CABOOLTURE West has the potential to become the next Parramatta or Dandenong, according to one of the country’s top demographers.
Professional services firm KPMG demographer Bernard Salt has called for the region to become a jobs hub to strengthen the area and prevent traffic carnage from commuters trying to muscle their way into Brisbane’s CBD.
Mr Salt was in favour of the Caboolture West plan, which he said would be “a next-generation North Lakes” and kept the “Australian dream” alive.
And he used Parramatta in Sydney’s West and Dandenong on the edge of Melbourne as case studies for success. “I am hoping over the next 20 years, jobs will be decentralised outside of Brisbane,” he said.
“It won’t be the community of west Caboolture coming into the city.
“With the new university centre at Petrie, or Chermside, we can see stronger regional centres.
“The same way that Parramatta and Dandenong have strong regional job centres, rather than the model that has evolved of living on the edge of the Bruce Highway and fighting our way into the city.”
Mr Salt said growing digital industries could also ease gridlock, with more people able to work from home.
He has called for that way of thinking to be included into the masterplan for Caboolture West.
Mr Salt said the previous success of regions such as North Lakes and Caloundra West on the Sunshine Coast provided a template for Caboolture West to be even better. “It provides local jobs, it brings aspirational people to the area and young families,” he said.
A council spokesman said there were provisions in the plan for 17,000 fulltime jobs in the region, and provisions for a major district town centre, six local centres and 13 neighbourhood hubs.
“The plan also outlines six potential local centres within Caboolture West that will become key focal points and dedicated public transport hubs. It is expected the local centres will include offices, supermarkets, speciality stores, health, childcare and support services.”
Original article published at www.couriermail.com.au by Josh Alston, Caboolture Shire Herald 30/9/16
Australian Unity Raises $291m for Healthcare Property
Australian Unity raised $291 million to purchase six aged care properties and develop existing healthcare facilities in Melbourne and Brisbane.
This adds to their $2 billion Healthcare Property Trust’s portfolio of 55 healthcare-related property assets that include hospitals, medical centres and aged care facilities.
The new properties located in south-east Queensland and Cairns would be leased to Infinite Care for 25 years who were also given a loan to fit out the properties by the unlisted healthcare REIT.
Australian Unity head of healthcare property Chris Smith said they raised the funds from new and existing investors and they have a development pipeline of some $675 million.
Projects include the $390m Surgical, Treatment And Rehabilitation Service in Herston, Queensland, a $28 million upgrade to Peninsula Private Hospital in Langwarrin, Victoria and a $22 million expansion at Beluera Private Hospital in Mornington, Victoria.
“Our current and future developments enable us to put in place long-term leases with committed tenants that provide vital services to the community and a clear pathway to consistent returns for investors,” Smith said.
In the last five years unlisted property delivered annualised returns of 21 per cent, according to data released by Zenith Investment Partners, MSCI, the Property Funds Association and the Property Council of Australia.
Australian Unity head of commercial property Mark Lumby said the low-cash environment continued to underpin momentum for capital seeking assets with attractive yields.
“Looking ahead, we expect any further interest rate cuts to position property favourably compared to other asset classes like cash and fixed interest,” he said.
“As commercial properties generally have medium-to-long term leases which are indexed every year to CPI or have fixed increases in place, the sustainability of income from property becomes more attractive to investors.”
Australian equity markets delivered an annual return of 13 per cent with A-REITS returning 15.7 per cent, global equities dropping 1.9 per cent and cash dipping to 1.9 per cent over the same period.
Dexus Moves Ahead on $2.1bn Eagle Street Pier Revamp
The next hurdle for Brisbane’s $2.1 billion Eagle Street Pier will be submitting applications to council after an agreement was struck with the state government.
Property giant Dexus aims to have development applications submitted to Brisbane City Council by mid-2020.
This came after signing a facilitation agreement on their waterfront Brisbane concept masterplan with the state government.
The new development would see two mixed-use towers built on the Eagle Street Pier site along with 7,900sq m of open space, upgraded wharf facilities and an enhanced riverwalk.
Construction is expected to commence in 2022 and the first tower to be delivered in 2026.
Dexus chief investment officer Ross Du Vernet said the agreement was a significant milestone and if approved would unlock considerable potential in the under-developed site.
“Waterfront Brisbane is a key project in Dexus’s $8.7 billion development pipeline. We have been encouraged by the support our plans have received from the state government, council and the community, and we’re excited to bring this vision to life,” he said.
“Its scale and central riverfront location provide a truly unique opportunity to create a world class destination for city workers, residents and tourists.”
Minister for State Development Cameron Dick said the agreement would transform Brisbane’s Eagle Street Pier into a premium business and leisure destination.
“This is a landmark project which is estimated to provide a $5.7 billion boost to Queensland’s gross state product over the next 40 years, including $230 million in value add to our State’s construction and professional services sectors,” he said.
“The Waterfront Brisbane proposal is a city-shaping development for Brisbane’s CBD and one that the Queensland Government is proud to facilitate with Dexus for the benefit of the Brisbane and Queensland community.”
Delivery of the project will be staged, and subject to Dexus securing the relevant approvals from BCC.
By mid-2020 council is expected to release their final City Reach Waterfront Masterplan for a 1.2 kilometre stretch of river frontage from the City Botanic Gardens to Howard Smith Wharves.
The new city center of Maroochydore promotes real estate growth
The new city center of Maroochydore is slowly taking shape and, according to developer SunCentral, is already helping to drive real estate growth in the nearby Sunshine Coast suburbs.
The new Maroochydore City Center is located on a former 53 hectare golf course and is one of the largest CBD projects in the green field in Australia.
John Knaggs, SunCentral’s chief executive officer, said that the project, when completed, would deliver commercial, residential, retail, and mixed-use projects along with public green spaces such as parks, squares, and waterways.
“Maroochydore’s new CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and bring in more than $ 4.4 billion to the local economy,” Knaggs said.
“The total construction cost for the 20-year project is estimated at $ 2.1 billion.”
After more than a decade of planning, the first stage of the Maroochydore City Center was officially opened to the public in August. The first buildings are under construction.
It will be complemented by other infrastructure developments in the region, including the expansion of the Sunshine Coast Airport and the recent completion of the Sunshine Coast University Hospital for $ 2 billion.
“Maroochydore’s CBD will be at the heart of a region where unprecedented investments in private and public infrastructure are being made,” said Knaggs.
“The confidence of companies on the Sunshine Coast is strong as the economy is growing four times faster than the Australian one.”
According to a real estate report by analyst Terry Ryder, average property prices in the Sunshine Coast suburbs have risen by up to 37 percent. These include the Twin Waters suburbs, which grew 21 percent last year, and Mooloolaba, which grew 14 percent.
Further north, Sunshine Beach grew 37 percent, and the Noosa hinterland suburb of Doonan grew 19 percent.
“The new CBD is at the heart of this growth. It provides a center for the growing economy and employment opportunities of the Sunshine Coast while helping to boost housing price increases in the region,” said Ryder.
The local government districts of Sunshine Coast and Noosa are expected to reach 580,000 residents by 2041.
“Population growth leads to higher demand for real estate, which in turn leads to higher values,” said Ryder.
“In fact, the region is now tending to shortage of new housing. The Property Council of Australia warns that the Sunshine Coast cannot keep up with demand.”
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