Tauranga management rights company Lancaster Group has expanded its Australian operations by acquiring the largest management rights contract on Queensland's Sunshine Coast.
Management rights are a common feature of the Australian property market for larger, multi- unit developments where the individual units have been sold to different owners on strata titles.
Essentially they are a contract issued by the property's body corporate to a third party to manage aspects of the property for a set period of time.
This gives the third party, usually an owner-operated company, the exclusive right to manage the property and receive the agreed income.
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