Thursday, March 31, 2011

Admiralty Two and Mosaic management rights for sale

Roma Properties and real estate agent Tavis Callard went bust last year. The management rights for Admiralty Towers Two, owned by Roma Properties, is now in the hands of receivers, and is listed for sale. Interestingly, the onsite letting pool consists of 79 out of 191 apartments, or 41% of apartments in the building. This suggests a very high level of owner occupiers in this building, which increases the value of these apartments.

Also for sale in an unrelated transaction are the management rights for Mosaic in the Valley, currently in off-the-plan sales stage. There are 212 apartments in this building, and it is expected that 180 will be in the onsite rental pool, which is 85% of apartments. Buyers beware!

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