Brisbane-based developer Cornerstone is pushing ahead with a major commercial project in Brisbane’s Fortitude Valley, lodging plans for a high-rise commercial tower alongside the landmark McWhirters building.
The development is slated for a 1,357sq m site running between 251 to 253 Wickham Street, together with part of 47 Warner Street, currently occupied by a derelict and dilapidated former building.
The 28-storey development will be known as 251 Wickham Street and, if approved, will add 14,500sq m of net lettable area to the fast-growing fringe office market, north-east of the Brisbane CBD.
The scale of the development would be a considerable increase on the preliminary approval currently available for the site which would green-light an 11-storey proposal.
The design for the proposed A-grade office building is led by Brisbane firm Bureau Proberts, with development partners James Project Management and Robert Bird and Partners also overseeing the project.
Bureau Proberts director Liam Proberts said the building offers stepped floor plates, which would create commercial tenancies of varying sizes and needs.
“The Covid-19 pandemic has brought into sharp focus the value and importance of this design approach,” Proberts said.
The proposal features meeting and recreation spaces on levels 15 and 27, a gym with lap pool, sky terraces and balconies.
In the development application, Cornerstone said there had been a renewed focus on council’s “buildings that breathe” guidelines, with the impact of Covid-19 increasing the importance of workplaces that promote mental and physical health.
The building features 55 car parking spaces across three basement levels as well as 108 bicycle spaces and end of trip facilities.
Its proximity to Brisbane’s Fortitude Valley station, currently undergoing a $500 million revamp, is expected to be a drawcard for prospective tenants.
One of the developer’s most significant projects was the revitalisation of an 18-level B-grade tower in Brisbane’s CBD after acquiring it in 2012.
The fully-refurbished building, located at 310 Ann Street, offers 18,360sq m of space designed around a central core and is home to tenants including Allianz Worldwide Partners and the Queensland government.
Cornerstone also has plans in its pipeline for a 2,850sq m site under its control at 301 Wickham Street in Fortitude Valley, where it has approval for a 25-storey, 36,000sq m office building.
This article is republished from https://theurbandeveloper.com/ under a Creative Commons license. Read the original article.
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.
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.
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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