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Brisbane and interstate investors drawn to up-and-coming King Street precinct

Brisbane and interstate investors drawn to up-and-coming King Street precinct
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Developments

Hectare Site Near Hastings Street Hits the Market

hectare site near hastings street
hectare site near hastings street

A 7,989sq m site in the heart of Noosa Heads will test market interest when it launches this week.

Anglican Church Southern Queensland is “seeking all opportunities” on the 2 Halse Lane property, located 150 metres from Hastings Street.

The site, known as Halse Lodge and home to a backpackers’ hostel leased to Ecolodge, has been owned by the Anglican Church Southern Queensland (ACSQ) since 1959.

“We have been proud custodians of this prime Noosa site for 61 years,” ACSQ group manager property Hiro Kawamata said.

“Especially with the site and original building having links back to the 1880s, when the original structure was built as a guest house by a local grazier, Walter Hay, who is considered to be the ‘Father of Noosa’.”

The original building was replaced in the 1920s, and the property is the longest continuously operating guest house in south-east Queensland.

With the current lease expiring for use as a backpackers’ lodge, an expression of interest campaign for the property will launch on September 17 and close on October 22.

Blake Goddard and Matt Barker of Knight Frank are managing the sale, and expect interest to come from overseas, interstate and local groups.

“[This includes] food and beverage operators, boutique accommodation providers and private groups, however, we are keeping all options open and welcome all engagement throughout the campaign.”


Alexandra Headland apartments attract local buyers

Further south on the Sunshine Coast, privately-owned construction company McNab has topped out a 57-apartment project at Alexandra Headland helmed by developer Cube Developments.

Cube Developments director Scott Juniper says apartment sales at the project hit 90 per cent, with six of the 57 apartments remaining, and most of the buyers’ being locals, from the Sunshine Coast area.

Alexandra Headland Property

Juniper says apartments are priced from $580,000 and range up to $2.49 million.

The development, at 120 Alexandra Parade, commenced construction in July 2019.

Throughout the sector’s restrictions, McNab construction manager Carl Nancarrow said the project is progressing well.

“This project has been incredibly important to the Sunshine Coast industry and the timing could not have been better in regards to providing certainty for our local trades,” Nancarrow said.

“We’re pleased we have helped provide a significant economic injection to the local economy.”

McNab is expected to wrap up construction by the end of the year.

This article is republished from https://theurbandeveloper.com/ under a Creative Commons license. Read the original article.
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Brisbane

Sales Top $20m in Brisbane’s Tallest Tower

Sales Top $20M Tallest Tower

Sales Top $20M Tallest Tower

Sydney-based developer Billbergia, along with partner AMP Capital, has sold $20 million worth of luxury apartments at its Brisbane Skytower development, defying the downturn in sales seen in the broader market.

Despite the state government’s social gathering restrictions on public open homes, the developer said it was able to close deals on five apartments across the building’s recently completed top-tier, otherwise known as the Horizon Collection, over the past two months.

Knight Frank Brisbane project marketing director Jason March, who negotiated the recent deals, said there was pent-up demand for the luxury residences in the development when it launched at the end of last year.

“When Covid-19 hit Brisbane we saw some hesitation in the market from buyers, but now there is greater certainty on where the pandemic is heading we have seen buyers re-emerge with renewed vigour,” March said.

“The luxury market particularly is in demand as people look to buy lifestyle residences more locally in lieu of being able to travel around the world and in recognition of the fact that we are spending more time at home.”

Birsbane Tallest Tower

The 1,141 apartment tower, which rises 270 metres, was partly completed in 2017 with some of the building’s lower-level apartments sold and occupied while Hutchinson Builders continued with the delivery of the top floors.

The project’s latest release, consisting of 42 two and three-bedroom luxury residences and 5 four-bedroom penthouse apartments on the seven uppermost floors of 90-storey building, hit the market late last year.

New residents will have access to private entertainment spaces and gym, as well as the option to have lifestyle services provided by The Westin Hotel.

The tower is in Brisbane’s CBD, within walking distance of the Botanic Gardens, the Queen Street Mall, South Bank and the Brisbane River.

Sales Top

According to Knight Frank’s latest prime global index, Brisbane’s premium residential property market recorded a 0.3 per cent gain, even as global luxury markets record the lowest growth in 11 years.

By contrast, Melbourne’s prestige home prices fell 1 per cent weighed down by excess supply and weaker demand amid the border closures.

“Brisbane is attractive as an up and coming city undergoing transformation, as well as its affordability in comparison to its southern counterparts and lifestyle, which has been emphasised during the various Covid-19 lockdowns,” March said.

“We have seen strong enquiry over the past few months from both local and interstate buyers, as well as some from overseas.

“While some have been investors, we are mainly seeing owner occupiers looking to ‘rightsize’—that is, downsizing to luxury apartment living.”

Prime prices in Australasia and North America were the most resilient globally in the second quarter of 2020, boosted by low levels of supply and strong demand from affluent buyers.

Despite Australia’s relatively solid showing, the pandemic has clearly impacted global demand for prime properties with the index rising by just 0.9 per cent over the year to June—its lowest rate annual growth since the height of the global financial crisis in 2009.

This article is republished from https://theurbandeveloper.com/ under a Creative Commons license. Read the original article.

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Brisbane

Cornerstone Plots Fortitude Valley Tower

Cornerston Plot Fortitude Valley Tower

Cornerston Plot Fortitude Valley Tower

Brisbane-based developer Cornerstone is pushing ahead with a major commercial project in Brisbane’s Fortitude Valley, lodging plans for a high-rise commercial tower alongside the landmark McWhirters building.

The development is slated for a 1,357sq m site running between 251 to 253 Wickham Street, together with part of 47 Warner Street, currently occupied by a derelict and dilapidated former building.

The 28-storey development will be known as 251 Wickham Street and, if approved, will add 14,500sq m of net lettable area to the fast-growing fringe office market, north-east of the Brisbane CBD.

The scale of the development would be a considerable increase on the preliminary approval currently available for the site which would green-light an 11-storey proposal.

The design for the proposed A-grade office building is led by Brisbane firm Bureau Proberts, with development partners James Project Management and Robert Bird and Partners also overseeing the project.

Bureau Proberts director Liam Proberts said the building offers stepped floor plates, which would create commercial tenancies of varying sizes and needs.

“The Covid-19 pandemic has brought into sharp focus the value and importance of this design approach,” Proberts said.

The proposal features meeting and recreation spaces on levels 15 and 27, a gym with lap pool, sky terraces and balconies.

In the development application, Cornerstone said there had been a renewed focus on council’s “buildings that breathe” guidelines, with the impact of Covid-19 increasing the importance of workplaces that promote mental and physical health.

The building features 55 car parking spaces across three basement levels as well as 108 bicycle spaces and end of trip facilities.

Its proximity to Brisbane’s Fortitude Valley station, currently undergoing a $500 million revamp, is expected to be a drawcard for prospective tenants.

One of the developer’s most significant projects was the revitalisation of an 18-level B-grade tower in Brisbane’s CBD after acquiring it in 2012.

The fully-refurbished building, located at 310 Ann Street, offers 18,360sq m of space designed around a central core and is home to tenants including Allianz Worldwide Partners and the Queensland government.

Cornerstone also has plans in its pipeline for a 2,850sq m site under its control at 301 Wickham Street in Fortitude Valley, where it has approval for a 25-storey, 36,000sq m office building.

This article is republished from https://theurbandeveloper.com/ under a Creative Commons license. Read the original article.

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