Mantra Secures Management Rights of Gurner’s A$600m FV Project in Brisbane, Australia

Gurner, a luxury property developer in Australia, has sold the building management rights to its landmark $600m ‘FV’ project in Brisbane to Mantra Group’s ‘Peppers’ brand.

The management rights span 970 apartments across the project’s three towers, as well as portions of the 4,000sqm of commercial space and leisure facilities comprising proposed multiple food and beverage premises, conference and business facilities, concierge, housekeeping and maintenance areas, numerous pools, private spa areas, a gymnasium, private dining and moonlight cinema areas, along with the expansive hotel-style rooftop amenity atop the third and final building, No1.

Under the terms of the deal, the managed apartments and associated facilities will be known as ‘FV by Peppers’.

Gurner founder and director, Tim Gurner said the deal had completed the developer’s vision to create a world-class mixed-use 5-star precinct in the heart of one of Brisbane’s most vibrant inner city locations.

“From the outset FV has been an incredibly important legacy project both for the business and me personally so we wanted to ensure that our clients and residents would be serviced by the best in the business after the project has reached completion, so that in 10 and 20 years time it is still a place we are all incredibly proud of,” said Mr. Gurner. “Mantra Group in my view is the only large group in Australia with the breadth of services and resources to be able to run such a large long-term rental business and provide great flexibility for owners.”

Mantra Group Chief Executive Officer, Bob East said the acquisition would herald the arrival of the Peppers brand in Brisbane and represents a continuation of the group’s strategic direction to grow the permanent rentals arm of the brand.

“This acquisition is in line with Mantra Group’s strategy to selectively grow its permanent rental business in favourable locations, following the successful acquisition of Mantra Residences @ Southport Central last year,” Mr. East said. “FV presents us with an excellent opportunity to secure a presence of scale and quality in a prominent location and grow our permanent rental business, with potential short-term accommodation opportunities also foreseeable ... Once open, FV by Peppers will be Mantra Group’s largest property in Australia and our second largest globally - superseded only by the 1,176-room Ala Moana Hotel in Honolulu Hawaii.”

Construction of the project’s first two stages, ‘Flatiron’ and ‘Valley House’ is currently underway, with these stages slated to reach completion in the third quarter of 2017. Construction of the third tower commenced in January 2017 and is anticipated to reach completion in 2019.

‘FV by Peppers’ is expected to launch later this year in line with the first stage of construction completion.

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