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Bluebird Rolls Out Innovative Development Partnership Model

Bluebird

Bluebird has launched its latest boutique project in Brisbane under its innovative joint venture model.

The firm’s development partnership with landowners allows them to become equal partners in the development process.

In this TUD+ Briefing, Bluebird co-founder and partner Riye Arai-Coupe discusses the division of responsibilities under its new model as well as the expected risks and returns for both the landowner and developer.

Bluebird’s maiden project under its development partnership is located at 5 Dudley Street in Brisbane’s riverfront suburb of Highgate Hill.

“The landowners were keen to construct a new apartment building but had limited experience in tackling a development project of this size and complexity on their own,” Arai-Coupe said.

“Under our model the landowners were able to learn of all of the possibilities through the project feasibility assessment and analysis.”

The development, currently before the council, will comprise a four-level, “high-end” apartment building with eight, three-bedroom riverfront apartments.

The project is centred around Bluebird’s “biophilic” design to deliver a development that connects residents with nature, creates best practice in sustainability and considers the community.

 

article Source: www.theurbandeveloper.com

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Brisbane

Hong Kong investor splashes out $19.5m on office

investors

Who says the office is dead? Despite the many obituaries written for the office in the past 12 months, investors are undeterred.

This week, a Hong Kong investor splashed out $19.5 million on Beams Projects’ new office in Richmond.

The freshly leased building at 45 Wangaratta Street was snapped up in a deal reflecting a highly competitive 3.7 per cent yield with only a 21 day settlement.

Records show Cheerich Property, the local subsidiary of Hong Kong ragtrader Cherry Body Fashions, slapped a caveat on the property during the week.

The boutique 1413 sq m office project was built over the old Duchamp clothing warehouse in the old ragtrade precinct behind Richmond railway station and the Corner Hotel.

It’s now called the Richmond Interchange Precinct. The property sits on just 368 sq m reflecting a building rate of $13,829 a sq m and a land rate of $53,100 a sq m – new benchmarks for the city fringe office investment market.

A year ago, an old double-story factory at 32 Wangaratta Street on 629 sq m sold for $8.8 million. Records show it was bought by the Benjamin Duncan Property Group.

JLL agents Josh Rutman, Piers Jalland, Tim Carr and MinXuan Li ran the campaign which attracted more than 150 enquiries from local private investors, syndicates, and owner occupiers.

“The fact that the building continued to lease up well during the height of pandemic last year resonated well with buyers given the continued debate about the return to the workplace,” Mr Carr said.

Family Court

A cashed-up private investor has agreed to pay $12 million for the Dandenong Family Court building, despite the court’s lease expiring in 2023.

The uncertainty over the lease, especially as the court recently merged with the Federal Court, kept the yield comparatively high at 6.5 per cent.

Sources say it can be difficult to get bank financing at that kind of yield so the buyer is likely to have deep pockets.

The 2729 sq m office at 53-55 Robinson Street has been a family law court since the mid-1980s.

The Commonwealth government’s lease runs out in July 2023 and there are no further options. Annual rent is $782,413 a year.

The deal was done by Gross Waddell ICR’s Alex Ham and Michael Gross with CBRE’s Scott Orchard, Scott Hawthorne and Jimmy Tat.

Mr Orchard said the uncertainty stopped the transaction achieving the sharp yields usually obtained by government-leased buildings.

A Family Court representative told Capital Gain there were no plans to move.

City fringe

A family-run boutique student accommodation building on the city fringe has been listed for sale as the flow of international students dries up.

 investors

57-65 Drummond Street, Carlton 

It is understood the 43-room property, known as Albert House, has just four students living in its dorms.

The 1600 sq m three-storey building at 57-64 Drummond Street was configured into accommodation in the 1990s but it started out as offices for the Australian Workers Union.

Records show the AWU sold up in 1997 for $1.05 million. It’s expected to fetch more than $10 million.

Expressions of interest, closing on July 1, are being handled by Gross Waddell ICR agents Raff De Luise, Julian Materia and Danny Clark.

The property is on a 604 sq m site near the corner of Queensberry Street and has room for 10 car parks.

Meanwhile, bigger players like Scape are planning towers for the Carlton precinct to house the students expected to return in the future.

Wizel buys

Former CBRE agent Mark Wizel, who struck out on his own last year, establishing the Wizel Property Group, is ramping up his activities.

Two shops opposite Fairfield railway station owned by Mr Wizel have been leased to Burgertory and the Bean Smuggler.

CBRE agent Jason Orenbuch said the 92 sq m and 98 sq m shops at 7-9 Railway Place, the foot of a new apartment building, were leased on 10-year terms.

Mr Wizel has been a keen investor in new strata title retail and confirmed he also owns around 150 sq m of space in Caulfield.

In Prahran, Wizel Property Group’s Lewis Tong made the winning bid of $5.2 million for a two-storey shop at 257 Chapel Street on the corner of Greville Street – a sharp yield of 3.35 per cent yield.

Mr Wizel did not return calls so it’s not clear if the group was acting as buyer or buyer’s representative.

Gross Waddell ICR agents Michael Gross and Andrew Waddell handled Thursday’s auction on the eve of lockdown.

The sale was struck at a building rate of $8228 a sq m and a land rate of $10,505 a sq m. There are offices on the first floor and the long-running discount store Supa Bargains on the ground. It returns $230,000 a year from leases expiring in 2026.

Two bidders competed in front of a crowd of around 40 for the property.

By Friday, auctions were back online and the Oreana Group paid $13.15 million for a row of faux Tudor shops at 169-175 Toorak Road. It adjoins South Yarra Square which it purchased for $35 million last month.

Faux Tudor

Speaking of faux Tudor shops and Prahran, a row opposite Prahran Market at 182-194 Commercial Road is expected to sell for $8 million.

investors

The faux Tudor shops at 182-194 Commercial Road are expected to sell for $8 million. 

The shops, leased to Red Cross, Mediterranean Butchers, Rare Earth Hair, Eugenie French Cake Shop and Carpe Diem Bar, are on 1130 sq m of activity centre zoned land which could allow for a five-to-seven level tower.

They return $380,000 a year in rent. Sonebridge agents Rorey James, Julian White, Nic Hage and Chao Zhang are handling the auction.

Castlerock sale

A regional syndicate associated with fund manager, Castlerock, is selling a Spotlight store in Sale.

The Gippsland Spotlight, has been held by the syndicate since 2004. It’s managed by Castlerock whose founder, Gippsland born-and-bred Hank Bronts, is also a member of the syndicate

Spotlight, a tenant of 30 years, has signed a fresh 10-year lease on the 216-228 Raymond Street property. Total income is $287,000 a year.

The 1908 sq m building is on a 6774 sq m site in the middle of town and expected to sell for more than $3.5 million.

Expressions of interest close on June 23 through Stonebridge agents Rorey James, Nic Hage, Kevin Tong and Justin Dowers.

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Inner-Brisbane Development Site Hits The Block

A substantial blue-chip block of land in inner-city Brisbane has hit the block for the first time in 60 years.

The Alex Gow Funerals property is a 5272sq m mixed-use development site at 56 Breakfast Creek Road, Newstead.

Savills national director Peter Tyson said the site was a “high-profile gateway location” to the city in Brisbane’s affluent inner-north.

“The Newstead—Teneriffe—Fortitude Valley axis has arguably become the most desirable development destination in inner Brisbane and is within walking distance to the Gasworks retail and restaurant precinct,” he said.

“Sites of this scale with wide-ranging mixed-use potential in such prime locations are increasingly rare and this site will be seen as a trophy opportunity by residential and commercial developers alike.”

Brisbane

▲ Alex Gow Funerals was originally based in Queen Street, but moved to the site at Newstead in 1963. Image: Alex Gow Funerals 

Savills director of commercial sales in Brisbane Robert Dunne said the site occupied a commanding position on the corner of Breakfast Creek Road and Dunlop Street with “enormous exposure” to passing traffic.

He said the site was close to public transport and offered a high level of amenity for future development projects.

“Newstead has an industrial-chic vibe featuring stylish bistros, dates and craft breweries including other landmark precincts such as James Street and Brisbane’s new Mercedes headquarters,” Dunne said.

Breakfast Creek is undergoing substantial urban renewal of the former industrial hub. Churchill Developments recently lodging an application to develop an eight-storey mixed use building further down the road.

It is understood Alex Gow Funerals, Queensland’s first funeral business, bought the site and moved there in November, 1963.

The “ultra-prime” site offers building potential for residential apartments, retirement and aged care, education and health care, commercial and retail development.

Savills will market the site via an expressions of interest campaign that will close on July 15.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Vistas St Lucia apartments popular with first home buyers as construction finishes

The development has been a hit with first home buyers so far, who have been taking advantage of the one-bedroom apartments

The construction of Barber Property Group has finished the construction of Vistas St Lucia, its newest apartment development in the leafy Brisbane suburb.

And the development of 32 apartments has been a hit with first home buyers so far, who have been taking advantage of Vistas one-bedroom apartments, the first one-bedroom apartments built in the suburb for five years.

The rest of the apartment sales so far has been to investors who are looking to leverage the prominent student rental market given Vistas proximity to the University of Queensland.

 home buyers

Vistas St Lucia 9 Austral Street, St Lucia QLD 4067 

Barber have a solid case study in the area, having completed Eton, a boutique development of just nine apartments, nearby. Investors are now seeing seven per cent rental yields.

“The numbers stack up very well for investors looking to capitalise on St Lucia’s unique market, as it benefits from a range of buyer types at different stages of their lives,” Barber Property Group boss Paul Barber says.

“Although the student market has sat dormant for the last 12-months, with the current roll out of the COVID-19 vaccine, interest is picking up, so we anticipate a rush of international students at the end of the year, ahead of the first semester in 2022.

“Still, with many international students out of the equation, demand in St Lucia’s has remained high with recent occupancy rates as low as 1.7 per cent.”

Raymond Barber Architects, in collaboration with CG Design Studio, designed the apartments with earthy colour palettes and natural timbers that integrate with the St Lucia aspect.

There are nine one-bedroom apartments, 14 two-bedroom apartments and nine three-bedroom apartments, as well as communal facilities including a large open-air terrace and BBQ area with city views.

Barber said the company anticipates strong demand for Vistas St Lucia, as the area’s lifestyle factors play a big drawcard, with the proximity to the city and river, abundance of cafes and restaurants, and quintessential ‘Queensland feel’ high on buyers’ wish lists.

“Prior to completion, approx. 40 per cent of the luxury apartments had sold, really reiterating the market’s desire for new inner-city stock,” Barber said.

“We’re noticing a resurgence in demand for one-bedroom apartments, with a mix of downsizers and young professionals wanting to get into the inner-city suburbs, as well as demand continuing for larger two and three-bedroom properties.

 

Article Source: www.urban.com.au

 

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