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Brisbane Prestige Property Market clocks multimillion-dollar sales to kick off spring

Brisbane Prestige Prope

Spring has sprung across Brisbane’s soaring prestige property market with multimillion-dollar homes clocking suburb records amid fierce buyer competition from across the nation.

A spectacular New Farm mini-mansion at 36A Oxlade Drive kicked off the city’s hottest selling season last week, after a cashed-up home hunter forked out an eye-watering $8 million for the four-bedroom abode at auction.

Rounding out the stellar start to September was 97 Petersen Street in Wynnum, which also sold for a suburb record-setting $2.85 million off-market to a local purchaser.

Spring has sprung across Brisbane’s soaring prestige property market with multimillion-dollar homes clocking suburb records amid fierce buyer competition from across the nation.

A spectacular New Farm mini-mansion at 36A Oxlade Drive kicked off the city’s hottest selling season last week, after a cashed-up home hunter forked out an eye-watering $8 million for the four-bedroom abode at auction.

The sales come amid dozens of other recent multimillion-dollar transactions throughout the city with property experts citing Brisbane’s affordable luxury homes coupled with growing interstate migration as key drivers.

Ray White New Farm principal Matt Lancashire, who clocked the auction of 36A Oxlade Drive, said 11 registered bidders battled it out for the property, with opening bids starting at $5 million.

Brisbane Prestige Prope

“The Brisbane market, especially for fabulous properties like this right on the river, is really hot right now with exceptional results after exceptional results,” Mr Lancashire said.

“The buyers are coming from everywhere too. I have a lot of clients who are upgrading and significantly upgrading, in many cases triple the value of their current home.”

Mr Lancashire said he had sold more property over $5 million in the past three months than he had in the past two years, with his New Farm office transacting $60 million in unconditional sales during August alone.

Place New Farm agent Heath Williams secured the sale of 59 Molonga Terrace and said the sheer architectural authenticity of the five-bedroom abode sparked the record-setting sale.

brisbane property

“It wasn’t trying to be all things to all people. It was a very specific avante garde home … and you either loved it or you hated it – but in the end people loved it,” Mr Williams said.

“There was a lot of black.”

But black was the new black for dozens of vying home hunters, who lapped up the industrial-style property sprawled on a 1369-square-metre block overlooking the Brisbane River.

Mr Williams said the agency also sold a striking apartment at 63 Chester Street, New Farm, for a whopping $4.7 million off-market this week, cementing his best sales quarter ever.

“Prices are holding … and high-level architectural homes are getting really good interest because sometimes people aren’t willing to go that extra mile to create them themselves, but when they see them they fall in love with them,” Mr Williams said.

“To a degree Brisbane is also catching up to Melbourne and Sydney.”

Caiti Shaw, from Place Bulimba, sold the record-setting 97 Petersen Street at Wynnum, and said the sprawling property not only sold off-market but sight-unseen.

“It set the record because it’s a magnificent property and it’s on an acre [0.4 hectares] of land and right at the top of the hill in a quiet pocket … so it really was a once-in-a-lifetime opportunity,” Ms Shaw said.

“I think we’ve done three or four off-market sales in the past three months … things in the Bayside are moving and a lot of interest is coming from interstate buyers.”

Ms Shaw said sales activity had remained strong throughout the pandemic with family home hunters in search of a better lifestyle leading the charge.

“There’s more and more people working from their computer these days and people want to be north of the border.”

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

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Brisbane

Mapletree Makes $114m Move on Blackstone’s Brisbane Estate

Mapletree Makes $114m Move on Blackstone’s Brisbane Estate

Another logistics asset has changed hands in southern Brisbane, with Mapletree swooping on Blackstone’s distribution centre for $114 million in Brisbane’s busy industrial and logistics market.

It’s the second Blackstone Brisbane asset to change hands in the past week, following the divestment of its 18-hectare Acacia Ridge site to ESR for $90 million.

The Woolworths anchored property, located at 338 Bradman Street, spans two buildings comprising 55,000sq m and sits on an approximate 110,000sq m land parcel in an established industrial and logistics precinct, 18-kilometres south of Brisbane city.

The property is fully leased, and is expected to generate an initial yield of 4.9 per cent.

Woolworths Group leases 84 per cent of the property, which supports its operations in Queensland and northern New South Wales.

Property fund manager Mapletree is the first Asia-focused logistics REIT in Singapore, listed on the Singapore Exchange in mid-2005, and is managed by Mapletree Logistics Trust Management, a wholly-owned subsidiary of Mapletree Investments.

The latest buy boosts Mappletree’s Brisbane holdings to three properties, following its $105 million purchase of a Coles distribution centre in Heathwood in 2018, and a newly built A-grade Inala facility purchased this year in June for $21.25 million.

It now has a total of 13 properties across Australia.

The Covid-19 pandemic has seen a major uptick in online shopping, particularly in the food, beverage and grocery sector.

Mapletree says the Acacia Ridge location is well-positioned to benefit from infrastructure developments, specifically, the $8.4 billion high-capacity inland freight rail connecting Melbourne and Brisbane which is expected to increase rail freight between the two cities, due to be in operation in 2026.

The property is expected to be completed by the end of the financial year 2021, subject to the Australian Foreign Investment Review Board’s approval.

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

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Brisbane

Construction of Brisbane’s first new and highly anticipated golf course in 70 years has begun

Construction of Brisbane's first new and highly anticipated golf course in 70 years has begun

Construction of the long awaited Minnippi 18-hole championship public Golf Course and club in Cannon Hill is underway after receiving approval from Brisbane City Council earlier this year.
The golf course stretches between the Fursden Road playing fields at Carina and the hill beside Cannon Hill Shopping Centre.

The golf course will be the first of its kind for the area and will have everything for golf beginners to championship professionals, with a standard championship length 18-hole game, two nine-hole courses and a shorter six-hole course.
The 125 hectare site which the public golf course is being built on is located on the unused Brisbane City Council land on the western side of Bulimba Creek, east of Creek Road and north of Fursden Road at Cannon Hill. Bulimba Creek separates the development site from the existing Minnippi Parklands recreation area.

Along with construction delivered by one of Australia’s biggest construction companies, BMD, Council have planted 80,000 native trees on the site. The golf course is effectively an expansion of the Minnippi Parklands at Tingalpa and will remain in public hands and be operated by the council.

This year’s pandemic has seen a tough year for construction, however the golf course moves ahead into its next stage, which will provide a great boost for local jobs and supplier opportunities. The course surrounds and brings a picturesque backdrop to Azure Development Group’s recently completed residential enclave, Cornelia Edition.

Cornelia Edition is an exclusive gated community offering 31 luxury golf course terraces with resort-style amenities for residents. Primely located in the East Brisbane suburb of Cannon Hill, the terraces interact directly with the new golf course and benefit from the areas diverse and amenities with a strong community feel.

Cornelia Edition brings resort living inspired by the Palms Springs lifestyle with resident amenities including a large resort-style pool, outdoor lounge, fireplace, and open leisure area with a selection of terraces enjoying uninterrupted views of the parklands.
Residents of Cornelia Edition will benefit from the lush green views of the high end golf course by having a direct interface to one of the holes and the natural amenity of the community. Parks, connected bikeways and the convenience of good public transport provides residents with a peaceful and easy lifestyle.

Construction on the exclusive housing enclave has completed and work on the golf estate is expected to be finished in 2022.

This article is republished from urban.com under a Creative Commons license. Read the original article
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Nicholas Failla
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Brisbane

Novotel Brisbane sold to offshore group JLL

Novotel Brisbane sold to offshore group JLL

Further hotel transaction activity points to continued investor confidence with the Novotel Brisbane sold by CDL Hospitality Trusts (“CDLHT”) to Amora Hotels & Resorts for $67.9 million by JLL.

In further signs of continued investor confidence in the Australian hotel sector, the Novotel Brisbane has sold by CDL Hospitality Trusts (“CDLHT”) to Amora Hotels & Resorts for $67.9 million.

The transaction was brokered off-market by JLL Hotels & Hospitality Group.

Prominently situated on the north-eastern edge of the CBD next to Central Railway Station and only a short walk from many of the city’s key demand generators, the Novotel Brisbane features 296 guest rooms, full-service restaurant and bar, café, ballroom and function rooms, 70 car parking bays, an outdoor swimming pool and gymnasium. The property is currently leased until early 2021 at which time it will be rebranded and owner operated by Amora Hotels & Resorts.

Mr Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “As part of our proactive asset management strategy, the divestment of Novotel Brisbane allows us to recycle capital to maximise long-term value for Stapled Securityholders.” CDLHT’s managers intend to utilise the proceeds from the divestment mainly to repay existing borrowings, which will further strengthen CDLHT’s balance sheet and enhance its financial flexibility through increased debt headroom, or fund acquisitions if suitable opportunities arise.

Raja David, Director/Owner Representative, Amora Hotels & Resorts, said “We are absolutely delighted to enter the Brisbane market through the acquisition of such a well-known hotel. This property will perfectly complement our existing portfolio and help to further accommodate the needs of our loyal guests. We are now looking forward to the rebranding and exploring further expansion opportunities for our Australian network.”

Peter Harper, Managing Director – Head of Investment Sales Australasia, said “The sale of the Novotel Brisbane is another clear example that high-quality hotel real estate remains sought after across Australia, despite the obvious short-term challenges ahead. This transaction follows our recent sale of the Vibe Hotel Melbourne for a reported $108 million and with several other assets in the market we expect to announce at least another $300 million of deals before year end.”

He added, “Six months on from the initial impact of COVID-19, its apparent that there is a two-tier market emerging. Given how tightly held the Australian hotel market has historically been, many investors are taking a long-term view and largely seeing the current environment as an opportunity to acquire previously ‘unobtainable’ assets. As such, investment grade hotels in good condition and locations are still seeing strong investor demand and this competitive interest is helping to maintain capital values. Whilst many purchasers were hoping to see wide-spread heavy discounts to pricing, the reality is that we are only seeing this for assets that are situated in secondary locations, require significant capex or considered likely to be the last to fully recover.”

Mike Batchelor, CEO Asia Pacific, said “Offshore investors have always been attracted to the Australian hotel market and this is even more evident in the current environment where the country

is clearly viewed as a flight to quality destination due to its strong investment fundamentals, the way our Governments have handled the COVID-19 crisis relative to other nations and a very positive medium to long term outlook.”

“Our team of 90 across Asia Pacific are currently constantly fielding interest and enquiry on Australian hotels, be it for existing sale offerings or the search for off-market opportunities. Pleasingly, it’s not just from the traditional capital source markets of Singapore, Hong Kong and Malaysia, but increasingly also emerging markets such as Thailand and Vietnam,” he noted.

This article is republished from thehotelconversation.com under a Creative Commons license. Read the original article.

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