Luxury property developer Gurner has announced the successful sale of the building management rights to its landmark AUD$600 million ‘FV’ project in Brisbane to Mantra Group’s high-end ‘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.
The deal was contracted in the final days of 2016 and 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,” Gurner said.
“Our goal has always been to create a precinct that would offer the very best 5-star service and amenity akin to a luxury international hotel so it was important to find the right brand to bring that vision to life.
“The sheer scale and level of luxury at FV meant we needed to be incredibly diligent in who we selected to manage the building in order to ensure our incredibly high standards of service and quality could be met for our buyers and residents.
“With its impeccable track-record and experience in managing high-end properties around the globe, I have absolute faith that Peppers – with the strength of the Mantra Group business behind it – will embody our vision to create a truly world-class retail and residential precinct.
“With a focus on expanding its long-term rental business, Mantra Group has the experience and breadth of understanding of the long term market to manage such a substantial portfolio of apartments and ensure our owners are getting the best service available in Australia.
“Although we had a number of offers from competing international groups at higher levels, we felt the balance sheet, strength and resources behind the Peppers brand and Mantra Group business would deliver the outcome we insist on for such a large and iconic project.
“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,” he said.
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,” 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.
“As the leading strata titled property operator, our appointment ensures investors will benefit from our flexible operating options, dedicated owner relations and strata management team and powerful distribution platforms.
“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.
“The property’s sought-after Fortitude Valley location, a vibrant, growing metropolitan Brisbane precinct, has proven demand drivers for both visitor and residential accommodation.
“We strongly believe in Brisbane’s future prospects and invest for the longer term.
“We’re thrilled to partner with Gurner on this strategic and significant new development for Brisbane, one which will establish a new benchmark for scale and luxury in the city,” he said.
Brisbane Lord Mayor, Graham Quirk, said Council was committed to advancing Brisbane’s position as a New World City and the arrival of Mantra Group’s Peppers brand would be another exciting boost for the local economy.
“Gurner’s $600 million FV project represents what is a very significant investment in the area and will enhance the daytime economy of the Fortitude Valley precinct,” Cr Quirk said.
“We’re very excited to hear FV will be managed by five-star standard operator Peppers, in what will be the brand’s first Brisbane venture.
“This is a major vote of confidence for Brisbane and will help transform Barry Parade and Brunswick Street into a vibrant destination for residents and visitors.”
Gurner’s FV project has turned heads since its initial launch in 2014, thanks to its hotel-style luxury design and unparalleled dedication to luxury amenity throughout.
The three-tower project features a total of 3,000sqm of private amenity; complete with multiple pools including a feature U-shape pool and bar in the Flatiron building, in addition to a crowning rooftop pool in the No.1 building, along with a number of bars, private dining areas, cinema facilities, a gym, yoga studio, business club and much more.
Inspired by luxury Maldives and Bora Bora resorts, the third building includes an exclusive 800sqm rooftop lounge including an expansive pool wrapping around half the building, an underwater lounge area, water feature, sundecks, bars and barbeque areas.
This amenity is in addition to the project’s overarching ‘FV Private Club’ which services residents of all three buildings and offers over 2000sqm of luxury amenity including a long u-shaped sunken pool, a private dining room, moonlight cinema room, health club, yoga studio, BBQ and outdoor landscaped deck areas, as well as three VIP lounges with pools available for private bookings.
‘FV by Peppers’ is expected to launch later this year in line with the first stage of construction completion.
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.