NQ Management was founded in 2019 after acquiring its first management rights complex, Haven on Severin. The investment portfolio was later joined with the purchase of City View Villas, with NQ Management now being responsible for two of Cairns most sought after permanent let complexes.
Management right complexes are popular throughout Queensland and provide caretaking and onsite letting agreements to the Body Corporate. These long-term contracts provide certainty and guaranteed income for the length of the agreement.
Learn more about property rights below, or about investment property management with NQ Rentals here.
Haven on Severin is conveniently positioned at a stone’s throw from both Cairns Central, the Esplanade and Cairns Hospital Precinct, and is popular with tenants looking for a quiet but central lifestyle. It consists of 36 two bedroom, two bathroom apartments with an underground carpark, resort style pool, and BBQ area, located on the fringe of Cairns CBD.
Haven on Severin
NQ Management purchased City View Villas in May 2022 as the second addition to its expanding management rights portfolio, and is one of Cairns leading permanent lifestyle resorts. Located 10 mins from Cairns CBD, airport and hospital precinct, the gated resort stye complex has been a desirable location for residents to enjoy a quintessential tropical lifestyle.
City View VillasWHAT ARE MANAGEMENT RIGHTS?
Management Rights originated on the Gold Coast with The Sands in the 1960’s. The concept gained popularity when units became attractive investments where a hands-off approach could be taken by investors buying into developments purely for investment purposes.
These unit developments had two primary needs
- someone to caretake the shared body corporate facilities
- someone to let out the units so the unit owners could get a return
Modern management rights are businesses undertake maintenance and management of community title complexes within a body corporate and have the onsite letting rights (either short term letting or long term leasing). Legislation has evolved and the industry is effectively governed by the Body Corporate and Community Management Act 1997.
HOW DO MANAGEMENT RIGHTS WORK?
Management rights traditionally consist of three components:
- ownership of real estate in a community title scheme
- a contract for caretaking of common property in a body corporate
- an authorisation to let lots in the scheme
As management rights and development trends evolve there are many variations on the above. Some management rights do not include real estate for example while some are caretaking or letting only.
Management rights apply to different types of property developments including units, townhouses, resort style developments, holiday accommodation, residential or permanent letting, student accommodation and retirement villages.
Management Rights businesses can be complex to manage given the community scheme and differing expectations from residents. NQ Management are experts in Management Rights and have a portfolio of complexes that are owned and managed.
ADVANTAGES OF BUYING IN MANAGEMENT RIGHTS COMPLEXES
Owning and letting your property through the onsite manager in a management rights complex has several distinct and key advantages.
- hands on knowledge of the building
- increased market intelligence by looking after multiple properties in the one location
- are responsible for the overall upkeep of the complex
- on hand to respond quickly to tenant and owners needs
- represent owner/investors at Body Corporate Meetings
- complex’s managed to a higher standard of presentation
- accountability for the overall complex
- are responsible for a harmonious community, so selecting high quality tenants is paramount
- above market performance as a result of better rents, cost effective maintenance, closely managed units, across body corporate issues and costs
Generally the most invested party inside a managed complex is the management rights owner. This ensures that accountability and that the owner always acts in the best interests of the complex.