Heavy in­vest­ment into Port prop­erty

Port Douglas & Mossman Gazette - - BUSINESS -

THE first phase of a ma­jor re­de­vel­op­ment of the Drift­wood Man­taray prop­erty in Port Dou­glas has started with a new man­age­ment com­pany tak­ing the helm.

The prospec­tive own­ers aim to in­vest heav­ily in the prop­erty over the next four years and raise the nightly tar­iff by 50 per cent.

Drift­wood Man­taray Ltd, headed by fi­nan­cial ser­vices pro­fes­sional Zac Sar­necki, has been es­tab­lished to ini­tially man­age the prop­erty for man­age­ment rights owner Lat­i­tude 16, which man­ages 10 hol­i­day com­plexes in Port Dou­glas.

Drift­wood Man­taray is a fourstar hol­i­day apart­ment com­plex of­fer­ing two and three-be­d­room apart­ments and Mr Sar­necki aims to trans­form the prop­erty into the “most sought-af­ter accommodation” in the re­gion and max­imise re­turns for in­vestors.

“The op­por­tu­nity cur­rently ex­ists to pur­chase the man­age­ment rights busi­ness from the par­ent com­pany, which al­ready achieves rev­enues in ex­cess of $450,000 per an­num,” Mr Sar­necki said.

“Con­tracts have been signed both for the ini­tial lease of the man­age­ment rights in the short term, as well as for the pur­chase in the medium term.

“The long term goal of the com­pany is to pur­chase out­right the un­der­ly­ing apart­ments, giv­ing the prop­erty scope to be con­verted into a free­hold of­fer­ing over a pe­riod of time.

“This strat­egy will fa­cil­i­tate an in­crease in the busi­nesses value to po­ten­tially more than dou­ble within the next five years.”

Mr Sar­necki said the com­pany’s ini­tial busi­ness plan is to pur­chase the man­age­ment rights, the owner’s unit and two apart­ments in the com­plex.

“Our next phase will be to pur­chase four apart­ments per year over the next four years and spend around $50,000 to ren­o­vate each of them,” he said.

Busi­ness part­ner Amanda Zsifko al­ready man­ages Drift­wood Man­taray and has in­creased rev­enue by 45 per cent in nine months and had a 30 per cent in­crease in for­ward-book­ings this sea­son.

The prop­erty has re­cently signed a global dis­tri­bu­tion deal with Flight Cen­tre to in­clude it in hol­i­day rec­om­men­da­tions.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.