Property Managers

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Consolidated Properties Group has sold the management rights to its award-winning Spire Residences in the heart of the Brisbane CBD.
The deal included eight apartments.
The buyer was a private consortium of Queensland-based investors.
The $9 million off-market deal, which has just settled, included the caretaking rights to the building and its grounds over the next 23 years and a property management rental roll of more than 200 apartments.  
The consortium also secured another eight apartments, which will be added to the rental pool. 
In total, the 40-level Spire Residences, at 550 Queen Street, features 340 one and two bedroom apartments, along with on-site facilities including a roof-top infinity edge pool and entertainment deck, gym, cinema and library. 
The building was completed in September 2017 and was recognised with a suite of design and architecture awards last year, including the Residential Architecture - Multiple Housing accolade at the Queensland Architecture Awards.
<img src="https://www.urban.com.au/images/2019/5/21/Don%20ORorke%20at%20Spire.png" alt="">
Consolidated Properties Group Executive Chairman Don O'Rorke (pictured above) said the deal was evidence of the continued confidence in the inner Brisbane apartment market. 
"To secure this deal at $9 million is a strong show of faith in Spire Residences and the inner city market," he said. 
"The consortium saw the opportunity the building represented, as one of the few to be completed at the heart of the CBD in recent years, and acted quickly to purchase both the management rights and apartments.
"Spire Residences has been in high demand with renters, particularly young professionals wanting to live and work in the city - so much so that on completion we continued to receive more than 20 new enquiries a week, even after all the available apartments were tenanted."  
O'Rorke said the sale of the management rights would allow Consolidated Properties Group to put its full focus on its pipeline of new projects, including its multi-use urban renewal projects, Cornerstone Living in Sunnybank and Yeerongpilly Green. 
"We felt the time was right to sell this asset and have full confidence in the consortium of investors who have secured the management rights and who share our positivity in the Brisbane residential market," he said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/21/Spire%20Residences%20external%201.jpg" alt="">
Colin Gray, who is part of the private consortium of investors, said the decision to secure Spire Residences' management rights had been an easy one. 
“When the property came up, it took less than an hour to form the view it was a quality management rights business, with a strong return forecast," said Gray. 
"Purchasing the eight apartments for the rental pool is also a show of our confidence to other apartment owners and allows us to demonstrate that, along with the other owners, we too have 'skin in the game'.”   
HWL Ebsworth Lawyers, Pitcher Partners Accountants, Pevy Lawyers and Mike Phipps Finance assisted in the transaction, and Macquarie Bank provided funding for the deal.
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Consolidated Properties Group sells Spire Residences management rights for $9 million

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A workshop for Queensland property managers outlining the new state smoke alarm legislation, passed in August this year, will be held today by smoke alarm services company Smoke Alarm Solutions.
Julieanne Worchurst, from SAS, the two hour workshop is open to all real estate property managers to inform property managers about the new smoke alarm compliancy requirements. 
“Landlords need to ensure their property complies with the new smoke alarm legislation as soon as possible before the deadline, to save the lives of their tenants, and also to protect their investment,” she said.
"Under the new legislation, smoke alarms need to be installed by a qualified technician or electrician. We all know that availability of electricians can be tight at critical times and seasonally busy periods, such as the Christmas and festive season.
“Plus, with the new legislation in place, and looming compliance deadlines, electrician appointments will be in even shorter supply than normal.
“The new legislation states that, rather than in the entry of each bedroom, smoke alarms need to be installed inside every bedroom of a home (or where a person sleeps).
“Alarms will need to be powered by either 240 volt or a 10 year lithium battery, and photoelectric rather than ionisation. Additionally, all smoke alarms need to be interconnected with one another, so they all sound when smoke is detected, rather than just the alarm that is activated first.
For more information <a href="https://tinyurl.com/jtxdypg" target="_blank">click here</a>.
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