Domain's big dive into Sydney

DOMAIN Resorts & Residences has launched into the Sydney market by securing the management rights to 600 apartments.

Domain has secured the rights to the Moore Park Gardens community in East Redfern, paying $4.35 million to acquire existing management company Moore Park Gardens Pty Ltd.

Domain chief executive David Catterall said the acquisition marks the start of a drive southwards from the company’s Queensland base, at the same time helping to balance its portfolio of resort and residential properties under management.

“Moore Park Gardens is a very big entrance into Sydney for Domain – it’s a terrific property, brilliantly located, of impressive scale and with an excellent track record. We are 18 months into a five-year plan aimed at rolling out more than 2500 resort and residential accommodation products.

“This will potentially comprise a portfolio of hotel rooms, resort apartments, villas and homes, worth a combined $2 billion,” he added.

Moore Park Gardens is located on Bourke Street, East Redfern, opposite the Moore Park golf course and Centennial Park. The project was developed in the late ‘90s by a Malaysian consortium.

Domain was launched in 2005 as a vehicle to manage developer Consolidated Properties’ high-end development pipeline of beach houses, boutique hotels, villas and apartments in Queensland and northern NSW.

Ownership of Domain was wholly acquired by interests associated with Don O’Rorke, Consolidated’s managing director, last year.

Domain’s portfolio also includes properties developed by other major leisure developers including APH Properties and Resort Corp.

The company manages all holiday accommodation at two sites, the $1.5 billion Domain Casuarina Beach Resort in northern NSW and the $35 million Domain Stradbroke Resort at Point Lookout on North Stradbroke Island.

Other developments slated for the Domain management portfolio include Multiplex Group’s $350 million Cotton Beach residential and resort development at Casuarina and Townsville’s $500 million Breakwater Quays development.

Australian Property Journal