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Centuria Swoops on Charter Hall’s Adelaide Office Block

Centuria

Fund manager Centuria Capital has swooped on a recently completed office tower in north-west Adelaide for nearly $63 million, struck on a yield of 4.6 per cent.

The 6500sq m commercial building at 21-25 Nile Street in Port Adelaide was completed in 2018 and is fully leased under a 15-year agreement to the South Australia government’s department of transport and infrastructure.

The building was sold by Charter Hall through a direct managed fund after it acquired the asset as a fund-through development in 2017, with a total completion value of $43.6 million.

Charter Hall’s direct business currently manages $7.5 billion in assets and cash inflow from retail investors has accelerated during the past two years to now enable the funds to be running between $90 million to $100 million a month.

Charter Hall Direct chief executive Steven Bennett said the divestment would provide an opportunity for the fund to realise returns for investors and re-deploy capital into new acquisitions and fund existing developments, such as 60 King William Street, in the Adelaide CBD.

“We have continued to curate the portfolio via selective divestments and importantly upgrade the portfolio through investments in core CBD and emerging precincts,” Bennett said.

For Centuria the asset will now provide a compelling investment proposition, with strong tenant covenants and resilient revenue streams.

As well, the suburb of Port Adelaide is a gateway for the federal government-backed Osborne naval shipyard, which will deliver $90 billion of naval defence infrastructure with a 50-year pipeline.

Centuria joint chief executive Jason Huljich said the group had been drawn to the “young property” within Adelaide’s commercial real estate market, which is currently underpinned by strong employment, regeneration and infrastructure projects.

“The A-grade office building is situated in the heart of the state-backed Port Adelaide Rejuvenation Project, a 20-year regeneration initiative that is anticipated to attract up to 8000 additional residents and 1500 construction jobs,” Huljich said.

“[We] remain confident in Australia’s metropolitan and near city office markets, especially those that benefit from long-term government-backed infrastructure projects.”

The property will be held within Centuria’s unlisted real estate fund, Centuria Government Income Property Fund No. 2.

Centuria has been in a strong growth phase, expanding its funds management platform through corporate deals such as its takeover of Primewest.

It has also been active with direct deals, including its recent $224 million acquisition of a Footscray office tower from the Grollo family.

In August, Centuria picked up another recently 18,000sq m completed office tower, this time in South Melbourne, from the ell-known property clan the Deague family for $200 million.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Competition Heating Up for Rental Properties

Rental Properties

The residential rental market just got tighter with the number of new listings reaching its lowest point since before the pandemic.

The availability of rental properties dropped -3.9 per cent in August, according to the Proptrack rental listing report from REA Group.

Rental volumes dropped the fastest in Melbourne at -16.9 per cent and Canberra at -29.9 per cent as lockdowns hampered the market.

Meanwhile in Sydney, “green shoots” were starting to appear with a 6.7 per cent increase in new rental properties as one-on-one inspections were introduced and activity picked up.

Change in rental listings

Location Monthly new listings Annual Change Total listings Annual change
Sydney 6.7% -23.4% -0.7% -24.8%
Melbourne -16.9% 36.4% -6.7% 14.4%
Brisbane -3.7% -6.4% -0.9% -18.3%
Adelaide 5.4% -3.7% 3.0% -11.2%
Hobart -9.8% 8.7% -3.2% 3.4%
Darwin -1.1% 5.7% 7.9% -20.4%
Canberra -29.9% -21.3% -18.3% -16.7%
Capitals -4.7% -5.0% -3.3% -11.0%
Regional -1.3% -3.5% -2.0% -15.8%
Total -3.9% -4.6% -3.1% -11.9%

Source: REA Group from realestate.com.au August 2021 data

REA Group director of economic research Cameron Kusher said in the report that the fall brought national rental listings to their lowest point since December 2019.

“The rental market has become even more competitive with the availability of rentals close to an all-time low,” Kusher said.

“The crunch in rental supply is being felt regionally, too. Total rental listings were at an historic low at the end of August in regional NSW, regional WA and regional Tasmania.

“Regional Victoria and regional Tasmania were the only regions in which total listings recorded a year-on-year increase.”

Nationally the vacancy rate remained at a multi-year low of 1.6 per cent in August, according to Domain.

This report showed in Brisbane, Hobart, Adelaide and Darwin landlords could use the tight levels to increase rent on new listings.

However in Melbourne, vacancy rates were continuing to rise, hitting 3.8 per cent.

Sydney remained relatively steady, with levels at 2.6 per cent since June.

While the rental market remains competitive, soaring property prices have pushed rental yields to all time lows.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Brisbane’s best property buys: Six must-see homes under $780,000

Brisbane’s best property buys

It’s a tough property market out there for buyers, with lots of competition and not much for sale. Here are six homes for under $780,000 – but you’ll need to be quick.

26/128 Merivale Street, South Brisbane 

Brisbane’s best property buys

26/128 Merivale Street, South Brisbane QLD 4101 

It is unsurprising more than one in two local residents in this neighbourhood had not been born in 1981. This stylish apartment holds big appeal for first-home buyers wanting to live within blocks of local bars, cafes, shops, myriad education campuses and the riverside buzz. It has two bedrooms and two bathrooms, and a car space on title. Right in the thick of the inner-south riverside action, 52 per cent of residents are aged between 20 and 39.

$530,000

Private sale

Place, Michael Hatzifotis 0414 048 604

1/118 Railway Parade, Norman Park

Brisbane’s best property buys

1/118 Railway Parade, Norman Park QLD 4170 

In the inner-east suburb bearing the name of Queensland governor Sir Henry Norman, this three-level townhouse has a fittingly blue-chip, elevated vantage over three levels. A garage, carport and porch form the ground level. Level two is all about socialising, with a breezy front balcony and a private rear courtyard accessed via glass sliders from the open-plan living, dining space and a modern kitchen. Level three holds the sleeping quarters and another balcony. The local primary is about 300 metres north. Two city train stations are within 500 metres.

$699,000-plus

Private sale

Place, Chris Frangi 0481 113 362

52 Violet Street, Hemmant 

Brisbane’s best property buys

52 Violet Street, Hemmant QLD 4174 

A striking renovation of a humble original house set on 405 square metres of land. Today the three-bedroom weatherboard features a sassy stained-timber deck with slat screening and covered area at its rear, ready for all-season entertainment with lofty views. Bulimba Creek, park walking tracks and the city train station are within two blocks. There is a double garage, fences and European kitchen appliances.

$779,000

Private sale

First National, Brad McDonald 0404 418 220

21/2 Little Street, Albion 

Brisbane’s best property buys

21/12 Little Street, Albion QLD 4010 

A Little apartment with a big personality, thanks to its warm decor and semi-circular front balcony. The floor plan is fluid. The 3.3 metre-by-5.1 metre balcony flows to an open dining-living space and the kitchen with bench and storage, before reaching two bedrooms, including the main with en suite and walk-in wardrobe. Its complex is listed as “pet-friendly”.

$445,000-plus

Private sale

One Percent Property, David Sullivan 0447 070 595

59 Folkstone Avenue, Albany Creek 

Brisbane’s best property buys

Brisbane’s best property buys 

Families scouting houses with room to give each other space will get it at this double-storey residence. Its clever design creates four living zones: two indoors, including a large rumpus downstairs and a more formal lounge upstairs; and two outdoors, including a covered patio and an upstairs timber deck. There are three bedrooms and 610 square metres of land. The bathrooms are modern and the kitchen has timber benches.

$679,000-plus

Private sale

Coronis, Josh Quinn 0429 945 847

185/293 North Quay, Brisbane City 

Brisbane’s best property buys

185/293 North Quay, Brisbane City QLD 4000 

Anyone who has skydived knows its amazing weightless feeling when nothing separates you from the world around you. This neat sky home gives its occupant a similar sense of boundless space, with uninterrupted views of the inner bends of Brisbane River and cityscape. Think ideal city getaway pad or first home with one bedroom, one bathroom and one car space.

$315,000

Private sale

Ray White, Benjamin Williams 0412 067 016 

 

Article Source: www.domain.com.au

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Brisbane

Brisbane-based developer Siera lodges Chevron Island apartment development plans

The Brisbane-based development and construction firm, Siera Property Group, are the latest in a wave of developers heading to the Gold Coast for the first time.

Seira, headed by the managing director and founder Brent Thompson, has laid plans on the sought-after Chevron Island for a 17-level project dubbed Tapestry, paying homage to the Island’s new Home of the Arts precinct.

The plans by the local BDA Architecture will see 83 apartments built on a 1,518 sqm site at 39-43 Darrambal Street, toward the southern end of the island.

Thompson, who sits on the board of UDIA QLD and chairs the Brisbane City Council Policy Committee, sees it as a shift in thinking for the company, who made their name in the Queensland capital developing luxury townhouses in Brisbane’s inner ring.

“Due to some council restrictions in Brisbane, we needed to identify a new opportunity where we could put a lot of effort in to what we’re delivering,” Thompson said.

Thompson has spent a lot of time on the Gold Coast over the last 18 months, spending time understand the Gold Coast market, as well as the Sunshine Coast and Brisbane, and why each market has been so desirable for different reasons.

“Spending time on the ground allowed us to understand what was coming to the market, what developers were saying, and who was buying sites and where,” Thompson added.

He identified some nice beachside opportunities, but really wanted to create something that was targeted at a wider net, rather than the multi million dollar apartments that are limited to the fortunate few.

“We want the local owner occupier, who could be living in a medium-size house in the area, to be able to downsize or rightsize, or have others who just want to find a new lifestyle, and have the opportunity to do so without being priced out.”

Siera

The proposed plans by BDA Architecture. Image source: BDA Architecture 

The 55 metre building will comprise 28 three-bedroom apartments and 55 two-bedroom apartments, around half of those with multipurpose rooms. There will be six apartments per level until level 14 where there will be five.

The two-bedroom apartments start from 84 sqm, while the three-bedroom units have internal living areas between 113 sqm and 141 sqm. Every apartment has a balcony of at least 10 sqm, as well as their own parking space.

There are 94 parking spaces across the two levels of basement parking, and 29 on the street level.

The street level will feature extensive raised planters and a water feature on entry to the lobby, where there will be a number of garden rooms and resident office space with a kitchen.

Crowning Tapestry will be a resident rooftop, complete with a resort-style swimming pool with day beds, a spa, and a pool deck. A barbecue and alfresco area, will sit in landscaping, as will dining surrounded by an edible garden. There’s set to be a private dining space with a terrace and fire pit, a gym with sauna and steam room, and a lounging area with a lawn.

Siera

The proposed plans by BDA Architecture. Image source: BDA Architecture 

It was important for Thompson to go local with all of the intricacies that come with developing a project. He’s used local architecture firm BDA, and is engaging local Gold Coast builders to deliver the project, despite Siera’s previous experience in building their developments.

He’s even gone a step further and, given the Gold Coast City Council’s efforts to make Surfers Paradise an arts and cultural hub, has engaged local artist Tanya Blanchard to create a piece of artwork that will hang in the lobby when completed.

“There’s a great local community on Chevron Island. It’s a tight-knit community, while being ideally located just five minute walk from the international tourist hub of Surfers Paradise,” Thompson says.

BDA says the architecture of the proposed development is sculptural and smooth-lined.

“A mixture of vertical blade walls and horizontal slab edges responding to available views and natural light. Cantilevered balcony’s protrude from the building body with curved edges softening the feathered edges,” the submission to the Gold Coast City Council read.

“Colours and materials have been selected to create a lightly textured and timeless material palette. White render, concrete, glass and timber screening create a rich and layered coastal effect.

About the developer

Siera Group, a property development and construction company, was established in 2014 by Brent Thompson.

Their primary focus has been apartments and terraces in Brisbane. In the last seven years, they’ve developed more than 70 residential dwellings in key growth markets in South-East Queensland, with a total end value of $50 million.

One of the main focuses is to acquire premium sites within established community settings, with strong connectivity to lifestyle amenity, where they feel our investment in design can make a positive contribution.

Fast Facts from BDA Architecture

Introduction

This project offers an exciting opportunity to introduce a high quality apartment building into the heart of the emerging cultural precinct of Chevron Island. The project’s design makes strong architectural gestures that acknowledge it’s connection to the HOTA Precinct, Surfers Paradise beach-front and the Nerang River.

The Site

The 1,518sqm site is in a prime location, fronting Darrambul Street, in the heart of Chevron Island. Just steps away from the theatre of the Surfers Paradise hospitality scene, it’s beaches, and Evandale’s Arts Precinct, this area is fast transforming into the Gold Coasts cultural hub.

The site boasts 360 degree access to some the Gold Coasts best views, capturing the surfers skyline and beaches, wide spans of the Nerang River to the Broadwater and uninterrupted views to HOTA and the Gold Coast hinterland beyond.

Overview

The project’s unique location, in an emerging retail, restaurant, and cultural hub weaves together diverse backgrounds, experiences, cultures and tastes. This forms the ‘Tapestry’ that is modern apartment living with high quality communal facilities designed to create connections, community and sense of place.

The project comprises a total of 83 apartments (194 bedrooms) in a building that is 17 storeys. The apartments sit over a well-considered, split level podium, which seeks to conceal services from the pedestrian interface by housing on a mezzanine level, residing over the sloping driveway. This approach allows an almost double-height lobby space activating Darrambul Street and providing a high level of amenity for building users.

Apartments are a mix of 2 and 3 bedroom options that cater for a number of price points and encourage genuine diversity of ownership/occupation. The building also presents a well-defined pedestrian and vehicular entry, with resident parking located to the rear of the site and in 2 levels of basement.

Conclusion

‘Tapestry’ offers a high quality contemporary design, which looks to confidently engage and enhance Darrambul Street, positively contributing to the core Chevron Island precinct and it’s transformation into the Gold Coast’s cultural hub.

 

Article Source: www.urban.com.au

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