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Brisbane

$110m locked in for Cleveland Redland Bay Road

The Palaszczuk Government has announced another $40 million for priority upgrades to Cleveland Redland Bay Road, bringing the government’s total investment on the key Redlands connector to $110 million as part of Queensland’s plan for economic recovery.

Transport and Main Roads Minister Mark Bailey joined Member for Redlands Kim Richards to make the announcement while inspecting roadworks currently underway at the Anita Street intersection, part of the government’s existing $70 million commitment.

“There’s been no bigger advocate for Redlands and better roads in the community than Kim Richards,” Mr Bailey said.

“This additional $40 million will allow us to continue the duplication into Thornlands.

“We’ve already got shovels in the ground on Cleveland Redland Bay Road upgrades and this extra $40 million means will be able to extend that four-laning even further, alongside $9.1 million locked in for the Serpintine Creek Road intersection and another $500,000 to plan for the Boundary Road intersection.

“Queenslanders have stepped up when it comes to managing the health impacts of COVID-19. That has meant the Palaszczuk Government has been able to continue with Queensland’s plan for economic recovery – including getting on with investing in better roads across Redlands as part of a $23 billion pipeline of road and transport projects.”

The $70 million previously committed will see 99 jobs supported, the Anita Street intersection upgraded, with works to roll on, delivering further duplication north of Anita Street when completed.

Ms Richards said the booming population in Redlands was expected to reach almost 200,000 by 2041, meaning funding on the road was vitally important.

“Our businesses and industry generate $5.9 billion for Queensland’s economy every year, and it’s vital it doesn’t stall because roads aren’t keeping up with growth,” Ms Richards said.

“We’re seeing thousands of families move bayside and even more tourists flock to our local towns and islands, putting pressure on our roads, which is why we’re upgrading them.

“From day one, locals told me they want better local roads, transport and jobs. We’re delivering that with new ferry terminals for our Southern Moreton Bay Islands, island road green sealing, more than $20 million in upgrades for Beenleigh-Redland Bay Road and now a $110 million commitment to Redlands’ main stretch.”

Mr Bailey said the $110 million would join major upgrades across the south east including $2.3 billion in M1 upgrades, close to $3 billion for projects on the Bruce Highway between Moreton Bay and Gympie plus the $775 million commitment made last week to build a second M1.

“Seeing shovels in the ground shows Labor’s strong record of delivering for Redlands, unlike the LNP whose only record on roads was to cut funding, sack a quarter of TMR staff and waste more than $100 million trying to sell off public assets.

“It’s only the Palaszczuk Government who has a plan for Redlands roads. How can you trust the LNP, Andrew Laming and Deb Frecklington to put Redlands and Queensland first when they’ve called for the borders to open 64 times during COVID-19.

“The LNP want us all to forget they ignored Cleveland Redland Bay Road, broke promises and gutted roads funding when they were last in office under Campbell Newman and they will do it again. It is in their DNA.”

This article is republished from https://www.miragenews.com/ under a Creative Common license. Read the original article.

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Brisbane

Mirvac Sells Golden Triangle Tower for $87m

Golden Triangle Tower

Melbourne-based property fund manager Forza Capital has picked up a prominent office building in Brisbane’s “Golden Triangle” from Mirvac for $86.7 million.

The property, located at 340 Adelaide Street—on the corner of Adelaide and Wharf Streets, comprises 12,800sq m of B-Grade office space across 17-levels, together with a ground floor cafe and parking for 100 cars.

In recent years, Mirvac has refurbished the building, upgrading the lobby and repositioning the external ground plane and retail.

Mirvac chief investment officer Brett Draffen said the proceeds from the sale will be redeployed into prime and A-grade commercial assets as well as its $22.4 billion development pipeline across the residential, office and industrial sectors.

The deal, negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, represents an 11 per cent premium to its book value in June.

“As the first major, post-Covid capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Phipps said.

Golden Triangle Tower1

The building is 93 per cent leased to tenants Covermore, Cerebral Palsy League and Oracle, and has a weighted average lease expiry of 3.8 years. Image: Supplied

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

Forza Capital director Ashley Wain said the asset represented exceptional value, given the building’s comprehensive refurbishment program, and was transacted with a high degree of certainty over a period of one month.

“Shortly after Covid struck, [we] identified the opportunity to prepare our investor base of sophisticated investors for opportunistic property investments.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics,” Wain said.

The acquisition represented $52.5 million of equity from Forza’s client base of family offices, high net worth advisory groups and individuals, and will now sit in the newly-established Forza 340 Adelaide Street Fund.

“The uncertainty in office investment markets has created really attractive investment metrics which, when combined with highly competitive debt funding, results in a target 8 per cent per annum distribution yield over the first five years of the investment,” Wain said.

Last week, Dexus listed a neighbouring A-grade office tower, located at 10 Eagle Street, with price expectations of $300 million.

 

The post “Mirvac Sells Golden Triangle Tower for $87m” by Ted Tabet appeared first on the theurbandeveloper.com Blog

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Brisbane

Yeronga trophy home fronting the Brisbane River listed

Brisbane River

A riverfront Yeronga, Queensland trophy home has been listed without a price guide.

The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.

Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.

Set on 916 sqm, it features two swimming pools and a private boat pontoon.

Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.

It is located seven kilometres from the CBD.

 

The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog

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Brisbane

Mirvac offloads Brisbane office building for $87m

Mirvac office building

Mirvac has offloaded a 17-storey office building in Brisbane to Melbourne-based property fund manager Forza Capital for $86.75 million in one of the first institutional grade office deals to take place in the city since COVID-19 struck.

The building, which is in Brisbane’s ‘Golden Triangle’ at 340 Adelaide Street, had undergone an extensive refurbishment by Mirvac and sold at an 11 per cent premium to its last book valuation in June.

The property, which is 93 per cent leased to tenants such as Oracle, Cover-more Insurance and the Attorney General’s Office, has a 3.8 year weighted average lease expiry.

Brett Draffen, chief investment officer at Mirvac, said proceeds from the sale would be redeployed to grow its asset creation business and would allow the group to “capitalise on opportunities to create Australia’s next generation of workplaces, residential communities and mixed-use precincts”.

The office tower is the first asset to be acquired by Forza Capital following a $240 million capital raising from its client base of family offices and high net worth advisory groups in September and will sit in the newly established Forza 340 Adelaide Street Fund.

Forza Capital director Adam Murchie said they had advised their investor base to be prepared for opportunistic property investments shortly after COVID-19 had struck.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics.”

Forza Capital director Ashley Wain said the uncertainty in the office market had created attractive investment metrics.

“When combined with highly competitive debt funding [the metrics] result in a target eight per cent per annum distribution yield over the first five years of the investment.”

The deal was negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, and Matt Lawrence arranging the debt.

“As the first major, post-COVID capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Mr Phipps said.

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

 

The post “Mirvac offloads Brisbane office building for $87m” appeared first on the afr.com Blog
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