Global real estate company JLL has purchased the management rights of one of Brisbane’s most successful boutique residential developments, Newstead Series.
The purchase is the first ‘off the plan’ acquisition of residential management rights in Queensland for JLL, and a strong endorsement for Newstead Series, which is being developed by JGL Properties.
Managing Director of JLL’s Queensland business, Geoff McIntyre, said “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.”
“We have been doing business with the parties behind Newstead Series for more 20 years including John Livingstone of JGL Properties, Thakral Corporation and Watpac, and have great confidence in their ability to deliver a truly market-leading project, one which JLL will be proud to manage.
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.”
“JGL Properties’ under-development of the site and keen focus on details such as integrating urban scale artwork, expansive gardens and outdoor recreation areas in the heart of the inner-city, will ensure Newstead Series has a real community feel and remains a benchmark residential project.
“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. To have over 65 individual apartment and townhome designs across 4 boutique buildings is truly rare in the market.
“The project’s location in the exclusive Newstead House precinct, surrounded by some of Brisbane’s most expensive apartments, and within walking distance to transport and the thriving dining and retail precincts of the Gasworks, James Street and Emporium, is also a great drawcard for future tenants.
“Brisbane is a true new world city and differentiated boutique residential projects such as the Newstead Series in prime locations will continue to benefit from the new infrastructure underway in Brisbane including the $650million Kingsford Smith Drive upgrade and the city-changing $3billion Queens Wharf Brisbane development,” said Mr Fennell.
Newstead Series developer John Livingstone from JGL Properties said the investment by JLL delivered a strong endorsement for the project which is due for completion next year.
“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 Mr Livingstone.
“For the buyers in Newstead Series, having the professional involvement of a business with JLL’s pedigree and sophistication, will deliver the highest quality asset management.
“We’ve worked hard to bring together the best firms in the industry to design, develop and deliver Newstead Series. We’re proud to have the backing of JLL as management rights owner, Thakral Capital as our capital partners, national builder Watpac who is underway constructing the development, and cutting edge architects Bureau Proberts.”
The Newstead Series comprises four boutique buildings – The Carlyle, The Donaldson, The Ajax and The Koerstz – which were named after Australia’s famous wool presses. The buildings are set amongst half an acre of subtropical landscaped gardens featuring a 25m pool and spa, sauna, gymnasium, alfresco dining areas, fire pit, outdoor cinema, recreational lawns and exercise spaces.