Redhill snaps up co-living investment
Redhill Hospitality has bought a Queensland co-living investment, to add to a portfolio with New South Wales and Victorian ones.
The 131-room MiHaven Living complex at Cairns cost $12.1 million.
It will be held in a fund calling on investors promising an eight per cent annual dividend paid quarterly.
The Singapore-backed group established by Guy Peterson and James Hyndes has been an active buyer during the recent downturn.
Today we are also reporting it bought an ex-aged care home in Melbourne’s Preston.
CBRE’s Marcello Caspani-Muto, Jimmy Tat and Sandro Peluso were the agents (continues below).
Redhill Cairns
Now Redhill Cairns Living, the Queensland asset contains single ensuite rooms in shared townhouses and refurbished two bedroom apartments.
“This acquisition represents a strategic expansion into the Cairns market and aligns with our broader focus on high-performing accommodation assets in strong regional locations,” a spokesperson for the buyer said.
“Over the coming months, we will be implementing a targeted strategy to refine the guest and resident mix, enhance the operating model, and unlock additional value through improved yield and customer experience,” they added.
“We look forward to building on the solid foundations of the property and sharing further updates as Redhill Cairns Living enters its next phase.
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