes have changed in the 20 years she’s been in the industry.
“So many people have traditionally looked for the man behind the management rights business,” says Chenoa. “But it’s often the women behind the business.”
“When we owned management rights, people used to come into reception and ask, ‘Is your husband here?’ I’d politely say, ‘He’s out cleaning the pool. How may I help you?’”
“I don’t know why more people still don’t expect women to be at the coal face of management rights. Some of the best lawyers and accountants I work with in this industry are women.”
“Some of the best lawyers and accountants I work with in this industry are women."
Representing ResortBrokers on the Sunshine Coast since 2020, Chenoa has established herself as one of the region’s most experienced and highly regarded management rights agents. Over her eightyear career as a broker, which includes three years with ResortBrokers in North Queensland before moving to the Sunshine Coast, she has sold 68 management rights businesses with a combined worth of more than $147 million. In September 2023, Chenoa set a new Sunshine Coast management rights record with the sale of Oceans Mooloolaba Beach for $11.2 million.
Do women make better brokers?
“Yes and no,” says Chenoa. “Women are probably more emotionally invested in transactions. To get a deal over the line, I’d give it CPR if I could! Men might be a little more detached. Women are more empathetic, but we also hold onto things a lot more. One thing I find as a woman is, something will happen, and I’ll hold onto it so much more than perhaps a man would. I hear it from other female brokers in the industry. We’re awake at 2 am thinking about things!” END
"To ignore the regions is to ignore opportunity."
Exceptional returns are there for the taking if you’re prepared to go regional.
Itookonthechallengeof establishingResortBrokers’ marketinmyhomestateof SouthAustraliaandtheNorthern Territorybackin2017.After WesternAustralia,it’sthesecond largestzoneinResortBrokers’ nationalnetwork,some2.3 millionsqkm.
It’s a good thing I like getting out on the road. Over the last seven and a half years, I’ve done exactly that and had the great pleasure of meeting accommodation operators right across my zone, from Adelaide’s outskirts through to the Top End. There wouldn’t be too many operators I haven’t had the chance to meet.
I like the regions and the people. They’re mostly family owneroperators, so I’m always talking
to people with skin in the game. Regional operators are down to earth, give generously of their time and really help me understand the accommodation market in their area. It’s one of the great perks of my job I get to meet them.
One thing I soon discovered once I started talking with operators back in 2017 was that no other brokerage was servicing the regions in either South Australia or the Territory. That was true in 2017. It’s still true now.
I never understood it. To ignore the regions is to ignore opportunity. I’m happy to talk to buyers about the benefits of going regional any day of the week. The regions always deliver better returns than major metropolitan centres. Savvy operators who’ve left the cities for the regions already know this.
Words_Kelli Crouch Broker, South Australia & Northern Territory
So, if you want go regional, where should you go?
That really depends what you’re after. If you’re looking for lifestyle the Fleurieu Peninsula and other coastal places that aren’t too far from Adelaide have proved popular with buyers of accommodation
businesses. But if you’re after serious growth, you’d want to be looking at places like the Upper Spencer Gulf where there’s a concentration of longterm industrial projects: Port Augusta (solar), Port Pirie (metal) and Whyalla (steel). Or somewhere like Mount Gambier on the Limestone Coast, which enjoys huge corporate trade, being halfway between Adelaide and Melbourne. Accommodation operators in these places who are running their businesses well are enjoying incredible returns.
The Territory is its own unique self. Accommodation businesses there are just as unique. It’s not just caravan parks and motels but roadhouses too. There are some incredible cashflow businesses through the centre of the country. If you’re a buyer chasing exceptional returns and don’t mind working in places city slickers might regard as “the middle of nowhere,” it’s worth your while.
I visit the Territory at least twice a year. I was in the Top End – Darwin, Katherine and Lichfield — in May. My feeling talking to operators on the ground then was they were in for a stronger year of trade to make up for an ordinary 2023. While accommodation businesses in the rest of the country traded well in 2023, the Territory was a bit softer. Not bad by any stretch, just ordinary.
To boost trade this year, tourism marketeers have pulled out the stops with the Million Dollar Road Trip NT, a partnership between the Territory Government and the Caravan Industry Association of Australia. The campaign encourages selfdrivers who visit the Territory between May and September 2024 the chance to win a cool mill in cash. We’ll see how effective the campaign has been on trade in due course, but initial signs have been encouraging.
An old ResortBrokers’ saying is “Coast for show, inland for dough.” And there’s plenty of it to be had in both South Australia and the Territory. But to get the dough, you’ve got to go. END
Since joining ResortBrokers in 2017, Kelli has sold 55 accommodation properties and businesses with a combined worth of more than $163 million. Here are some of her recent ones.
Words_Jacqueline
Jacqueline Featherby, our broker on NSW’s Central Coast, gives us the skinny on why buyer demand in her zone remains sky high.
Jacqueline’s sales zone extends north of her base on the Central Coast to Newcastle and the Hunter Region (as far as Gloucester), inland as far as Murrurundi and Scone and west of Sydney to the Blue Mountains. Here, she explains the opportunities and challenges in her region, where she has more than capably represented ResortBrokers since 2019.
QHow’s the market looking in your zone at the moment?
We’re still in a good market. While there’s apprehension because of the economic environment, buyers remain hungry for properties in my zone. I’ve never had a problem with demand. It’s lack of stock that’s the issue because it’s a very tightly held market. On the Central Coast, Newcastle, the Blue Mountains and Hunter Valley, accommodation owners and operators tend to hold on to their stock. Some assets have been in the family for generations. I get phone calls from buyers all the time about certain properties. Then I’ll visit the property, and the owner or operator says, ‘We’re holding on for now.'
That said, I sense the market is about to change. Talking to many operators in my zone, I’m getting indications a lot are thinking of selling. It won’t surprise me at all to see a lot more stock come to market in the near future.
If more stock does come to market, what’s your message to operators thinking of selling?
Better to move sooner than later. Operators’ EOFY balance sheets are looking strong coming off a good year’s trade. That puts them in a great position to sell. But we don’t know what the next 12 months will look like and how it will impact their trade, which obviously will affect their sale price. It’s a question of timing rather than buyer demand, which is always strong in my zone. My phone rings hot with buyers interested in leaseholds, passive investments and freeholds within two to three hours’ drive of the Sydney circumference.
Why is that?
Acoupleofreasons.Sydneybuyers wanttoresideinSydneybutwant anassetcloseenoughtheycanget to.WheneverIgetalistinginmy zone,whetherit’sahotel,motelor caravanpark,Igetinundatedwith enquiriesfromSydneybuyers.I’ve hadsomeverydisappointedSydney buyersbecausethey’vemissed outonopportunitiesbecausethe competitionissofierce.Frommy clients’perspective,it’sbeneficial becauseitcreatesstrongcompetition.
The second reason is returns. Yields in Sydney are a lot tighter. I’ve seen a lot of new buyers come into the accommodation sector from other investment sectors because they’ve caught on that accommodation delivers better returns, particularly in the regions. On top of that, the sector is stable and growing. People are always going to need accommodation. The national housing crisis has unfortunately brought that back into focus.
“My phone rings hot with buyers interested in leaseholds,
passive investments and freeholds within two to three hours’ drive of the Sydney
circumference.”
How has the housing crisis affected the accommodation market?
There’s no doubt the housing crisis has driven occupancy and rates up. Central Coast, Newcastle and the Hunter are all suffering from the housing crisis. Some accommodation operators have signed up to the NSW Government’s Link2Home program and turned some of their rooms into social housing. As a result, some operators have gone from 70% to 90% occupancy. Higher occupancy has in turn driven up rates. But it has also posed difficulties for operators in how they manage it, as giving some of their rooms to social housing can impact their regular guests.
The housing crisis has also driven higher demand for parks. These days, many parks have permanent rentals as part of their revenue mix. Last year, I sold the freehold going concern of a mobile village / motel combination in Wyong on the Central Coast. I was inundated with buyer enquiries because the area has such a high demand for housing and not a lot of stock because large MHE corporates have already bought up many of the parks in the area.
QQYou’re one of ResortBrokers’ Quest Apartment Hotels specialists. And one of its most successful. In FY24 you sold a record five Quest franchises and already have two deals lined up to settle early in FY25. Why are Quest businesses in such huge demand?
The short answer is they follow Quest’s structured business format franchise model.
Location, obviously, is a huge factor. Quest has always had the strategic foresight to position its hotels in growth locations. All the Quest businesses I sold last year fit that mould: Quest Liverpool is in Greater Western Sydney, one of the fastest developing regions in the country. Quest Cronulla Beach is in the ever-popular Sydney seaside suburb. Quest Albury and Quest Wodonga are in Albury-Wodonga, one of Australia’s largest regional communities. For Quest Singleton, the mining and defence sectors are huge occupancy drivers. Our most recent sale, Quest Macquarie Park is in the heart of Sydney’s global economic corridor, home to many international companies.
ThesecondkeyingredientisQuest’s incrediblesupportforitsfranchisees. Questwantsitsfranchiseesto succeedsoitdoesallitcantogive themallthetoolstodoso.Each franchiseehasafranchiserelationship managerandongoingsupportfrom Quest’snationalsalesandmarketing divisionisphenomenal.
Thirdly, Quest's corporate-focused business model is a proven success. Quest hotels continue to perform exceptionally well, mostly due to their strong corporate relationships with key customer segments.
Demand for Quest properties is the strongest I’ve seen in five years. I not only have a huge demand from buyers looking at Quest leaseholds, but I also get a lot of enquiries for Quest passive investments. Quest freeholds are secured by lessees with skin in the game who look after their landlords’ properties like they were their own. For Quest franchises, we’re also now starting to see a different buyer profile, particularly for larger Quest businesses.
Who are these new buyers?
Some are first time buyers, not just new to Quest but also the accommodation sector. Because ResortBrokers has been Quest’s preferred supplier for over a decade, we’ve really fine-tuned our buyer list along with educating our buyers who may not know about Quest.
For some large Quest businesses, I’m seeing a lot more buyers interested in joint ventures. Previously, smaller transactions attracted hands-on operators, either a couple, associates or two friends going into business together, like Quest Bundoora, Quest Cronulla Beach and Quest Liverpool which I recently settled.
But it’s also shifted a different buyer profile around the $5 million mark based on the enquiry levels we’ve received. When someone’s considering buying a Quest business that’s selling for $5 million or higher, they may not want to be hands-on driving the business.
In the instance that a buyer may be able to fund a Quest business and is enthusiastic about the benefits of owning one and becoming part of the Quest family, but may not want to be hands on, there’s the option of a JV with someone who may not be in the financial position to own outright but can fund 20% or more.
In this scenario, the minority shareholder, will operate the business and the benefit is they have skin in the game. Sometimes, these minority shareholders are experienced hotel workers. They’ve been hands-on operators previously, so are keen to take on that role and run the business.
That’s where ResortBrokers is connecting a lot of people and helping to put these deals together through Quest head office. We’ll make the introduction through Quest who’ll then decide whether to green light it or not. ResortBrokers is really embracing that kind of change brought about by an evolving buyer profile and helping to drive it too. END
ResortBrokers proudly presents Central Brunswick Apartments, a prime hotel and management rights opportunity in bustling Fortitude Valley. With a signi昀椀cant net pro昀椀t of $406,307, this iconic accommodation business offers 31 short-term (hotel) apartments as well as nine permanent lettings.
The occupancy rate stands at a very respectable 73% (leveling after the post-covid travel boom), with a signi昀椀cant income ($125,962) derived from body corporate salary, substantiating the value of this accommodation business.. The manager's unit is recently renovated and ideal for onsite staff. There is 昀氀exible opportunity to increase income with 32 self-managed apartments and outside lets, alongside an optional caretaking business (昀椀gures to be requested).
This investment is poised for growth as Brisbane prepares for the 2032 Olympics, with excellent upside potential for the savvy operator!
• Exceptional short-term management rights opportunity with a signi昀椀cant net pro昀椀t of $406,307
• Prime location in the heart of Fortitude Valley, Brisbane's premier entertainment district
• Strong short-term letting pool comprising 31 units, supplemented by 9 permanent lets
• Signi昀椀cant growth potential with a mix of 32 self-managed units and outside agents
• Healthy occupancy rate of approximately 73% normalising post-Covid and after the domestic travel boom
• $125,962 income derived from body corporate salary, a substantial revenue stream for a hotel business
• Recently renovated one-bedroom manager's unit, ideal for staff accommodation
• Optional addon business for Central Brunswick Town Square, adding to the investment's appeal
Frank Matus Broker, Brisbane
For landlords who want to be part of the housing solution for domestic violence victims, The Priority Project provides a pathway.
Women escaping domestic violence often have trouble finding rental accommodation. Even if in a refuge, many find moving from crisis accommodation to permanent accommodation impossible. If you don’t qualify for social housing, what are you to do? Where are you to go?
This is where Mission Australia’s The Priority Project comes in. The project was designed to fill a gap for women affected by domestic and family violence who need accommodation for themselves and their children but can’t get social housing either due to ineligibility or lack of options available.
“Some women are simply not eligible for social housing for various reasons,” explains Janet Maher,AreaManager,MissionAustralia. “They may be working, have an asset with their former partner or lack additional vulnerability that the criteria requires.”
“All the women we have assisted are still in private rentals. Part of the project is to ask landlords to prioritise their properties for our participants. It’s giving women on the project a chance to jump the private rental market queue to assist them find safe housing for themselves and their families.”
The Priority Project exists outside government funding. Mission Australia, a national not-for-profit organisation, heads the project in collaboration with The Salvation Army and other housing and domestic violence services. Launched in October 2023, the project initially serviced South East Queensland, focusing on Brisbane, Redlands, Moreton Bay and Logan. The project is now being piloted in New South Wales’ Nepean and Western Sydney region, with future plans to expand.
Women helped by the project pay rent, usually at full market rate, direct to the landlord or their letting agent. As per a normal tenancy, the landlord has full approval rights regarding the applicant tenant — they can accept or refuse applications as per usual. Landlords or their letting agents still collect rents, conduct inspections, write exit reports and other requirements. There are no mandatory tasks for landlords who put their properties on the register.
“We’re not asking landlords to reduce their rents,” says NicolePeterman,ProjectLead,MissionAustralia. “We’re simply asking landlords and property managers to prioritise applications from women in our project. It’s often incredibly difficult to secure a private rental as a single woman, especially following experiences of domestic and family violence.”
Since its launch, over 60 landlords across South East Queensland have offered their properties to the project.
“The support has been amazing,” says Ms Maher. “Seventy-five percent of landlords told us they were interested in prioritising rental for our target women.”
“One agent told us a landlord of theirs had personally experienced domestic violence, so they were quite compassionate in wanting to support other women in any way they could.”
“Generally, landlords want to help,” adds ElizabethLowe, PartnershipBroker,MissionAustralia. “They want to support their community and the women in it who need a leg up. One agent told us a landlord of theirs had personally experienced domestic violence, so they were quite compassionate in wanting to support other women in a way they could.”
Industry, too, has gotten behind the initiative. The Real Estate Institute of Queensland, the industry’s peak body, is on the project’s steering committee and has been a founding member of the initiative. “They are very supportive and instrumental to the success of the project and like to be kept in the loop as to what’s happening,” says Ms Lowe.
So how does the project work? Say a landlord has an apartment that is becoming vacant in the next two months. The landlord could register the apartment with Mission Australia to offer it to a DV-affected tenant. Mission Australia would then identify a candidate who would then bring forward an application. The landlord would then consider the application and decide if they are happy to rent to her. If they are, the apartment is then leased to the candidate who has avoided the difficulty of trying to find a rental on the open market.
“It’s giving these women an opportunity before a property is advertised,” says Ms Lowe. “In most cases, landlords are only looking at a single application to decide whether to give the person a chance. In some cases, landlords are being asked to overlook a blemish that has happened in the candidate’s past that they’ve been able to demonstrate they’ve now overcome and deserve a second chance.”
“The support has been amazing. Seventy-five percent of landlords told us they were interested in prioritising rentals for our target women.”
“We’ve definitely seen references in the past where the candidate had some rental arrears or other things that were a direct result of the domestic violence they were experiencing. Things like controlling partners who were taking money from them but weren’t making rental payments, or the candidate wasn’t allowed on the lease or to communicate with the agent.”
“We explained that when the candidate was in that rental she was in an active domestic violence relationship. But now the candidate had been out of that bad situation for two years. Once the agent learned the context of the bad reference they understood it was outside the woman’s control.”
“Most agents are onboard with that and realise the candidate is likely to be a far better tenant now on their own. They’re really quite understanding. In this particular case, the agent approved the application and the family moved in. As far as we’re aware, they’re all now doing wonderfully.” END
Landlords can add their properties to The Priority Project register at any time or have their letting agent do it. Just email thepriorityproject@ missionaustralia.com.au.
1 in 6
women have experienced physical or sexual violence by a current of former partner.
1 in 5
women have experienced sexual violence.
1 woman every nine days is killed by a current or former partner.
Words_Marissa Von Stieglitz
Interstate buyers are hungry to take a bite of the Apple Isle, writes our Tasmanian specialist broker Marissa von Stieglitz.
I last took readers through a spin of my home state in Q1 FY22 (Informer 104). We were just emerging from Covid then, and a lot has happened in the last three years, so a revisit is due.
Interstate buyers have always wanted a slice of the Apple Isle, but this has intensified in the past three years. Some 87% of buyer enquiries on my Tasmanian listings are from interstate. For some properties, it’s even more.
So, why is the Apple Isle the apple of interstate buyers’ eyes? Well, there’s the sheer beauty of the place, of course. But Covid, interest rates and cost of living have also played a factor. Individual buyers, often a twoperson management team couple, are now far more likely to consider a ‘lifestyle buy’ so they can swap the grimy urban jungle for Tasmania’s gorgeous wilderness where the environment is healthier, the cost of living is cheaper, and the locals are friendlier. Call me biased!
Many of my recent sales fall into this category. I sold the lease to Low Head Tourist Park on Tasmania’s north coast to a Sydney couple looking to escape the rat race and find a more conducive environment for their special needs daughter to thrive in. The couple, aged in their 50s, were first-time accommodation operators. How are they enjoying it? Their only regret is they didn’t do it sooner.
Another Sydney couple bought the freehold going concern of Cradle Mountain Highlanders, a 10-acre property of 16 boutique cottages in one of the most sublime alpine environments in the world. They’d previously visited Cradle Mountain and fell in love with the place, as most visitors do.
M&G Hotel Group has a lease under offer of Sunrise Devonport (my hometown). M&G own a dozen or so motels in South Australia and were looking to diversify interstate.
A lease on Wintersun Gardens Motel in Bicheno was purchased by moteliers out of Sydney, a brother and sister team who already operate a motel apiece in Orange and Dubbo. They, too, were looking for diversification and probably would consider another leasehold motel in Tasmania.
AhelicopterpilotoutofSouth Australialookingforacareerchange boughttheleasetoScamander SanctuaryHolidayPark.
StrahanBeachTouristParkIsoldto afamilyfromtheNSWsouthcoast who’vealwaysmanagedbigtourist parks.Theysawanopportunityto furtherenhancetheparkinStrahanso tookonthelease.
Isoldthefreeholdgoingconcern ofFranklinManorinStrahantoa Queenslandinvestorwhosawthe opportunitytodevelopitintoa boutiquehigh-endhotel.
ThoughI’vesoldsomefreeholdsto individualbuyers,thisbuyergroupis predominantlylookingatleaseholds. Leasesprovideaffordableentrypoints formostofthebuyersinthisgroup.
Theothermajordrawcardisthe manager’sresidencethatoftens comeswiththesaleofaleasehold business.Thehousingand affordabilitycrisishashighlightedthe appealofbuyingamotelorcaravan parkwherethemanager’sresidenceis includedwiththeproperty.
In short, you’re buying yourself a business and a place to live. Leaseholds offer tax benefits for onsite living, making them highly attractive to buyers. It’s no surprise that in FY24 ResortBrokers saw unprecedented buyer enquiries in our leasehold listings, not just in Tasmania but across the board.
corporate buyers want freeholds
Large corporate groups on the other hand are looking for predominantly large-scale freehold assets.
The likes of Tasman Holiday Parks, Discovery Parks and NRMA Parks and Resorts, all want a presence in Tasmania and are increasingly looking at motels, hotels and even luxury resorts beyond their traditional asset base of caravan and holiday parks. NRMA owns the historic Pumphouse Point as well as Freycinet Lodge, both high-end accommodation offerings. Parks are also becoming harder to acquire, so these big players are looking to diversify into other accommodation.
Words_Marissa von Stieglitz National Operations Manager & Tasmanian Specialist
They’re after scale, surplus land they can develop, or are looking to corner the accommodation market in a particular location. Large corporates will sometimes buy motels near one of their parks to give them market dominance in that area. If you have a motel near a park owned by a large corporate group, you may be sitting pretty when it comes time to sell.
A quirk about Tasmania’s accommodation property market is that it’s very tightly held. I’m not entirely sure why. Tassie moves at a slower pace than the rest of the country (one of its many attractions) and perhaps this explains why accommodation assets here change hands so infrequently.
So, when these rare opportunities arise, buyers need to seize the day. And expect to face fierce competition. Because everyone wants a slice of the Apple Isle. END
1,257,700 Annual visitors
12.3M
Visitor nights
$3.6B
Spent on accommodations, attractions, tours and transport
6.7%
Tourism's contribution to Tasmania's Gross State Product
12%
Tourism's percentage of Tasmania's workforcethe highest in the country
Source: Tourism Tasmania.
ResortBrokers took on five fresh faces in FY24. We look back at the incredible year they had ... and what lies ahead.
Ournewkidsontheblockwerefastoutofthe blocks!Intheirfirstyear,ourfivenewbrokers settled16dealsofaccommodationassetsworth morethan$40millionintotalbetweenthem. Abrilliantresultforourclients. And they’re just getting into their stride. With a strong pipeline of listings, including many already under offer, our Fab Five are looking to outdo themselves in FY25. Well done, gents!
FY24 Settlements: 9
NSW Mid North Coast & New England 0439 654 464 joshua@resortbrokers.com.au
Joshua’s nine settled deals of assets worth $16 million+ in total, earned him ResortBrokers’ Rookie of the Year Award. The feather in his cap was the sale of the freehold going concern of the 29-room Nambucca Motel, but he’s been active right across his zone selling properties and businesses in Tamworth, Armidale, Kootingal and Port Macquarie, where he lives with his young family. Joshua even sold outside his zone — the freehold passive of the Granite Belt Motel in Stanthorpe was sold to buyer in his network. A pipeline of 10 listings suggests an even better year ahead for our young rookie. And he’s not even 30!
Says Joshua, “Taking the time to listen to what buyers and sellers need makes all the difference. It means looking after every client individually, so you can deliver for them.”
FY24 Settlements: 5
Clint joined us in 2023 and hit the ground running with five settled management rights deals worth more than $12 million in total, including a record sale. Sphere Southport Living, a 436-apartment permanent-letting complex, set a new record as Southport’s largest ever management rights transaction.
Clint looks set to do even better this year with 13 listings, of which three are under offer and one has gone unconditional. We love Mossy, who’s a bit of joker, but a serious man when it comes to delivering for his clients. And we can’t fail to mention this former NRL player is a cellar dweller in our office footy tipping comp!
Says Clint, “Delivering sales results comes down to mastering detail, hard work, great communication, teamwork and a competitive spirit — skills I use to my clients’ benefit in the management rights space.”
North Gold Coast 0482 061 261 clint@resortbrokers.com.au
Central Gold Coast 0427 973 537 syd@resortbrokers.com.au
FY24 Settlements: 2
Our one and only surf-lifesaver-broker Syd safely steered two major management rights deals through the flags in his first year: the off-the-plan 328-apartment Vantage Benowa west of Surfers Paradise and the prestigious 94-apartment Allure on Chevron Island.
And he’s justed listed a huge five-property portfolio in Broadbeach!
Says Syd, “Your reputation is everything in this industry, so being a person of integrity and honesty, and delivering on everything you said you would is hugely important to delivering results.”
FY24 LISTINGS: 7 (2 UNDER OFFER; 1 UNCONDITIONAL)
“Hughie” joined us in early in 2024 and had a listing under contract in his first month. Talk about a flying start! He’s been busy in his zone with multi-milliondollar listings in Apollo Bay (where he’s got three on the go), Halls Gap, Port Fairy and Daylesford (the heritage-listed, 150-year-old Central Springs Inn). Two are already under offer and one of the Apollo Bay properties has gone unconditional. Hughie’s positive attitude is infectious and his commitment to his beloved Essendon is admirable.
Says Hugh, “A genuine care for my clients and a solutions-orientated approach founded in a positive attitude, backed by high-level commercial skills, are key to being a successful broker.”
West Victoria 0420 996 319 hugh@resortbrokers.com.au
Chris has had a blazing start since joining us in late 2023, listing two $10 million+ freeholds in Gippsland, including the 53-key Quest Sale. He also secured a backpackers in St Kilda and a prime beachfront leasehold in Tootgarook on the Mornington Peninsula. We’ve taken to calling Mr Boschetti “Spags,” and like everything else we’ve given this champion, he runs with it.
Says Chris, “Having owned a business, I
East Victoria 0428 812 434
chrisb@resortbrokers.com.au
Nathan is the bonus track in this feature. Not exactly new to ResortBrokers — he represented us more than capably in Central Queensland until relocating to Brisbane earlier this year. Since moving to the River City, he’s already got a major inner-city Quest franchise under contract (and has another big one in North Queensland tracking towards settlement).
Career to date, Nathan has sold and settled 19 accommodation properties and businesses … with plenty more in the works.
Says Nathan, “ResortBrokers’ great strength is our national buyer network. It’s brokers like me establishing great relationships with buyers around Australia. I’m leveraging that incredible network for my clients in Brisbane to get results for them.”
Outstanding opportunity to join Australia's largest and most successful apartment hotel brand in one of Victoria's most highly regarded and sought-after regions.
Located just 90 minutes from Melbourne, Quest Ballarat Station is the premier hotel asset in Ballarat, boasting 77 beautifully presented rooms.
The business is highly pro昀椀table and continues to grow year on year from both a revenue and pro昀椀tability perspective since opening in 2020.
Closely situated to the CBD, Quest Ballarat Station also sits on the doorstep of some of Victoria's premier secondary schools and universities and is the gateway to the Western district. The property also sits directly next door to the Ballarat Goods Shed, a premium hospitality venue for exhibitions and weddings alike.
With the support of Quest HQ to further enhance your growth potential and providing ongoing training throughout, this opportunity to secure a premium Quest business is not to be missed.
• Opened in 2020 and in near new condition
• Year-on-year growth
• Strong revenue and pro昀椀t
• Highly desirable central Ballarat location
• Long lease to 2050, with capped rental increase
• 77-key property with no money to spend
Hugh Thomas
This rare opportunity combines a long 29 year lease with an ideal, highly sought after location on the beaches of the NSW Northern Rivers. Only minutes from both Byron Bay and the Gold Coast International Airport, this motel attracts tourists, workers and sporting groups alike. With the well-known Ocean Shores Golf & Bowls club on its back fence, rooms 昀椀ll fast when visiting groups are in town. The newly completed Tweed Valley Hospital is also only a short drive and will bring more opportunity as accommodation options in the area are limited.
Already performing very well, this neat and tidy operation will satisfy the most discerning investors being very easy for a couple to run and enjoy all this coastal region has to offer.
Offering 12 rooms of varying con昀椀gurations, including a 2 bedroom family suite, the motel caters to a wide range of guest types. Just a few minutes to some of the best beaches in Australia and a few that are still local secrets enabling new owners an enviable lifestyle as well as a pro昀椀table business. The operation is easy to manage with little hired help required, keeping wage expenses to a minimum.
With all the hard work already done, this motel is ready for new owners to hit the ground running from day 1 and put their own stamp on this business and take it to the next level, with no further expenditure required.
• Sought-after coastal location in Northern Rivers, NSW.
• Strategically positioned minutes from Byron Bay and Gold Coast.
• Recently redecorated rooms exuding modern elegance.
• Effortless management with minimal staff requirements.
• Preferred choice for travelers, sports groups, and workers.
• Guest-friendly amenities featuring Barbeque gardens and pool.
• Spacious owner's residence complemented by a private yard.
• Located in a rapidly developing region with a new hospital nearby.
Miguel Bozina Broker, Gold Coast & Northern NSW miguel@resortbrokers.com.au
O ered to the market for the rst time in 22 years, Lake Crackenback Resort & Spa is a rare opportunity to acquire an award-winning 4.5-star resort business in an imperishable tourist location.
This all-season destination draws hikers, nature lovers, and mountain bikers in summer and snow sport enthusiasts in winter to the Thredbo and Perisher snow resorts, both within close proximity.
Lake Crackenback Resort & Spa’s calibre and scale positions it to hugely bene t from visitation to the Kosciuszko region, which welcomes over 2.1 million holidaymakers a year.
This large integrated resort complex of 165 properties, with 110 units currently under the resort’s management, has a capacity of 368 guests. The resort developer has a DA for another 16 lots, which, once built will add to the resort’s le ing inventory.
• 110 properties under management: varies at times
• Total guest capacity: 368
• Franchise: Accor (Novotel) can be o ered with or without branding
• Management rights tenure: 10 years perpetual agreement
• Caretaking: The grounds are maintained by a private contractor under supervision of the strata company
• Reception/shop and housekeeping building secured by a lease arrangement
• Inspections by appointment only
Currumbin Ridge is a pro昀椀table, blue-chip management rights opportunity offering luxury living and a solid Body Corporate income circa $156k.
There is upside to grow the income via driving repairs and maintenance, targeting the outside agents and by engaging in selling the homes.
Currumbin Ridge is a gated community comprising 81 luxury homes with 23 in the letting pool. Low maintenance outdoor areas and pool contractor paid for by the body corporate ensure the duties are extremely manageable, combined with no set of昀椀ce hours, affording a true lifestyle business.
The cherry on top of this incredible opportunity is the fact that the associated real estate on offer is a spacious residence boasting 4 bedrooms, 2.5 bathrooms, a designated of昀椀ce, storage areas and space for up to six cars.
With minimal duties, high returns and a wonderful family residence, this is an exceptional business opportunity. Book an inspection today, so you don’t miss out on the special lifestyle that Currumbin Ridge delivers.
• High-demand rental suburb ranging from $850 - $1,325 per week
• Upside to engage growth via the outside agent-managed properties
• Drive the repairs and maintenance income
• $156k+ excl.GST BC Salary with CPI increases in July annually
• Luxury manager’s residence - ducted aircon, solar power, expansive deck
• Close proximity to Currumbin Beach and Currumbin Creek
• Easy management with high returns
NSW CENTRAL
SOUTH
IRREPRESSIBLE MANAGING DIRECTOR
MARKETING MASTERMIND
TASSIE SPECIALIST, NATIONAL OPS MANAGER
SUNSHINE COAST SPECIALIST, A TOUCH OF HOLLYWOOD
ResortBrokers exclusively presents the management rights to a well-established permanent apartment building complex in Gold Coast's highly popular neighbourhood of Varsity Lakes, only minutes to Robina Town Centre and Bond University. For the 昀椀rst time to market as an established business this complex is truly impressive offering steady high net pro昀椀t and excellent return on investment along with over 24 years remaining on the agreements stipulating long-term security. The property is easy to manage, with minimal duties and facilities, making it an ideal choice for those seeking a manageable investment.
The 昀椀nancial highlights of this opportunity are truly impressive with net pro昀椀t standing at a substantial $626,578.
This management rights also boasts an incredible body corporate salary of approximately $283k, offering a strong return on investment.
This well-established complex is owned and managed by the original developer for over a decade. It has been run under management since building completion in 2008, and could bene昀椀t signi昀椀cantly from experienced hands on management.
• No set of昀椀ce hours
• Over 24 years remaining on agreements, providing long-term investment security
• Impressive net pro昀椀t supported by a substantial body corporate salary
• P&L prepared by professional industry accountant
• All permanent letting - consistent 100% occupancy
• One body corporate - very supportive committees
• Minimal duties and facilities, ensuring easy management
• Manager's Lot includes a spacious three-bedroom residence plus of昀椀ce - $700k
• Lucrative 昀椀nancial opportunity with strong return on investment
• Prime location - proximity to Robina Town Centre and Bond University
Pro table hotel with immense development potential in the waterfront precinct.
ResortBrokers is excited to present an extraordinary investment opportunity in the heart of Batemans Bay. This investment opportunity is not just a thriving business but also a development goldmine, offering massive long-term potential with the opportunity to build a multi-storey development (STCA).
Recently renovated, this 43-room hotel is the largest in Batemans Bay. Its secluded cul-de-sac setting offers unparalleled river, island, and mountain views. The property's private jetty solidi昀椀es its status as a truly exceptional waterfront destination.
Beyond its successful operation as a thriving hotel, Batemans Bay Lodge represents the premier development site within the emerging waterfront precinct. Strategically positioned just 200 metres from the town centre and accessible by footpaths, this property is perfectly placed for future growth. The expansive 3,790 sqm land parcel, zoned R3, presents exciting development possibilities (STCA).
Don't miss this rare chance to own a prestigious waterfront property with immense upside potential.
• Unprecedented development potential with scope for multi-storey construction (STCA).
• Recently renovated, showcasing a modern and fresh design.
• Absolute waterfront property offering river, island and mountain views.
• Recognised as Batemans Bay's largest hotel, featuring 43 modern rooms.
• Unique waterfront access with a private jetty directly leading to the property.
• Exclusive hotel and prime development site in the newly established waterfront precinct.
• Conveniently positioned just 200m from Batemans Bay centre, with direct pathway access.
• Expansive 3,790 sqm property with advantageous R3 zoning.
• Huge upside, currently showing only 50% occupancy
Russell Rogers
This incredible 40 room motel opportunity offers a long 24 year lease with a busy location on the beaches of the NSW Northern Rivers. Only minutes from both Byron Bay, and 1 hour to the Gold Coast, this 4 star resort style operation attracts repeat tourist groups and workers alike.
A very clean and tidy motel also has the option of conferencing and one of the best restaurants and bars in town. Alfresco dining around the pool and gardens is a favourite for motel guests wanting to relax on site and is also supported by locals.
It has been tightly held for many years and the current owners have done extensive work to the rooms and grounds and are now ready to retire. Affordable rent ratio means the bottom line is very strong and it is currently positioned with a very attractive return on investment yield for this region.
With quality motels lasting an average of 4 days on the market in the Northern Rivers and Beaches, only the astute and decisive investors need apply on this one.
• Trophy asset nestled in the sought-after Ballina - Byron Bay region.
• Prime location with high visibility on the main thoroughfare into town.
• Strategically positioned in a city serviced by a major regional airport.
• Large-scale operation with 40 rooms, a conference centre, bar, and restaurant.
• Ef昀椀cient management system allowing for seamless operation under management.
• Recently renovated rooms enhancing guest experience and boosting appeal.
• Esteemed reputation as one of the town’s 昀椀nest motels.
• Guest-friendly amenities including a pool and outdoor dining area.
Bozina
Shingley Beach Resort is a spectacular waterfront property offering a unique opportunity in the popular location of Airlie Beach.
The resort comprises 32 units, with 21 in the letting pool offering a variety of accommodation styles, from studio to three-bedroom apartments. All units are self-contained, catering for both short and long stays, with many having been recently upgraded. The complex features include two large swimming pools, undercover parking, barbecue facilities, an onsite cafe and a tour desk.
The manager’s residence is a spacious 208m², featuring two bedrooms, a storeroom, 2 lockable garages and a courtyard with million dollar views of the marina. It also has the added convenience of direct access from the reception.
The resort also bene昀椀ts from a supportive body corporate, with a minimum 4% CPI for the body corporate salary as of February 2024.
Shingley Beach Resort is perfectly positioned for guests to easily walk to restaurants, shops and attractions in Airlie Beach. With high occupancy, forward bookings and a rising market outlook with repeat clientele, this is an exceptional chance for a savvy investor.
• Spectacular waterfront location in a prime position.
• Cutting-edge booking system promising enhanced pro昀椀tability.
• Guaranteed minimum 4% CPI increase for body corporate salary from February 2024.
• High occupancy rates, strong forward bookings and a positive market outlook with a loyal customer base.
• Bene昀椀t from a supportive body corporate.
• Convenient direct access from reception to manager’s residence.
• Function facility available to boost guest stays.
• Prime location with easy access to local restaurants, shops and attractions in Airlie Beach.
Informer invited Gold Coast Mayor Tom Tate to reflect on the most significant achievements of his first three terms and give a glimpse of what lies ahead for his fourth.
Words_John Miller
TomTatehasbeenaprominentface oftheGoldCoast’saccommodation industryformorethanthreedecades. Firstasownerandoperatorof IslanderHotelResortinSurfers Paradise,thenaspropertydeveloper withthefamilybusinessstartedbyhis latefatherWarwick(whowasagood friendofResortBrokersChairman IanCrooks),thenasoutspoken presidentoftheSurfersParadise ChamberofCommerce,which providedaspringboardforhiscurrent incarnationasmayorofAustralia’s sixthmostpopulouscity,apositionhe hasheldforthelast12years.
Forabusinessmanwhoreluctantly enteredthepoliticalfrayonly“toget thingsdone,”ashetoldTheCourierMailin2018,Tatehastakentothe milieuwithgusto.Hismayoraltyhas givenhimoneofthehighestprofiles ofanylocalgovernmentofficialinthe country,arenownboostedbyTate’s idiosyncraticshowmanship.
Lastyear,hepubliclytoyedwiththe ideaoftheGoldCoasthostingthe CommonwealthGamesasecondtime afterMelbourne’sabruptabout-face.
“ThePremierofVictoria’slemon, theGoldCoastcanturnthatinto
lemonadebecausethat’showwe roll,”hetoldreporterswith characteristicpanache.
Faith,too,guidesTate.Hecites thebiblicalcharacterofJobas foundationaltohowhecarries himself;therighteousmanwho faithfullyrespondstolife’strials,who remainshumbleandtruetohisfamily. Everysooften,Tateallowshisfaith andflamboyancetointersect.
Aheadofthe2018GoldCoast CommonwealthGames,he underwentasymbolicandwellpublicised“baptismforthecity” whenhewasimmersedbyaChristian preacherinEvandaleLake.
Tate’sstylemaynotbeeveryone’s taste,buthehasprovedahitwith thedecisivemajorityofGoldCoast ratepayerswho’vecontinuedto endorsehimacrosstheelections he’scontestedsince2012,oftenby thumpingmargins.
InMarchthisyear,heachievedthe HolyGrailofAustralianpolitics: theelusivefourthtermthatfew haveattemptedandevenfewer accomplished,whichwillseehim serveasmayoruntilatleast2028.
LongtenuregivesTatethebenefitof perspective,anopportunitytoreflect onhis12-yearrecord.Ofhisproudest achievementsinoffice,henominates three:slashingdebt,freepublictravel forseniorsandveterans,andthe developmentofaculturalprecinct.
Whenhecametoofficein2012, Tateinheritedacouncilmiredin liabilitieswithverylittletoshowforit. Ratepayerswerebeinghitwithannual rateincreasesseveralpointshigher thanCPI.
“Icouldn’tbelieveitwhenIfirst becamemayor,”saysTate.“Council debtwasapproaching$860million yettherewasnobiginvestmentin communityprojects.Today,debtis around$490million,andwe’vebuilt morethan$2billioninnewcommunity assetssince2012.”
“Bycomparison,BrisbaneCity Council’sdebtis$3.2billion.Theycan keeptheirdebt.Weputthebrakes oncouncildebtandkeptannualrate increasesatorbelowCPI.Ratepayers deservetoknowwhattheirratedollars arebeingspenton.We’llcontinueto deliverfrontlineservicesandnew roads,bridges,poolsandlibraries withoutblowingthebudget.”
ReiningindebtenabledTateto redirectfundstosomeofhisearly initiatives.Amongthefirstwasone ofhismostpopular:freepublictravel forseniorsandveterans.Approved bycouncilin2013,theprogramnow has49,000registeredusers,about 8%oftheGoldCoast’smorethan 625,000residents.
“I’mextremelyproudofthisprogram,” saysTate.“Thebigupsideisthe socialconnection.Seniorsareout andabout,catchingupwithmates, playingsport,visitinglibraries,the doctorortheirlocalshoppingcentre. Thisisgoodforourcity’ssocialfabric aswellasthementalandphysical healthofourseniorsandveterans.It alsokeepscarsofftheroad.”
AnotherofTate’sinitiativeswas theHomeoftheArts,knownby itsungainlyacronymHOTA,a
whosecentrepieceisanoutdoor amphitheatrehostingconcertsforup to5,000spectatorsonitslawn.HOTA wasfiveyearsinthemaking;the amphitheatreopenedinearly2018 andapublicartgallery,thelargest outsideastatecapital,followed in2021.
“Ittookawhile,buttheevolutionof HOTAhasgiventheGoldCoasta greatersenseofitself,”saysTate. “Everycityhasitsownstory.Ours maybelargelyshapedaroundour world-classbeaches,greatevents, waterwaysandhinterland.Butwealso haveavibrantartscommunity.That communitynowhasahomeinHOTA.”
Tatehasanevenmoresophisticated visionforHOTA,whichincludesa 1,600-seatlyrictheatre.
“HOTAisfullyfundedbyGoldCoast ratepayers,$135milliontodate,”he
says.“Ifcouncilapprovesthedesign andbusinesscaseforStage3,I plantolobbythestateandfederal governmentstocontributefinancially. Afterall,thestategovernmenthas heavilyinvestedintheSouthBrisbane artsprecinctaswellasregionalarts facilities.It’shightimewesawsome supportforHOTA.Further,thefeds haveaspecificfundtobuildregional artsinfrastructure.Sotheycanexpect aknockontheirdoortoo."
In2023,HOTAwassubsumedintoa newentity,ExperienceGoldCoast, anorganisationalbehemoththat alsomergesDestinationGoldCoast, MajorEventsGoldCoast,StudyGold CoastandPlacemakers.Experience GoldCoastisdestinationmarketing onsteroids,designedtoturnthecity intothecountry’spremierlocationby hostingmarqueeeventsthathaveso fareludedit.
“Domestic family visitation is the bread and butter of the coast and has been for 60 years. We must never lose sight of that.”
“Oureconomybenefitsfromastrong annualcalendarofmajorevents, spreadacross12months,”saysTate. “Butwedon’twanttotripoverour ownfeetbyhostingthoseeventson competingweekends.Experience GoldCoastisworkingonacalendar toensureour600-pluslocalevents getthesupporttheyneed.Ultimately, greateventsconvertintobednights andfullrestaurants.”
IfTatesoundslikeahotelier,it’s becausehewasone.In1993,Tate beganoperatingthe98-roomIslander ResortHotelinSurfersParadise, whichhisfatherhadboughtthe previousyear.Tate’sfamilycompany acquiredthepropertyfromhisfather in2011andsolditin2015.Tatesays hishotelexperiencehashelped informhiscivicmanagementofthe GoldCoast.
“Withoutdoubt,beingaformer hotelierandalsomypreviousrole aspresidentoftheSurfersParadise ChamberofCommercehasensured Iunderstandthechallengesfaced bythesesectors,”hesays.“I maintainanopen-doorapproach toallGoldCoastersandour78,000 registeredbusinesses.”
Witharapidlysophisticatinghotel landscapethatwillseethelikesof Marriott,theworld’slargesthotel company,bringitsGoldCoast portfoliotofouronceStRegisGold CoastopensatBuddsBeachin2027, Tatesaysit’simportanttheGold Coastremaingrounded.
“Thecoastiscomingofagewith world-classresortseitheropen andoperating,orcomingoutof thegroundrightnow,”hesays. “Equallyimportantistherenewaland refurbishmentofsomanyfamilyfocusedaccommodationfacilities. Domesticfamilyvisitationisthebread andbutterofthecoastandhasbeen for60years.Wemustneverlose sightofthat.”
Bytheendofhisfourthtermin2028, Tateplanstohaveanotherprojectout oftheground:a$2billionAdvanced ResourceRecoveryCentre(ARRC) atStapylton,asemi-rurallocalityon theGoldCoast’sbackblocksnorthof Ormeau.ARRCwillseearound97%of thecity’swastereused,recycledor repurposedandfeedelectricityinto thegrid.
“Thisfacilityisnotanice-to-have,it’s amust,”saysTate.“Ourcitylandfill siteswillbeexhaustedinside11years. Further,theever-increasingstate wastelevywillhitGoldCoastershard intheirhippocket.Throughapublicprivatepartnership,ARRCcancreate arevenuestreamforcouncil,putting furtherdownwardpressureonrates.”
Ahigh-techrecyclingfacilityisnot uniquetotheGoldCoast;thereare anumberbeingrolledoutacross Australia.Tatesayshe’salwaysbeen opentointegratingnewideasinto thecity.
“Ifit’sagoodfitwiththecoast,we’ll embraceit,”hesays.END
ResortBrokers offers to market the Freehold of a mixed-use commercial property, ideally positioned along the main street, in the heart of Ayr's CBD.
This business opportunity combines Ayr Budget Accommodation (Backpackers) and the Chill Parlour (Cafe), which alone generates a rental income circa $40+k pa with a longterm lease agreement in place.
The 3,690sq property, with room to expand, has DA approvals already in place for an additional 7 motel units and to retro昀椀t the existing hostel to 18 motel units. There are multiple con昀椀gurations across 26 rooms/dorms which sleep from 2 to 12 people,
The current vendor has undertaken works, including 昀椀xing electricals and installing air-conditioning across all rooms, bringing the property up to 昀椀re safety and council compliance standards, not to mention injecting substantial funds into marketing, increasing online bookings for the new investor to reap the rewards.
Re昀氀ecting a substantial $409k+ projected Net Pro昀椀t, this is a great opportunity to own a commercial investment with plenty of upside within a friendly rural town and enjoy the fantastic ground work the present owners have established.
• Increase tariffs in line with similar accommodation in the region
• Cafe lease rental income $40,000+
• 2 solar power systems installed
• DA approval for additional units
• High economic growth region, mecca for backpackers
• Prime CBD location with easy access to shopping and dining
• 26 newly air-conditioned rooms - 130 beds, currently 85 council approved
• New mattresses, hot water system, washing machines, dryers and cooking appliances installed
Premium o the plan in booming Stones Cornerunder 5km to Brisbane CBD!
Located in the vibrant east inner-Brisbane suburb of Stones Corner is Gardner Vaughan Group's latest stunning designer apartment building - Stonebrook, set to be home to 90 luxury apartments overlooking a vast parkland and enjoying city skyline views from the rooftop recreational area.
Currently well progressed under construction, the mid-rise permanent complex is due to complete in early 2025. The management and letting rights are being offered to market off the plan, and will require an experienced hands-on operator to manage the successful transition securing the investors into the letting pool and bedding in the owners.
The management rights to Stonebrook are based on brand new 25-year accommodation module agreements, underpinned by a projected net pro昀椀t of $326,456 with an expected 53% (48 units) entering the onsite letting pool.
Being a business-only management rights, there is no requirement to live onsite, or to own a lot and no set of昀椀ce hours with an optional two-bed, two-bath manager's apartment set aside for interested parties.
• Body corporate salary of $1,800 per lot = $162,000 per annum.
• Expected letting pool of 48 units - heavily weighted to 1- and 2-bed apartments
• Projected net pro昀椀t of $326,456 p.a. plus GST.
• Rooftop indoor/outdoor recreational areas, podium level pool, gym and function room with kitchen.
• Occupational authority spaces for storage provided.
• Fantastic location overlooking Hanlon Park and close to major amenities.
• Business-only permanent MR with no requirements to live onsite or of昀椀ce hours.
• Strong investor attraction for long-term hold with upcoming Olympics.
Tim Crooks Director of New Developments
Live and work in one of the most beautiful locations in the world while generating
Located in the heart of Burnt Pine, Norfolk’s largest town, Castaway Norfolk Island is a Norfolk Island institution, now in its sixth decade. Comprising 20 modern, stylish rooms and apartments, the resort is set amid landscaped tropical gardens, home to one of the island’s largest banyan trees. Castaway enjoys excellent occupancy with strong corporate trade that complements its leisure clientele.
Visitation to Norfolk is booming. In FY23, the number of tourists to this tropical paradise,less than 2.5 hours’ direct 昀氀ight from Sydney and Brisbane, reached over 32,000, the highest amount since 2008. The business also offers other signi昀椀cant revenue streams independent of occupancy. Castaway Restaurant & Bar, the resort’s on-site dining facility, incorporates the award winning Norfolk Island Brewing. As the island’s only brewery, Castaway Brewing adds a unique dimension to the resort, offering locally crafted beers that are brewed on-site. The brewery operates under a signi昀椀cant advantage, as it is exempt from excise duty, enhancing its pro昀椀tability. Castaway Brewing, along with the resort’s popular restaurant and bar, has become a favorite among both locals and tourists, providing a relaxed and welcoming environment to enjoy a drink or a meal. This brewery is an integral part of the island's growing tourism industry and contributes to the resort's diversi昀椀ed revenue streams. The resort also includes a fully transferable wholesale permit for goods and a sub-agency for car hire.
For the convenience of the owner, the resort comes with a three-bedroom, one-bathroom owner’s residence.
• Immaculately presented 20-room resort in Norfolk’s main town
• Norfolk Island quali昀椀es for 417 working Visa extension, ensuring continued staf昀椀ng solutions
• Norfolk Island’s only brewery, exempt from excise on brewed beer
• Fully transferable wholesale permit for wine and spirits
• The business is underpinned by a strong Leisure, Corporate and Government trade
• Extensively renovated over the past 昀椀ve years
• Owner’s residence and onsite staff accommodation
• Hire car sub-agency for guests
david@resortbrokers.com.au
Trudy Crooks Managing Director
Tap into the growth of Queensland’s fastest developing city with this solid 44-room motel business.
This thriving, immaculately presented 4-star motel is perfectly positioned to bene t from Ipswich’s resurgence as Queensland’s fastest growing city.
Located in Raceview in South Ipswich, a suburb at the forefront of the city’s powerhouse growth, Country Motel Ipswich has solidly traded for almost 40 years and continues to excel.
In FY24, the motel posted a substantial net pro t of $1,990,000 due to signi cant demand that encouraged the business to raise tari s across the board for all rooms.
The vendors have an assignable DA for nine cabins. Country Motel Ipswich’s exceptional occupancy of over 80% warrants the addition of these extra accommodations.
Additionally, the motel has an onsite restaurant and a cafe. A local restauranteur has rented the premises on a commercial lease for $104,000+GST per annum, with annual CPI increase, providing the incoming owner with reliable passive income.
• Immaculately presented 44-room classic motel in Queensland’s fastest growing city
• Solidly trading for almost 40 years and continuing to grow
• Exceptional FY24 net pro t of $1,990,000
• 80% occupancy with room to grow via DA for 9 extra cabins
• Solid corporate trade midweek and leisure trade on weekends, with 3-night average stay
• Corporate clientele includes RAAF, government and construction workers
• 600+ sqm conference rooms for corporate or social use (leased with restaurant)
• Generous sized rooms with wide range of con gurations
• Excellent OTA ratings across all major platforms
• Leased onsite restaurant provides passive income of $104,000+GST p.a.
Motelierswilllikelybefamiliarwiththe duediligenceprocessfromwhenthey purchasedtheirmotels.However,many maynotbefamiliarwiththeimportance ofvendorduediligencewhenitcomes tosell.Leaseholdmotelinvestorswill oftenlooktoselltheirbusinesseswithin fiveto10years(orearlier)oftheir purchaseandcircumstancesinthe businesscanchangeovertime.
Itisimportantforvendorstoconduct certainduediligenceenquiriestomake surethattheleaseholdmotel,passive investmentorfreeholdgoingconcernis readyforsalefortworeasons:
1. Forthesaletoproceedsmoothly withouttheneedforextensions onconditionssuchasthe purchaser’sduediligencewhichcan increasethetransactioncostsand delaycompletion;and
2. Reducetheriskofthepurchaser receivingnegativeduediligence findings,wishingtorenegotiate the purchaseprice,require otherconditionstocompletionor terminatingthecontract.
Vendorswilloftenfirstcontacttheir solicitortopreparethecontractaftera HeadsofAgreementhasbeensigned bytheparties.Theessentialterms havethenbeenagreedbytheparties (subjecttosigningthecontract)and bythispointthepartieshaveusually undertakenaperiodofnegotiationand arekeentoquicklyprogresstothe stageofsigningcontracts.Thiswill putpressureonthevendorandtheir solicitortoquicklyundertakesearches andgatherthenecessaryinformationto preparethecontract.
Commonissuesthatcanariseatthis stageare:
1. Businessnamesnotrenewed andcurrentlyregisteredto thevendor;
2. Domainnamesnottransferred frompreviousowner;
3. Optionsunderleases automaticallyexercisedbutnot properlyformalisedbyregistration ofamendmentsorvariationsto leaseontitleregistries;
4. Mortgagesoverleasesorland whichhavebeenpaidout,not releasedontitleregistries;
5. PPSRregisteredsecurity interestsnolongerapplicable notdischargedontheregister; and
6. Oldsecurityinterestsfrom previousoperatorsnot releasedfromQueensland liquorlicences.
Theseissuescanbequickly discoveredbytitle,business nameandPPSRsearchesduring vendorduediligence.Resolving theseissuesmaybeassimpleas re-registeringabusinessnameor muchmorecomplicatedrequiring landlordshavingtoagreetonew leases(whereoptionshavenot beenformalisedontitle)orhaving toworkwithbankstorelease securityinterestswhichmaybe veryoldand/orrelatedtounknown partieswhichmaynolongerexist.
Theseissuesmayalsoaffectwarranties vendorsareusuallyrequiredtogivein contractsasatthecontractdateasto theownershipofandsecurityinterests overbusinessassetsandproperty. Otherissueswhichmayalsobe discoveredduringvendorduediligence andresolvedpriortocontracting(and beingdiscoveredbythepurchaser) include:
1. AnyoutstandingCouncil noticesrequiringanyworksto bedone;
2. Anyoutstandingbuilding approvalswhichhavenotbeen certifiedandmayrequire additionalworksforcertification;
3. Currentpestinspectionreports;
4. CurrentCouncilhealth inspection reportsforfoodpremises;and
5. Currentfiresafetystatements andcertificates.
Thesearejustsomecommonissues whichcanariseandnotanexhaustive list. Eachmotelisabitdifferentand
mayhavecertainspecificissueswhich mayneedtobeaddressedbyvendors priortoselling.
Vendorsshouldconsidertheneed toundertaketheirduediligence investigationsandreceiveappropriate advicebeforetakingtheirleasehold motel,passiveinvestmentorfreehold goingconcerntomarkettoensureany issuescanberesolved.Thiswillhelp vendorssavetimeandmoneyand givethemthebestprospects forasuccessfullycompletionof theirtransaction.END
Disclaimer:
BA LLB LLM Acc. Spec. (Bus.) - Qld
Principal M: 0410 644 246 E. david@dcadolphe.com.au
David Adolphe is a Queensland Law Society Accredited Business Law specialist and has been in practice for 20 years. He has advised clients in all manner of business transactions and takes a special interest in tourism and hospitality matters. David takes a practical approach to delivering the best possible strategic legal advice to clients on all aspects of business and commercial law matters.
DC Adolphe Legal is a specialist business law 昀椀rm providing legal advice and services to all sectors of the accommodation and hospitality industry with a particular focus on transactions involving hotels, motels, serviced apartments, pubs and caravan parks.
turned
shares his recipe for M&G Hotel Group’s success in the mid-range market.
Words_John Miller
M&G Hotel Group is the creation of two friends who became business partners. Greg Winston and Mark Noblet met in the early ‘90s when Greg was working for Mark’s late father at the family’s motel The Regal Park Motor Inn in North Adelaide. Greg was the hotel’s chef, having just finished his apprenticeship. Mark was working part-time as a waiter to earn some beer money while studying law and finance at university.
“We’re positioned proudly in the middle market.”
The pair first embarked on their business journey in 2013 when they entered a management agreement for Greg to operate The Regal Park as his own business with Mark as the freehold owner.
Under this arrangement, the motel thrived. More importantly, the two found they gelled working together.
Greg and Mark decided to team up and subsequently established M&G Hotel Group in 2017 and set out to build a portfolio.
“M is Mark, and G is Greg. We weren’t very creative with M&G’s name,” says Winston, who is Group General Manager.
“I’d always been business minded,” says Winston. “My dad was very entrepreneurial with lots of successful small businesses, so I guess I have it in my genes. As a chef, I took a particular interest in the numbers. Engineering menus to grow gross profit, I always wondered, Where could I take this?”
After cheffing for others, Winston started his own catering business but always gravitated back to management.
“I didn’t go to university and barely finished high school,” he says. “But I was lucky enough to have some great mentors in business in the early days as well as now. I don’t downplay anyone who’s done the hard slog at uni. Mark has two degrees. He and I joke he has one for each of us.”
In the seven years since its inception, M&G’s growth has been explosive. From its first acquisition in 2017, the group now has over 100 employees and 10 accommodation businesses across South Australia.
“Our accommodation businesses are a really good mix of market segments between corporate, medical and leisure,” says Winston. “We divide corporate into two: white collar and blue collar. We strive for diversity in market segments.”
M&G’s growth is all the more remarkable given Covid fell halfway through the group’s life to date. When Covid hit in 2020, M&G had five hotels. But Winston, who describes himself as a “glass half-full person,” sees the positives.
“Covid helped us,” he says. “It changed our mindset and strengthened our culture. We really ramped up our efficiencies during the pandemic. We consolidated our administration, built our virtual telephone system and commenced rolling out digitalised locks for easy access.”
The group recently acquired Sunrise Devonport Motel, soon to be rebranded Comfort Inn Devonport, its first hotel business outside its home state. The Tasmanian acquisition, purchased through ResortBrokers’ Marissa von Stieglitz, is part of the group’s plan to grow and further diversify its business nationally.
“ResortBrokers is a valued partner with highly regarded agents close to the action to assist finding us further opportunities,” says Winston.
“We love what we do. We and our team are ready for the next chapter and are excited to grow the group nationally,” says 54-year-old Winston, who is four years older than co-owner Noblet. The pair split everything 50/50 with varying freehold interests together.
“We’re positioned proudly in the middle market,” he says. “In the old ratings days, we would be in the 3.5star range. Our goal is to over deliver in these markets so our team strives to be at 3.75 or higher.”
“People ask, ‘What’s your secret sauce?’ Well, there’s a lot of
ingredients to that sauce. For the product, it’s top quality AH Beard beds and large smart TVs. For the operation, it’s to understand where our inventory sits in each competitive set and apply effective revenue management to achieve yields.”
“We’ve closely aligned ourselves with Choice Hotels. The Quality Inn, Comfort Inn and EconoLodge brands are strong and share our values to be reliable, honest and to build trust and loyalty with our guests.”
Winston’s advice to new operators in the industry is to build a good team
of growth-mindset professionals willing to explore and evolve in search of improved outcomes. He says in order to grow, businesses need to have all their financial reporting systems in place for easy access.
As for M&G’s growth, Winston is eyeing the establishment of an investment fund to allow others to join M&G on its journey as well as an advisory arm to share its experiences and help other accommodation operators grow their businesses. END
As market leader, ResortBrokers is a familiar presence at major industry conferences, giving presentations and forging the connections our sector thrives on. #weareeverywhere
ARAMA MANAGEMENT RIGHTS INDUSTRY TRADES & SERVICES EXPO
BRISBANE, SUNSHINE COAST, GOLD COAST
ARAMA was on the road for three packed nights from 3–5 September with its annual Management Rights Industry Trades & Services Expo. ResortBrokers was represented across the three events by Brisbane brokers Jessie Shi and Je Keast, Sunshine Coast broker Chenoa Daniel (pictured here with ARAMA’s 2024 Manager of the Year, Hamish Watts, operator of Glen Eden Beach Resort at Peregian), Gold Coast brokers Clint Amos and Syd Douglas, and National Operations Manager Marissa von Stieglitz.
MCADAM SIEMON ACCOMMODATION INDUSTRY ADVISOR LUNCH
BRISBANE
Thanks to Rob McAdam, Sam Hodgetts and Peter O’Rielley for outdoing themselves with another cracking event this year. Great lunch and even better company with friends old and new at Alchemy Restaurant & Bar in Eagle St on 5 September. Attending for ResortBrokers were directors Tim Crooks and Alex Cook, Brisbane brokers Jessie Shi, Je Keast, Frank Matus and Nathan Benjamin, SA & NT broker Kelli Crouch, National Operations Manager Marissa von Stieglitz and Communications Manager John Miller
2024 QUEST FRANCHISE CONFERENCE
YULARA
ResortBrokers’ Managing Director Trudy Crooks and brokers Jacqueline Featherby and Chris Boschetti attended the three-day Quest Franchise Conference (aka QuestFest), held this year at Ayers Rock Resort from 30 July to 1 August. ResortBrokers has been Quest Apartment Hotels’ preferred agent nationwide for franchise sales for the last decade and is a familiar face at these annual events, which are always great occasions to meet with the head o ce team and Quest franchisees from around the country.
NOVACANCY 2024
SYDNEY
ResortBrokers was busy at this year’s NoVacancy! Held at the ICC Sydney on 18-19 September, our booth was manned by NSW brokers Tim Mayoh (Greater Sydney), Jacqueline Featherby (Central Coast, Hunter & Blue Mountains), Russell Rogers (South Coast) and Chris Kelly (Central West); VIC broker Hugh Thomas; SA/NT broker Kelli Crouch; and Brisbane broker Nathan Benjamin
THURSDAY 24TH OCTOBER 2024 AT BROOKWATER GOLF & COUNTRY CLUB
Take a swing in support of Sony Foundation Australia’s ‘You Can Stay’ program, providing accommodation for regional youth cancer patients needing life-saving treatment in the city.
GOLF INCLUDES
$375 PER PLAYER
$1,500 PER TEAM
• Breakfast on arrival
• BBQ on course
• Drinks Included
• 3 x course lunch to follow
• Entertainment
• 7am arrival –8am Shotgun start
MUSIC & DRINKS (NON-GOLFERS)
$195 PER PERSON
• Finger food
• Live music
• Event hosted by Tottie Goldsmith
• Drinks included
• 11am arrival
• 1pm 3 x course lunch
Scan to purchase tickets.
For more information please contact: Ben O’Sullivan 0412 296 270 / Mark O’Shea 0417 505 078
STAY & PLAY - 25% OFF DIRECT BOOKINGS AT QUEST SPRINGFIELD CENTRAL Use promo code 'youcanstay'. Available from 22nd to 26th October 2024. Call or email 07 3155 1300 / questspring eldcentral@questapartments.com.au
IN SUPPORT OFSUPPORTED BY
EVENT PARTNERS
If you outsource internet service provision in your permanent building, you are missing out on valuable income. With gigafy’s simple WiFi network system, you become the preferred ISP. Residents enjoy better service. We take care of billing and support. You collect the $$$.
New on-going revenue stream
Proven 300-500% 5yr ROI
Faster, more reliable connections
High tenant satisfaction and retention
Increased management rights resale value
Easy switch between permanent and short-term uses
Speeds equal to or better than fibre
Instant connectivity
Full coverage, including common areas
No contracts, flexible plans
No set-up fees, no equipment needed
No dealing with telcos/ISPs
It’s why gigafy’s WiFi solutions are found in more than 30,000 apartments and 450 venues across Australia.
YOUR BUILDING COULD BE MAKING YOU MORE!
Set on 1.4 hectares of pristine wilderness, Gipsy Point Lakeside is a boutique resort of 10 luxury apartments with stunning views of the gorgeous Mallacoota Inlet in East Gippsland.
Gipsy Point Lakeside is a 15-minute detour off the Princes Highway, the famous coastal route between Melbourne and Sydney, making it the perfect getaway for residents of both cities and as a stopover between the two.
The resort and town of Gipsy Point are set within the grandeur of Croajingolong National Park, a 540 sq km Biosphere Reserve, as designated by UNESCO in 1977.
The site’s 1.4 ha offers development potential to expand the amount of Gipsy Point Lakeside’s apartments to investors with the vision to realise the resort’s full potential.
Tourism in East Gippsland is booming. In 2023, visitation broke historical records, eclipsing pre-pandemic levels.
This is an incredible opportunity to own a boutique accommodation asset in an accessible yet protected environmental setting of astounding beauty.
• Boutique resort set on the banks of the Mallacoota Inlet in the heart of UNESCO-listed national park in East Gippsland
• 10 luxury apartments with water views, all fully self-contained, with a further 2 apartments that can be readily converted to guest use
• 1.4-ha site offers development potential
• Private jetty and boat ramp provide direct access to the Mallacoota Inlet
• Operating since 1985, 昀椀rst time to market in 39 years
• 2-bed, 1-bath manager’s residence and 2-bedroom workers' cottage
• Resort-style facilities include outdoor solar-heated swimming pool, lounge/dining room
$ $4,500,000 Price
Chris Boschetti Broker, East Victoria chrisb@resortbrokers.com.au
Lucrative resort in popular Sydney getaway of Nelson Bay
This consistently high-performing 110-apartment holiday resort business in Nelson Bay, only 2.5 hours’ drive from Sydney, would ideally suit an experienced operator or consortium. With some 94 apartments in the onsite letting pool, the incoming operator is assured of strong trade. The resort bene昀椀ts enormously from its Mantra branding, one of Australia’s most recognised resort marquees, via an Accor Franchise Agreement.
Two- and three-bedroom apartments and penthouses are arranged in three buildings set around a central pool with a cascading waterfall and children’s fountain area. These stylish, spacious accommodations are completely self-contained with full kitchen and laundry facilities, stone benchtops and air-conditioning.
First-class resort facilities include a 25-metre lagoon pool, poolside recreation area with barbecue and spa, an air-conditioned gymnasium and tour desk.
Well-equipped conference/boardroom facilities are available for those travelling on business, as well as secure undercover parking.
• A robust, established business ideal for an experienced operator or consortium seeking a healthy $914K net pro昀椀t.
• Boasts 110 diverse self-contained apartments, including two- and three-bedroom units and penthouses, with 94 in the letting pool.
• Includes a manager’s apartment and a conveniently located of昀椀ce/reception area on title.
• A well-established team onsite delivering exceptional service to support a 昀氀uid ownership change.
• Features a range of appealing facilities, including a 25m swimming pool, spa, barbeque area, gymnasium, and conference and meeting facilities.
• The ever-growing tourism powerhouse of Nelson Bay 昀氀ourishes in strong visitation. $914,909
caretaking business in prominent Melbourne suburbs with over $160,000 income
ResortBrokers presents this exciting entry-level opportunity to acquire the Building Management Agreements to a trio of modern apartment complexes located in Melbourne. These three easy to manage properties offer the incoming owner a sizeable income base with little to no outgoings based on undertaking the duties themselves. Perfect for a newcomer or established operator looking to expand and earn a reliable annual gross income of $163,539 per annum.
Comprising Edinburgh Village, Saint and Prominence buildings, all three have 25 year BMAs in place, with long tenure remaining and are not bound by OC approval to transfer to new owners. They require no special quali昀椀cations creating an easy path to purchase and a great business to garner industry experience.
There are no letting appointments being sold with any of the businesses and there are no onsite administration duties or set of昀椀ce hours, allowing excellent 昀氀exibility to work in with your lifestyle.
• Three easy-to-run modern buildings with straightforward cleaning and gardening duties
• Recent OC salary increases have resulted in a gross income of $163,539 p.a.
• No overheads, easy for one person to take on and a great way to gain experience
• All properties are based on 25-year Building Management Agreements
• Located in St Kilda, Fitzroy North and Doncaster East
• Opportunity to increase income through offering repairs and maintenance service
• No real estate to buy, no set of昀椀ce hours and no lettings to manage
Don't miss out on securing a strong and reliable business investment with genuine 昀氀exibility and a great income base.
Tim Crooks Director of New Developments
Words_AmyO'Donnell,Partner,Mahoneys
Exercising your option, extending your agreement, seeking a top up!
If you are in management rights you will no doubt hear people talking about “extensions,” “variations” and “top ups” and telling you not to forget these things and your dates. But what does that actually mean and what do you need to do?
Know your module
It will either be Accommodation Module or Standard Module (or in some rare cases the Commercial Module).
In the Accommodation Module your agreement cannot exceed 25 years. In the Standard Module your agreement cannot exceed 10 years.
your “Term”
Each agreement you have with the body corporate (whether that be called a caretaking agreement, management agreement, letting agreement, management engagement or letting authorisation) will be for a term.
There is no rule that sets out what this term is — it could be 5 years, 7 years, 10 years, 25 years.
Every single agreement is different. Your agreements will have likely been varied over the years through a deed or deeds of variation — so you need to check these too.
At the end of the term, your agreements will come to an end. That is exactly what you want to avoid in management rights.
The agreement must state when the term begins and ends and the term of any option period/s. You should see these dates in your agreements — write them all down.
The additional dates you need to work out is when any options need to be exercised. This will often be between 3 and 6 months before the term ends or any time before the last day of the term, but every agreement will be different. You will need to check your option clauses and look for this. The dates to mark in your diary are the first and the very last date by which your option needs to be exercised (and I would suggest reminders several times before that).
Often your agreements will contain option clauses. An option is a right to extend the agreement past the current end date (and therefore avoid it ending).When someone talks about extending your agreement, they are talking about exercising an already existing option clause.
Every agreement will have a slightly different option clause. Most option clauses do not operate automatically — you need to actually do something. This usually means not being in breach of the agreements (where the body corporate is entitled to terminate them) and also writing to the body corporate (within a certain time frame) to advise them that you are going to exercise your option.
If you do not do this, or you do it late, or you do it too early, then it is not valid. You also need to be careful how you do it — sending an email may not be enough. Please check with your lawyer about exactly what is required.
There is no sugar coating the impact if an option is not properly exercised — your agreement ends. Once an option is exercised, it is documented by a deed of extension. This is not critical but is advisable and removes any doubt on whether an option has been exercised or not. This can be approved by the committee.
Varying your agreement means adding a new option clause to it — this is what is commonly called a “top up.” You are effectively topping up the balance of the term which means you are requesting the body corporate to give you more “years.”
This creates a new option term which gets added to the end of the current option terms. For example:
• Your original term was 10 years from 2015–2025.
• You had 3 options of 5 years each:
• Option 1: 2025–2030, • Option 2: 2030–2035 and • Option 3: 2035–2040.
2040 is when your agreement ends.
• To “exercise your option” means: in 2025, you need to follow what’s required of you in your greement (which usually means providing written notice to the body corporate at the right time).
• After exercising your first option you’ll have 15 years left (from 2025–2040).
• To “top up” means: you ask for your agreement to be varied to add a new option that goes from 2040–2045. So now 2045 is when your agreement ends.
• In 2030, you would exercise your second option and consider adding a fifth option clause... ... and so on.
We suggest to our clients in the Accommodation Module to try and keep the total time of their current term plus options at around 20–25 years.
If they are in the Standard Module then they try and maintain the total time of their current term plus options at around 8–10 years.
A variation can only be considered at a general meeting of the body corporate and can only be considered once during each financial year of the body corporate.
An option can be for no more than 5 years. There are strict legislative rules to be followed about this process.
You need to plan ahead for any “top ups.” Talking to the committee early and discussing a possible top up usually makes the process a lot easier.
This is the date by which any motions need to be lodged by owners for inclusion on the agenda for the AGM.
The end of a body corporate’s financial year ties back to when the scheme was first registered (every scheme will have their own date).
If you do not know, ask your body corporate manager. Having this information assists you to prepare for when you should vary your agreement to assist you in planning ahead.
You need to become familiar with your management rights agreements and know:
• the initial term;
• the options (including how many and for what period of time for a each);
• how your option clauses workhow they are exercised (by post or hand delivery) and what are the critical dates;
• what is the total term (the initial term plus all available options); and
• when is the body corporate’s end of financial year.
You should check to see what you were told you about these dates when you purchased (it should be in your due diligence report). You should diarise all relevant dates (along with reminders) in a way that is readily accessible to you.
Again, if you don’t know, then please ask us. We are more than happy to assist and read agreements every day, so can easily identify the dates mentioned above. END
Words_Michael Young, Senior Associate, Bugden Allen Group
The phrases “would you kindly” or “could you please” are often precursors to a committee member or lot owner asking a management rights operator to do “just a little bit more” than their duties require of them. While one or two such odd jobs or optional extras can be extraordinarily helpful to a body corporate and its lot owners, when those jobs become routine, consistent and a drain on the most precious resource of all — namely, your time — it can become a real issue. That is especially true when the expectations bar is reset such that those “optional extras” become “standard inclusions” in the minds of the committee and lot owners.
getting clear about the role
Every management rights operator should have an acute awareness about their duties schedule, or duties clause/s from their agreements.
After all, it’s what defines their role. But things can get tricky when those duties are vague or incredibly expansive. For example, what does the duty “comply with and carry out all reasonable directions received from time to time from the body corporate” really mean?
On the one hand, it could be argued (usually by that one gung-ho lot owner) that the duty is a “coverall” meaning you’re required to do everything the body corporate directs you to do.
On the other, it could (and often should) mean that if the body corporate is asking for something relating to the agreements to be done a certain way or at a particular time, then that direction should be complied with.
For example, if the duties already require the trimming of hedges, a direction to trim the hedges to a certain height is probably sufficiently related to the existing duties, that you should comply with the direction.
That is assuming of course that the relevant direction is reasonable in the circumstances. For example, it’s not a direction to trim the hedges into the shape of a unicorn riding a rainbow.
The topic of what is reasonable or not is an entirely different topic of discussion, best saved for another time.
If you do more than is necessary are you breaking your back for cents on the dollar of what you’re meant to get, for what you’re actually required to do? How is that impacting you given the current cost of living crisis?
Depending on your relationship with the committee and the body corporate as a whole, it can be worth discussing expectations (yours and theirs) around what is required where one or more duties are vague or unclear.
If your duties are clear (or a request is most definitely outside the scope of your duties), consider offering to perform that “optional extra” at a
reasonable additional cost so you’re being fairly compensated for going the extra mile.
When a particular optional extra for a body corporate is a frequent occurrence (for example, minor repairs or maintenance jobs not already in the agreements), consider asking for a variation to the agreements to make it official. If you succeed, then the “extra” becomes saleable as a part of your business in the future.
If the duties are unclear and require significant analysis and discussion (or arguments) to determine what on earth is included or not, it’s probably time to start work on negotiating a comprehensive review of your duties, and potentially the agreement as a whole. At this point, it’s worth
speaking with a few industry professionals such as:
(a) a building management consultant to build an accurate picture of what is required, and what the market is currently dictating that it is worth; and
(b) a lawyer to provide guidance in the negotiations and to make sure no one’s trying to pull the wool over anyone’s eyes.
While not a guaranteed silver bullet (negotiations may go smoothly but may also kick off some very heated debates), comprehensive reviews can be an extraordinarily worthwhile endeavour for the management rights operator, the body corporate and lot owners.
Any good review will be a win-win for both the management rights operator and the body corporate.
Depending on how long is left on the agreements, a savvy operator might even go one step further and aim to not only improve their ordinary return but also reduce their holding costs.
The pathway to that being a “top up” to the agreements; whether for an extra five years or with a replacement agreement for either 10 or 25 years (depending on the module) before getting the help of a quality finance broker to restructure some finances.
Whether you’re looking to top up, review, replace or a combination of all three, or just need some advice generally, reach out to a lawyer practising in management rights and body corporate law for a chat. END
Words_Mike Phipps, Mike Phipps Finance
Thesedays,asIcontemplatetheride intotheretirementsunset,Iseem tobespendingmoreandmoretime dispensingwisecounsel.Ofcourse, themanagingdirectorandIhave agreedtodifferinrespectofmy definitionofwise.Shepositsthatlike JoeBiden,ifyouhangaroundlong enoughsomepeoplewillassumean ageandwisdomconvergencewhile ignoringdemonstrablecognitive decline.Icounterthatacapacity towritetheprevioussentenceis testimonyenoughtomyundiminished mentalfaculties.Tookmetwodays tofinishthatsentenceandatsome pointitincludedreferencetoa fishingtrip,butwedigress.
Thing is, while those receiving said counsel sometimes seem to think I’ve come down from the mountain with the third tablet, mostly it’s sounding board stuff with a bit of common sense thrown in. Of course, these conversations invariably centre around challenges within the accommodation management and strata sectors with advice provided pro bono on an all care, no responsibility basis. Unlike those who leave their crap on the footpath hoping someone will see opportunity in a freebie, I think it’s possible to add some real value by simply having conversations grounded in a few years of industry experience.
When I’m thinking about a problem or challenge, I like the old consulting ploy of stealing someone’s watch and then asking them the time. That is, most people already have the answers, they just need to go on the journey. You know, unpack the truth, prepare for the future, act in the fullness of time and all those other horrible corporate cliches. The trick is to avoid giving people answers as invariably there is more than one way to skin the proverbial feline. In fact, I’m working on a book for pet lovers titled ‘100 Ways to Skin a Cat.’ Advance copies will be available soon through quality pet shops.
Anyway, once more I digress. Recently I was approached by an owner of a residential strata unit with a very topical dilemma. The building had no letting pool with a resident caretaker manager in place. His unit is valued at circa $1.8M and the body corporate salary is circa $70K. He’s asked the BC to approve the separation of the unit from the caretaking agreement so he can sell the business and remain residing in his unit. I use this situation as an example of the increasing requests for conversations we are receiving from committee members and owners in residential strata schemes. These requests usually centre on either the situation I’ve described or the merits of approving agreement top-ups. Alarmingly, many
discussions reveal a fundamental lack of knowledge about management rights and in a disturbing number of cases even how strata schemes work. That doesn’t appear to be the case in the example I’m going to discuss, albeit the varying views of owners in the scheme suggest a need to think more broadly about the caretaker’s request.
It appears that the scheme in question is a harmonious one and the caretaker is well regarded. He has maintained a high standard within the complex and of his own volition has created an Operations and Procedures Manual. Interestingly, it appears some owners believe he is an employee and as such the intellectual property contained in the manual is owned by the BC. Needless to say, we’ve put that one to bed albeit an example of a need to better educate owners when it comes to management rights contracts.
Some owners wish to compel the caretaker to continue, some want him to surrender the agreement, some seem to think they can resell the agreement and some are looking at outside month-tomonth contractor options.
On the information to hand I think the BC should approve the severance of the unit from the agreement and allow the current caretaker to remain as a resident while selling his business. Here’s why:
• I am told the caretaker is held in high regard and is an asset to the strata community in the building. Sounds like the sort of person one might be predisposed to helping.
• I am told the caretaker is well qualified in maintenance and systems and has agreed to assist a new external caretaker.
• In selling the caretaking business someone needs to pay for it. In my experience paying for the business will create a level of focus and commitment that is highly unlikely to be achieved via a month-tomonth contractor who is granted the gig for free.
• Inthecurrentmarkettheonlylikely buyerfora$1.8Munitwitha$70K incomeissomeonewhowantsto liveinthebuilding,notsomeone whowantstooffercaretaking services.Thechancesarethatthe outcomewillbeafallinstandards anddisharmonyinthescheme.
• Thetargetbuyerislikelyclose athand.Thepropertyisina populartouristlocationwithother qualityhigh-riseschemesinclose proximity.Onemight expectthat aresidentmanagementrights operatornearbywouldalready havethescaleandcapacitytooffer caretakingservicestoaneighbour andaddarelativelyinexpensive cashflowtoanexistingbusiness.
Myviewsonthisdilemmashouldnot betakenasabroadersupportfor business-onlymanagementrights. Thetraditionalmodelofamanager residingonsiteaspartofthestrata communityhasstoodthetestoftime, ishighlyregardedbylendersandhas underpinnedthevalueoftheindustry. ButIdon’tthinkwecanhidefromthe factthatrisingunitvaluescombined withincreasedoperatingcostsand higherinterestrateshavemadesome managementrightsvirtuallyimpossible tosell.Inthissituationbodiescorporate needtodecidewhat’sbestforthe scheme.Astressed-outresident managertrappedinabusinesstheyno longerwant,oranon-residentmanager whohaspaidgoodmoneyfora businessandisfocusedonsucceeding. BysucceedingImeandoingan outstandingjob,impressingtheBCand nevergettingbreached.
Inclosing,Isometimesgetthevibethat ownersdon’tsupportunitseverance becauseitmayresultinsomefinancial benefittothemanager.Thisalways seemsanoddwaytoassessthe situationasitreflectsadesireto somehowpunishthemanagerrather thandothebestthingforthescheme.I guessinaperfectworldwe’dallliketo haveamanagerlivingonsite.Owners justneedtobepragmaticandlookat thewholepicture.
Disclaimer:Irefertothecatchallword ‘strata’throughoutthisarticle. That’sbecauseweallknow whatI’mtalkingabout.
A thought: How do we as an industry work to better educate owners and committees in strata schemes? END
Work with the only law 昀椀rm that delivers industry leading transaction services and advice across all accommodation business types in every state and territory.
Helping hundreds of resident managers, moteliers and park operators each year to acquire, sell, protect and grow their businesses.
Unmatched accessibility and certainty on fees.
226 ‘Lakehouse’ 34 Glenferrie Drive Robina QLD 4226 (07) 5562 6111 www.pevylawyers.com.au
A change in interest rates brings a change in value drivers.
Words_Brett McCracken, Director CBRE Valuation & Advisory Services (Hotels)
Inmypreviousarticle,Idiscussed howmanagementrightsbuyershave becomemindfulofthechallenging marketconditionsintheresidential realestatemarketandtheimpacton managers’unitvaluesfollowingJuly 2022astheReserveBankgradually increasedtheofficialcashratefrom 0.1%to4.35%.Unfortunately,there remainsahighprobabilitytheRBA won’tdecideonareductiontothe officialrateuntil2025basedon latestcommentary.
Withloanserviceabilityand sustainabilityofbusinessincomeatthe forefrontofmanagementrightsbuyers’ minds,wehaverecentlynoticedin undertakingourvaluationsthatthose businesseswithanyattributesthat detractfromloanserviceabilityand sustainabilityofincomeshowahigher discountinsalemultiplierthanin2023. Someattributesthatarelookedupon negativelybypotentialbuyersare:
• lowerthanaveragelettingpools whereowneroccupiershave repletednumbers;
• topupsthathavebeen overlookedbymanagers;
• highsellerexpectationsin managers’unitprices;
• bodycorporaterelationships thathavenotbeennurtured;
• lackofsoundfinancialrecord keeping;and
• inaccuratehistoricaloccupancy androomratedatatosupport pastperformance.
Recentlyduringthevaluationprocess, ithasbecomeevidentthatwhilemany managementrightsbusinessesare continuingtoachievesolidgrowthin multipliers,thosebusinessesaffected byanyoftheaboveunfavourable issuesarebeingdiscounted accordinglybybuyerscreatingalower second-tiermarketinbothshort-term andpermanentbusinessmultipliers.
Whilehistoricallyhighmanagers’ unitvaluescompensatedforalower multiplierandbusinesssalepriceinthe past,managersareunlikelytobeable
tocontinuetorelyuponthisunder futuremarketconditions.
Consequently,itwouldappearthat spreadsinmultipliertransactions(low tohigh)haveincreasedbetween2023 and2024duetothislowersecond-tier.
Toillustratethischangeinmarket conditions,wehavefocusedon thepermanentmanagementrights marketsofinner-cityBrisbane, suburbanBrisbaneandtheGold Coast(seetabletoright).
Itisevidentfromthemultiplierdata thatwherethelowestrecorded multiplierininner-cityBrisbanewas 5.25timesin2023,in2024thelowest iscurrently4.85times.Similarly,in theBrisbanesuburbanmarketthe lowestrecordedmultiplierwas4.75 timesin2023,in2024thelowestis now3.80times.
ThishasalsooccurredintheGold Coastmarketwherethelowest recordedmultiplierwas3.85times in2023,in2024thelowestisnow 3.50times.
Brisbane Inner City
Brisbane Suburban
Gold Coast
Lookingcloselyatthese transactions(ofwhichwehave valuedthemajority),anyless thanfavourableaspectsofthe managementrightsbusiness suchaslowlettingpooltototal units’ratio,highnumberofowner occupiers,remainingtermson agreementsoflessthan18years, ahighvaluedmanager’sunit andAGMsindicatingastrained relationshipbetweenthebody corporateandmanagementare representedinadiscountedsale multiplier.Moresothanin2023. So where to from here?
Thisphenomenondoesnotseemto beamajorissueatpresent.However, thismaychangeshouldmanagement rightssalestocklevelsincreaseand buyershavealargerselectionof businessestopurchase.
Thosebusinessesthattickallthe boxeswillhaveasignificantadvantage overthosethatdon’t,whichmay reflectinafurtherexpansionofthegap betweenpremiummanagementrights businessesandnon-prime(secondary) managementrightsbusinessesand theirachievablemultipliers.END
BrettMcCrackenspecialisesin thevaluationofaccommodation businessesandcaretakingsalaries whichincludemanagementand lettingrightsacrossAustraliaand marketcaretakingremuneration assessmentsundertheprovisions ofacaretakingagreement.
Healsovaluesmotels,caravan parksandrentrollsacross QueenslandandNewSouth Wales.BrettisanAssociateofthe AustralianPropertyInstituteand CertifiedPracticingValuer,holding valuerregistrationinQueensland andWesternAustralia.
Women-only hotels are, oddly, not new. Their provenance dates to the mid-19th century and they prospered until their decline in the late ‘70s, early ‘80s. Today, women-only hotels are enjoying a rival. Do women really need a hospitality refuge from men? There appears to be a market for it, and a growing one. Here are three that caught our eye around the globe.
Bliss Sanctuary for Women was created by Australian Zoë Watson when she found herself at a crossroad in her life. The former Nova sales executive was burned out and after talking with other women she realised she wasn’t alone. The phoenix that rose from the ashes of Watson’s burnout was Bliss Sanctuary for Women, a retreat for solo women travellers or small groups of female friends to reconnect with themselves physically, emotionally and spiritually. Opened in 2011 in Canggu, the idea proved so popular it spawned two sister sanctuaries in Seminyak. All sanctuaries limit numbers to seven guests at a time.
BLISSSANCTUARYFORWOMEN.COM
SuperShe Island crashed and burned, but we’re including it in our list if only to acknowledge the lofty ambition of the world’s first female-only ultraluxe island retreat. Opened in 2018 on a 3.3-ha private island o the coast of Finland near Helsinki, SuperShe Island limited its exclusive clientele to 10 high-networth “SuperShes” at a time. No men were allowed on the island except for a few construction workers admitted under su erance to lay power lines and a few other useful bits and bobs. After some unfavourable press that criticised the concept as elitist and setting back the cause of gender equality, SuperShe Island found itself in no man’s land. It hit the auction blocks in late 2023.
SUPERSHEISLAND.COM
Director of New Developments Tim Crooks checks out the world’s best hotels for women.
Europe’s first women-only hotel opened in 2019 in the seaside town of Porto Cristo on the eastern side of Mallorca, three minutes’ walk from the magnificent Cuevas del Drach (Dragon Caves), one of the island’s top attractions. The 39-room Som Dona was born out of market research that found women want healthy mind and body travel experiences in the company of other women. This stylish hotel has an almost completely female staff. Yes, almost completely. Som Dona had to employ some male staff to comply with Spanish gender discrimination laws.
SOMHOTELS.ES
Please note: this is simply a directory service that we provide to assist you. Should you choose to go on holiday or take a break, we recommend you interview and qualify relief managers yourself, before hiring. You’ll find more managers listed on our website: resortbrokers.com.au/buy/reliefmanagers
WILL & ANDREA STOKJE
DILYS & NEIL HARVEY
Motels Nationwide Resort/Holiday complex (preferred) Caravan Park QLD, NSW, VIC
0420 948 996 neil.dilys@xtra.co.nz 0421 289 181 stocks19@bigpond.com
RICHARD TEMPLE
All property types, Australia Wide
0412 567 214 richard@rmtsolutions.com.au
CARMEL MOLONEY
Motels QLD Coast
0400 483 291 c.m.j64@hotmail.com
VICTORIA MCDONOUGH & BRENDAN HUGHES
Motels, East Coast
0412 138 642 vickymcdonough@bigpond.com.au
SABINA WUNSCH
All property types, Australia Wide
0413 155 648 info@swmotelyadvisory.com.au
ROGER ANDREWS & JILLIAN CAIN
Hotels & Motels, VIC & SA
0488 780 071 0403 021 504 jilliancain@optusnet.com.au
PAUL GLYNN
Hotels, Resorts, Motels, Serviced Apartments Australia Wide
0403 807 726 pglynn@essentialservicehotels.com.au
KARLA HARDING
Holiday & Serviced Apartments, Resorts, Boutique Hotels, Bed & Breakfasts DAVID & SANDRA CAIRNS
0414 767 499 karla.boutiqueaccomrelief@outlook.com
Management Rights QLD
0411 335 539 moretonbeachhouse@bigpond.com
FRED BISHOP
Motels Nationwide PETER & MICHELLE JACOBI
0429 444 010 flashb2261@yahoo.com.au
Motels & Caravan Parks Nationwide
0427 183 416 casabargara@gmail.com
GRANT SKINNER
Management Rights Nationwide
0408 996 188 grantandjuliet@bigpond.com
MARTIN & LOMA BARNARD
Strata Complexes, Resorts & Motels Australia Wide, with QLD & NSW preference
0403 364 008 dixlin1962@gmail.com
LIZ RYAN
Motels Rural Victoria & Southern NSW
0401 788 053 lisiryan@gmail.com
SHARON & STEPHEN DEWSBURY
All property types Nationwide
0402 142 075 sharon@airliebeach.net.au
SUE BARTON
Motels Nationwide
0432 411 900 bartonsue@rocketmail.com
LEIGH & GEMMA PETERS
All property types Australia Wide
0432 267 751 geleatham@gmail.com
THE GOOD KNIGHTS
All property types Nationwide
0412 005 537 info@thegoodknights.com.au
PAUL & TANYA GREEN
All property types NSW
0411 874 392 tanyacooper1@msn.com
KAREN & ROBERT NISBET
CHRISTINE WILMOTT
All property types QLD
0413 452 263 christine.09@bigpond.com
SCOTT & LIN MCKENZIE
Management Rights Brisbane Only
0451 010 117 scott@mcwu.com.au
GRAEME & DEBORAH FILIPPE
Motels, NSW & VIC
0427 933 414 0488 934 899 karen.nisbet70@gmail.com.au
Motel & Caravan Parks Nationwide CHARLES & COLLEEN LUBANS
Management Rights QLD
0432 586 099 colleenlubans@hotmail.com
THOMAS GRAF
Management Rights, Motels, Caravan Parks & Resorts, Nationwide
0438 014 035 07 4032 1573 tomas49@me.com
KRISTY & LANCE BUTT
All property types QLD & NSW
0428 902 878 kristymay22@outlook.com
0427 512 751 graemedebmotelmanagers@outlook.com
BAY6 MOTEL MANAGEMENT
Motels Nationwide
0416 016 614 info@businessbay6.com.au
CHRIS CAMPBELL
0449 957 414 cj.jwcampbell@gmail.com
Motel & Management Rights Nationwide BRUCE DRURY
Motel & Caravan Parks Nationwide
0428 631 573 bruceandsandra34@gmail.com
Broker Central Gold Coast
SYD DOUGLAS 0427 973 537 syd@resortbrokers.com.au
Sunshine Coast
GLENN MILLAR 0412 277 804 glenn@resortbrokers.com.au
Broker
South East & South West QLD
JASON VOGLER 0427 431 213 jasonv@resortbrokers.com.au
Broker
Gold Coast South & Northern NSW
TODD WARNER 0438 170 763 todd@resortbrokers.com.au
Broker
Sunshine Coast
CHENOA DANIEL 0403 143 151 chenoa@resortbrokers.com.au
Broker
NSW Central West
Broker
South Australia & Northern Territory
KELLI CROUCH 0410 441 750 kelli@resortbrokers.com.au
CLINT AMOS
Broker Northern Gold Coast
0482 061 261 clint@resortbrokers.com.au
Sunshine Coast & Fraser Coast
DAVID FAIERS 0432 766 788 davidf@resortbrokers.com.au
Broker
Mid North Coast NSW & New England
0431 055 2210439 654 464 chris@resortbrokers.com.aujoshua@resortbrokers.com.au
Broker NSW South Coast
RUSSELL ROGERS 0416 166 909 russell@resortbrokers.com.au
SARAH HUTCHINS
Sales Manager to Russell Rogers, South Coast NSW
0407 020 443 sarah@resortbrokers.com.au
Broker Gold Coast & Northern NSW
MIGUEL BOZINA 0419 848 444 miguel@resortbrokers.com.au
DES FAGG 0427 849 119 des@resortbrokers.com.au
Broker Townsville and Surrounds
Broker
Greater Sydney
0419 038 882 tim.m@resortbrokers.com.au
JACQUELINE FEATHERBY
Broker
NSW Central Coast, Hunter & Blue Mountains 0424 497 056 jacqueline@resortbrokers.com.au
CHRIS BOSCHETTI
Broker East Victoria
0428 812 434
chrisb@resortbrokers.com.au
RYAN KIDD
Senior Graphic Designer
07 3878 3999
ryan@resortbrokers.com.au
Financial Controller, Nationwide
07 3878 3999
vasa@resortbrokers.com.au
HUGH THOMAS
Broker West Victoria
0420 996 319 hugh@resortbrokers.com.au
07 3878 3999 courtney@resortbrokers.com.au
Finance Assistant, Nationwide
07 3878 3999 bronwyn@resortbrokers.com.au
Broker Western Australia
0433 149 144 BLAIR MACDONALD blair@resortbrokers.com.au
Head of Administration, Nationwide
07 3878 3999
kirsten@resortbrokers.com.au
Receptionist/ Admin Assistant
07 3878 3999 joanne@resortbrokers.com.au
JOHN MILLER
Content and Communications
07 3878 3999
john@resortbrokers.com.au
Administration Officer
07 3878 3999
LUKE PALMER luke@resortbrokers.com.au
Administration Junior
07 3878 3999
marnie@resortbrokers.com.au
