JLL expands property management footprint in Queensland as sector grows

JLL is building up its Queensland property management business, with the leading commercial property management firm recently announcing more residential management rights acquisitions.

The latest management rights JLL acquired are:

• The Water’s Edge development that includes the two towers, Drift and Reach, at 45 Duncan Street Brisbane, comprising 234 units;
• Rise & View Towers, 232 units located in 30 Duncan Street;
• Parc & Arbor Towers, 237 units also located in Duncan Street.

The six towers take the total number of residential apartments managed by JLL to 1,700 in Queensland.

“Growing and diversifying our large property management business through acquisitions and expansion into new sectors such as residential has progressed very successfully,” JLL’s Australia CEO Stephen Conry. 

The latest addition adds to JLL’s existing Urban Edge in Kelvin Grove, Regatta Apartments in Toowong and the Newstead Series Development.

“JLL enjoys a leadership position in this sector in the UK, North America and Hong Kong, and while the industry works under different structures across the world, and indeed across Australia, it represents a major engine room for growth for the JLL business,” said Conry.

The industry in Australia was previously the mainstay of single operators and is still in its infancy in terms of “truly commercializing the processes and returns for investors”, said JLL’s Queensland head of property management, Brett Stack.

However, with residential requirements changing rapidly, more long-term rent contracts, tenant expectations constantly evolving and multi-tower developments now part and parcel of the landscape, it has become important for real estate firms to have sophisticated IT systems and solutions to maintain their edge, says JLL.

“Given the rapid development of this sector, it represents significant investment potential and part of our business is dedicated to identifying and realising this potential for our clients,” said Stack.

“It is an exciting time to be leading the way in Australia in this area.” 

The expansion program in Queensland is headed up by Stack and Tina Grey, JLL’s head of Residential Management in Queensland.