JLL buys into Brisbane residential project Newstead Series
Real estate company JLL has bought the management rights of a Brisbane boutique residential development, Newstead Series.
The purchase is the first ‘off the plan’ acquisition of residential management rights in Queensland for JLL, said a media release.
Newstead Series is being developed by JGL Properties and comprises four boutique buildings – The Carlyle, The Donaldson, The Ajax and The Koerstz – named after Australia’s famous wool presses.
The buildings are set amongst half an acre of subtropical landscaped gardens with a 25 m pool, gymnasium, alfresco dining areas, outdoor cinema and recreational lawns. The project is due for completion in 2017.
“JLL’s property management business continues to be a major engine room for growth, and the Newstead Series acquisition further expands and diversifies our reach and allows us to leverage our extensive commercial management portfolio,” said Geoff McIntyre, managing director of JLL’s Queensland business.
JLL is the largest property manager in Australia.
National head of Property and Asset Management Richard Fennell said, “diversifying our business has been a key strategy, and growing into the residential sector has been a successful factor.”
“We believe there will be strong future rental demand, driven by the boutique nature of Newstead Series, its spacious apartment and townhome designs, as well as the generous half an acre of lifestyle and community amenities.
Newstead Series developer John Livingstone from JGL Properties said the investment by JLL delivered a strong endorsement for the project.
“To have Australia’s largest property services firm acquire the Newstead Series management rights is a huge vote of confidence in the project and for the stakeholders involved,” said Livingstone.
