Just heard that this development (marketed as luxury apartments) will be managed by Oaks hotel group. Nothing like that mentioned on the website other than down the bottom a reference to minor international (company that owns Oaks ) You would be pretty livid if you bought one of these as a ppor without realising it was turning into a strata titled hotel The Milton Residences: Brisbane Property Development
So that does this means ? The owner cannot live in the property anymore in the last minute change by the QLD developer ?
No they can still live in it But other units could be owned by investors who include their unit in a letting pool controlled by the serviced apartment chain who bought the licence This means lots of hotel guests in the building Lifts get used a lot more by the hotel cleaners so it can take a lot longer to get into lifts and the lifts become further worn due to high usage = higher body corporate costs for investors and owner occupiers alike Serviced apartment buildings tend to be valued less than 100% privately occupied or privately rented buildings so some could lose capital value from day 1
@Sydlad Ah I see now. Thanks mate for the clarification. I guess that's why serviced/managed apartment is not a good investment property despite higher yielding.
And goodbye to selling it for a good price and quick turnaround. That owner has just lost a large percentage of interested buyers due to lender restrictions of buying a property in a hotel complex.
The worst it is that from what I have been told its not been made clear that this building will become strata titled hotel Buyers going in with their eyes closed
