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Brisbane’s Royal Exchange Hotel Listed

Hotel Listed

Australia’s largest pub landlord, ALE Property Group, is looking to take advantage of the red-hot pub market, putting one of its trophy assets in Queensland up for sale.

The ASX-listed group has listed the Royal Exchange Hotel in Brisbane’s riverside suburb of Toowong amid heightened demand from private investors for long-leased hotel assets.

The popular pub is on a 2453sq m site and was picked up by ALE for $5.75 million.

The hotel’s lease, with newly listed entity Endeavour Group—the third-largest gaming operator in Australia—runs until 2028 with four 10-year options in place.

Endeavour currently operates 250 Dan Murphy’s liquor stores, most of them big barn superstores, and 1392 stores under the BWS banner. It also has a portfolio of 293 hotels, with 12,300 poker machines and 290 TABs and KENO outlets.

The group is currently operating three retail bottle shop outlets and one of the state’s most recognised beer gardens and sports bar at the Toowong site.

The sale of the popular hotel is being overseen by agents Burgess Rawson and HTL Property.

HTL Property director Glenn Price said with the national market having set a record $1.5 billion in sales this financial year, investment grade opportunities with “covenants the quality of Endeavour Group” were rare.

“The Royal Exchange Hotel is a highly regarded suburban hotel operation and the stability offered by having the nation’s largest hoteliers as its listed tenants is a compelling proposition,” Price said.

The pub is expected to go for no less than $10 million given the yield contraction experienced in Brisbane’s pub market in the past six months and lack of similar investment grade stock currently available.

Pubs nationally, along with cinemas, restaurants and clubs, were forced to close from late March last year to the start of June as part of pandemic lockdowns.

Since then, almost 100 pub deals have been recorded by HTL, the majority of which were struck after October.

Major players within the sector—including Sam Arnaout’s Iris Capital, the Laundy family, listed owner-operator Redcape, Justin Hemme’s Merivale and listed investment trust Hotel Property Investments—have been very active in the market.

In March, ALE also listed four of its smaller pubs in Queensland and Victoria, all with similar leases until 2028.

The assets are the Kedron Park Hotel and Edinburgh Castle Hotel in Brisbane, the Pelican Waters Tavern in Caloundra on the Sunshine Coast and the Top Pub Hotel in Morwell in regional Victoria.

As well, The Imperial Hotel in Beenleigh, south-east of Brisbane, is being offered to the market by Brisbane’s Sun family and listed through Savills.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Olympic Village’s Green Bridge to City Revealed

Green Bridge

Plans for Brisbane’s newest pedestrianised Green Bridge have been finalised and lodged for approval, according to Lord Mayor Adrian Schrinner.

Construction of the bridge would be fast-tracked, subject to approval, according to the Brisbane City Council and work is to commence later this year.

Schrinner said it would provide a “critical connection” for the 2032 Olympics Athletes Village at Northshore Hamilton.

“Once complete the new bridge will provide a critical connection for people walking, cycling or scooting along our new Lores Bonney Riverwalk, and also the Brisbane 2032 Athletes’ Village at Northshore Hamilton, which is set to host more than 10,000 Olympians and officials, and 5000 Paralympians,” he said.

The commencement of construction would be subject to approval from independent planners. Schrinner said the construction would provide $67 million in local industry investment and about 140 jobs.

Schrinner said the investment in a green bridge would better connect the area for active transport users.

“The final design, which has been submitted as part of the application, has been refined following community feedback, and shows an 80m-long bridge with an arch design,” he said.

Schrinner said the colour palette reflected the area’s Moreton Bay fig trees and Newstead Park, and would include LED lighting, rest stops and a direct connection to the Riverwalk.

It is part of a $550-million green bridge program across the city, along with the Kangaroo Point green bridge, which has also been expedited.

Green Bridge

▲ An artist’s impression of the Athletes Village proposed for Northshore Hamilton. Image: Qld Government

Northshore Hamilton will be a key precinct in the delivery of the Brisbane Olympic Games in 2032 and it has been earmarked for a “transformation” similar to South Bank.

Deputy Premier Steven Miles said the plans would rejuvenate the existing industrial land

“The Olympics will do for Northshore Hamilton what Expo 88 did for South Bank,” Miles said.

“The Village will host more than 10,000 athletes and team officials for the Olympic Games and more than 5000 for the Paralympics.

“Our Athletes’ Village will be on Economic Development Queensland-owned land within the Northshore Hamilton Priority Development Area (PDA).

“Hosting the 2032 Games will mean a 10-year pipeline of construction jobs, trade and investment opportunities, and legacy projects that will benefit Queenslanders for decades to come.

“The legacy of the Village precinct is already incredibly important.”

After the Games the village would be reimagined for aged care, residential, retirement living, social and affordable housing, key worker, and build-to-rent accommodation.

The Northshore Hamilton PDA was in the final stages of review and would be released for public comment later this year.

A Vaxxas biomedical facility was also hedged for the Northshore precinct, where the manufacture of world-leading, needle-free vaccines would be undertaken, which, Miles said, could also be used for Covid-19 vaccines.

 

Article Source: www.theurbandeveloper.com

 

 

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Brisbane

Charter Hall leads the charge with $560m industrial deals

Charter Hall

Funds management and development juggernaut Charter Hall has swooped on $560 million worth of industrial properties as it builds its pipeline to service the explosive growth in the ecommerce, data and cold storage sectors.

Defying the pandemic-hit market conditions, it has acquired and settled 17 assets which have lucrative high-quality tenant covenants, with long lease terms ranging up to 16.9 years and located in large industrial precincts with proximity to major infrastructure and metropolitan areas.

Further boosting its $16 billion pipeline, Charter Hall has purchased a number of development sites that come with surplus land for expansion and development. The group has forecast the industrial portfolio will grow beyond $20 billion.

Charter Hall is an ASX-listed $7.75 billion diversified manager that specialises in assets with long leases across the traditional sectors of office, retail and industrial as well as fast-moving consumer foods, pubs, healthcare and childcare.

Charter Hall chief executive David Harrison said the acquisitions build on the group’s strong momentum in acquiring high-quality industrial assets in prime locations across Australia.

“We continue to lead the Australian market in deal volume, and our ability to secure high-quality assets off-market continues to deliver long-term value for the business and superior outcomes for our capital partners and investors,” Mr Harrison said.

Major tenant customers secured with the latest acquisitions include Australia Post, Toll, Border Express, Cleanaway, Zirconia (Iron Mountain) and state government agencies. One large site is the distribution centre in Lytton, Brisbane leased by Kmart.

Charter Hall industrial and logistics chief executive Richard Stacker said with a further $3 billion of investment capacity together with a captive development pipeline, “we would expect our $16 billion industrial portfolio to grow beyond $20 billion over coming years.”

The deals reflect how the country’s commercial property sales moved up a gear in the second quarter, with the industrial sector posting the strongest ever quarterly deal flow, the latest Australia Capital Trends report from Real Capital Analytics (RCA) shows.

Benjamin Martin-Henry, RCA’s head of analytics, Pacific, said quarterly sales of industrial stock outpaced offices and retail properties combined for only the second time since the start of 2020, having never achieved this feat in the previous two decades.

“This record was despite a relatively quiet first quarter for the industrial market. With a hefty deal pipeline of around $2 billion of industrial deals awaiting settlement, 2021 is highly likely to be a record-breaking year for the sector,” Mr Martin-Henry said.

Commercial property sales worth $13.4 billion were closed over the second quarter, up 15 per cent on the same period last year. For the first six months of 2021, volumes reached $21.2 billion, up 11 per cent compared to the same period in 2020.

Together with the Charter Hall deals, Blackstone completed the sale of the Milestone Industrial Portfolio to GIC and ESR for $3.8 billion, while LOGOS, together with partners Australian Super, Ivanhoe Cambridge, TCorp and AXA IM Alts, bought Australia’s largest intermodal logistics facility – Moorebank Logistics Park (MLP) in Sydney – for $1.67 billion from Qube.

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village

Green Bridge

Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.

The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.

The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.

“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.

“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”

He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.

Brekky Ck

The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.

Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.

The council insists the remaining bridges need federal and state government funding to go ahead.

 

Article Source: inqld.com.au

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