Belise deal a vote of confidence

ONE of Brisbane’s largest management rights deals has settled at the Belise apartment tower in the thriving inner-city urban renewal hub of Bowen Hills.

Gold Coast-based management rights specialist Dreamtime Resorts has finalised an $8 million deal to secure at least 180 of the 228 apartments in the 21-level building.

Earlier this year, it also purchased the management rights at the Coorparoo Square mixed-use residential development in inner Brisbane for more than $7 million.

The Belise deal includes both permanent and shortterm accommodation as well as conference rooms, cafe/restaurant, manager’s accommodation, offices and store rooms.

Management rights broker Robert Collins from RAAS Rights, who negotiated the transaction, said Dreamtime had fended off several other major groups to secure the Belise deal.

“This is one of the largest management rights deals done in Brisbane and reflects a renewed confidence in the city’s accommodation sector, particularly its corporate market,” he said.

The $120 million Belise project was developed by Group Kildey and Reed Property Group.