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CBD Golden Tower Listed for $300m

Golden Tower

The country’s biggest office landlord, Dexus, has listed an A-grade office tower in Brisbane’s Golden Triangle, with price expectations of $300 million.

The commercial building, known as “The Gold Tower”, has been offered to the market at a time when few other Brisbane assets are for sale.

The building, which sits on a 3,477sq m island site at 10 Eagle Street, will be Brisbane’s largest listing to hit the market in 2020.

When completed in 1978 the 32-story tower was Brisbane’s tallest building at the time. It comprises 27,826sq m of net lettable area, 247 car parks, and is 91 percent occupied.

The listing is with Savills Queensland managing director Anthony Ott and Knight Frank capital markets partner Justin Bond.

“While investor interest in Brisbane has continued during Covid-19, there has been limited availability of quality investments for sale,” Bond said.

“As such this asset is expected to attract strong pent-up demand from both offshore and domestic investors, with the biggest drawcards being the prime Eagle Street position, diverse income profile and future development upside.”

Brisbane CBD office market has remained quiet in the wake of the coronavirus hitting with no institutional office transactions occurring in the CBD since the sale of 66 Eagle Street in late 2019 by Lendlease, which was picked up by Deka for $380 million.

Dexus, which picked up 10 Eagle Street in 2012 for $195 million, has been selling buildings near book value during the pandemic with hopes that they will hold their values.

Ott said the location of the building, right in the heart of the Golden Triangle and in a premium position along the tightly held Eagle Street, presents a rare opportunity for investors.

“Investors will be drawn to not only the premium location but the future development opportunity to add another building on the site or perhaps extend the floor plates.

“The asset fundamentals of the 10 Eagle Street tower also complimented Brisbane’s most active tenant market at the moment, in the 200sq m to 1500sq m size range,” Ott said.

The property is near major CBD infrastructure projects in Brisbane, with $12.8bn in developments, including the Cross River Rail and the waterfront precinct redevelopment, driving the area.

Across the road, Dexus is forging ahead with plans for a $2.1 billion twin-tower project on the city’s riverfront.

Dexus has honed plans for two towers of 49 and 43 floors as part of broader plans proposed to transform the Eagle Street Pier and Waterfront Place.

If approved, the commercial precinct will be delivered over two stages, with the first stage involving the construction of public realm spaces, riverwalks, podium levels, basement, and north tower. The second stage will involve the construction of south tower.

Last September, Dexus also took control of a property ripe for development with approval for a 274-meter skyscraper in Brisbane’s Golden Triangle.

With the off-market acquisition of the retail building at 171 Edward Street, Dexus has quietly opened talks with its Catholic Church neighbour with a view to engaging in a larger joint venture.

 

The post “CBD Golden Tower Listed for $300m” by Ted Tabet appeared first on the theurbandeveloper.com Blog

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Brisbane

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

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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Brisbane

Green ‘Grand Central’: Cross River Rail unveils changes to parklands vision

Cross River

Developers of Queensland’s biggest infrastructure project, the $5.4 billion Cross River Rail, appear to have bowed to public pressure and moved to preserve more public space in its redesign of the city’s Roma Street parklands precinct.

The Cross River Rail Delivery Authority has confirmed it will allow more public open space in a revised development plan for the area.

A new development scheme for the Roma St precinct, which will contain the state’s most most important transport interchange (dubbed Grand Central) as well as the proposed Brisbane Live arena, identifies new green areas and more affordable housing than was originally planned.

The Palaszczuk government has insisted that the development of an underground Roma St station as part of Cross River Rail is a chance to revitalise an under-used part of Brisbane into a major opportunity for private investment.

The government expects that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.

However, the delivery authority came under fire for giving over part of the Roma St parklands which houses a public car park and Brisbane City Council maintenance depot to residential and commercial development.

The authority now says under the finalised development scheme the precinct would have more “publicly accessible open space”.

“The existing 11 hectares of publicly accessible open space within the Roma St Parklands will not only be protected forever, but will be expanded even further by more than two hectares,” the authority said in a statement.

“The development scheme also provides for new social and affordable housing as part of new residential buildings parallel to the rail corridor, adding to the existing apartment complexes along Parkland Boulevard.”

“This scheme is all about renewing one of Brisbane’s most underutilised inner-city locations while protecting and enhancing the beautiful natural features that already exist. ‘

About 46,000 people each weekday are expected to use the new high-capacity underground station at Roma Street by 2036.

 

Article Source: inqld.com.au

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Brisbane

Brisbane Olympics to Push Property Market’s Limits

Brisbane

Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

PRD chief economist Diaswati Mardiasmo said it was clear that hosting major events had served the property market well.

“The year after the 2000 Sydney Olympics, Newington (site of the athletes’ villages) and surrounding suburbs’ median house prices grew by 13.4 per cent,” Mardiasmo said.

“Median house price growth was not limited to the year after the Olympics. It grew by 38.5 per cent two years after, and 66.4 per cent three years after.

“The year after World Expo 88, South Bank and its surrounding suburbs grew by an average of 19.1 per cent and by 10.3 per cent after G20 Summit 2014.”

Brisbane property price predictions: Olympics 2032

Suburb 2011 2021 Projected Growth G20 Average
Hamilton house $824,000 $1,650,000 $3,990,670
Tennyson house $515,000 $970,000 $2,052,520
Chandler house $1,040,000 $1,600,000 $3,385,600
Woolloongabba house $623,000 $951,000 $2,012,316
South Brisbane house $805,000 $1,210,000 $2,560,360
Redland Bay house $450,000 $638,000 $1,350,008
Ipswich house $325,000 $435,000 $1,052,086
Herston house $697,000 $908,000 $1,921,328
Spring Hill house $950,000 $1,150,000 $2,433,400
Coomera house $353,000 $550,000 $1,163,800
Broadbeach units $463,000 $625,000 $1,322,500
Alexandra Headland house $570,000 $1,110,000 $3,348,760
Twin Waters house $651,000 $1,077,000 $2,278,932

^Source: PRD Research, AMP Pricefinder

“Bearing in mind the 2032 Olympics are still 11 years away, and based on how the Brisbane market is travelling, the potential to eclipse this price point is high,” Mardiasmo said.

“Regardless of the calculation method, the conclusion points us to Brisbane becoming a $1-million median house price city sooner rather than later. ”

Domain’s latest house price report showed median house price in Brisbane was $678,236, up 13 per cent annually.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

Domain chief of research Nicola Powell said at the moment, low listing numbers and interstate migration were driving the price hike.

“It suggests that upgrading homeowners are fuelling house prices, as well as interstate and expat buyers moving from more expensive cities,” Powell said.

Melbourne and Canberra officially joined Sydney in the $1-million home club in the July results.

 

Article Source: www.theurbandeveloper.com

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