by Catie Langdon
27th September, 2018
All the right connections to seal the landmark Nexus sale
A team effort by three RESORTBROKERS Gold Coast agents successfully linked experienced accommodation operators with a shared Chinese background to seal the recent multi-million dollar sale of Nexus Towers at Southport.
When brokers Alex Cook and Paul Mueller listed the Nexus Towers management rights this year with a $3.5m price tag, it continued a relationship that began in 2014 when RESORTBROKERS first sold the landmark twin towers to partners Ryan Yang and Vincent Zhang.
Four years on, the go-ahead young operators, who’d drawn on previous real estate experience to run a very successful business, were ready to pursue to other opportunities.
Enter local RESORTBROKERS colleague Todd Warner who introduced the ideal buyer, experienced motel owner Fred Wei who was keen to move into the management rights sector.
Located in the heart of Southport, the exclusively residential Nexus Towers provide a total of 185 apartments linked at street level by a stylish foyer and reception area. Amenities include retail, an outdoor heated pool, spa, gymnasium, cinema, library and secure underground parking.
The management rights, with 55 units in the letting pool, came with a $266,000 body corporate salary, long 23.5-year agreements, and an impressive three-bedroom manager’s unit.
Buyers of Chinese origin are increasingly playing a very successful role in the Gold Coast management rights industry, RESORTBROKERS says, welcomed for their thoroughly professional approach.
According to Todd Warner, the Nexus sale is indicative of the strong appetite for large-scale management rights properties.
“Qualified buyers, including experienced operators and investment syndicates, are actively hunting sizeable management rights opportunities,” he said.
“We’re leading the market in putting together deals like this, and that comes down to RESORTBROKERS’ experience, resources and a positive culture of collaboration between our strong network of 35-plus brokers.”
“The truth is, demand on the Gold Coast right now is really outstripping supply of larger, quality offerings.”