23 Jul 2024
Words The Hotel Conversation

Prestige Residential buys management rights for Mirvac’s Quay and Isle through ResortBrokers

ResortBrokers Directors Tim Crooks and Alex Cook, and Brisbane Broker Frank Matus have sold the off-the-plan management rights for Quay and Isle, the two latest luxury high-rises to be developed by property giant Mirvac as part of its $1 billion Waterfront Newstead precinct in Brisbane’s inner north.

Purchased in one line by Prestige Residential, the 135-apartment Quay is expected to come online this year, with the 124-apartment Isle to follow in 2025. A third tower, yet to be named, is also in the pipeline.

The management deal will see Quay and Isle join Prestige Residential’s Brisbane portfolio that includes Riperian Residences in the CBD; Quattro on Astor in Spring Hill; and Yungaba, The Point, Riverscape and River Reach, all in Kangaroo Point. In 2023, Prestige Residential bought the management rights to Oceans Mooloolaba in an off-market deal through ResortBrokers for a record $11.2 million.

“Quay and Isle are among the final pieces in Mirvac’s masterpiece, which it has been working on for over two decades,” says Tim Crooks, ResortBrokers Director of New Developments & Hotels, Nationwide. “There is only one more tower to come, which will see the completion of this incredible masterplanned residential community that started in 2001.”

“With such incredible assets, we expected a highly competitive campaign. We received eight submissions of exceptional quality of which Prestige Residential was ultimately successful. Quay and Isle are two of a select group of large-scale management rights that have come to market in inner Brisbane in recent years. Given the exceptional quality and absolutely prime Newstead location of these two residences, we’re delighted management will be in the hands of one of the most well-respected operators in the industry. We expect Quay and Isle to set new benchmarks for rents in Newstead, which is already a high-netting rental market.”

“We’re very happy Mirvac chose Prestige Residential to manage Quay and Isle,” says Ben Orton, Prestige Residential’s Director. “We pride ourselves on a standard of service that high calibre residents and guests in such buildings as Quay and Isle expect.”