Australia’s Mantra Group has agreed to acquire the management rights for Southport Central, a major development on Queensland’s Gold Coast.
Located in Southport, 4.6km from Surfers Paradise, Southport Central will add 788 apartments to Mantra’s portfolio, which now covers Australia, New Zealand, Indonesia and Hawaii.
“We’re very excited about this acquisition as it will open up additional growth prospects in the permanent rentals sector,” said Mantra Group’s CEO, Bob East. “Southport Central is not only complementary to our existing portfolio, but also reinforces the strong momentum in our organic growth strategy and consistent ability to convert our pipeline.”
The AU$700 million (US$539m) Southport Central project was developed between 2006 and 2009 and comprises three towers. Facilities include two outdoor pools, one indoor pool, a spa, steam room, saunas, two gymnasiums, multiple entertainment areas and parking space.
Mantra Group is now the Gold Coast’s largest accommodation provider, with 23 properties operating under its Peppers, Mantra and BreakFree brands.