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Council Releases Brisbane River Master Plan

Council Releases Brisbane River Master Plan (1)

Council’s vision for the redevelopment of $700 million worth of land along Brisbane River including Eagle Street Pier has been unveiled in its City Reach waterfront masterplan.

On the cards since 2014, the plans incorporate Dexus’ $2.1 billion precinct as well as 1.2 kilometres of waterfront between the city botanic gardens and the Howard Smith Wharves precinct.

The Kangaroo Point green bridge is also a major part of the plans, allowing pedestrians and cyclists to move between Kangaroo Point and the city.

The masterplan is divided into three sections according to development potential, and includes a breakdown of the type of stakeholders—described as either “public sector” or “private sector”—best placed to take “leadership roles” in realising that potential.

The Port Office section, closest to the pedestrian bridge and botanic gardens was considered to have the highest development potential, with the private sector considered most likely to take a leading role in realising plans for subtropical landscaping, activity areas, seating and pedestrian connection.

The mid-area, or Customs House section, considered to have lesser development potential, was skewed towards the public sector and would be revamped to provide pedestrian access along the water and heritage buildings, upgrades for Admiralty Park and substantial public space.

Development at the Story Bridge end would be led by the public sector and had the lowest development potential of the three sections, so improved access was the main objective, between existing residential towers, the water, Howard Street and Arch Lane.

Council Releases Brisbane River Master Plan (2)

The plan was recently updated with improved access to the waterfront, more shade and greenery as well as initiatives to enable the private sector to contribute to delivering the project following community consultation, which resulted in 400 submissions.

“The waterfront contains a range of commercial, residential and lifestyle uses and is a core part of the ‘Golden Triangle’, the location of key commercial office towers in the city centre,” council said.

“The role of the waterfront as an integral part of Brisbane’s inner-city will intensify as a result of new major projects, including Queen’s Wharf Brisbane and the Waterfront Brisbane development.”

Dexus is expected start construction on the Eagle Street Pier development this year.

Plans for the development were lodged in June and the property group was appointed by the state government to conduct a feasibility study on upgrading the waterfront.

On the other side of the city botanical gardens is the $3.6 billion Queens Wharf development, led by The Star Entertainment Group alongside its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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Brisbane

Mirvac Sells Golden Triangle Tower for $87m

Golden Triangle Tower

Melbourne-based property fund manager Forza Capital has picked up a prominent office building in Brisbane’s “Golden Triangle” from Mirvac for $86.7 million.

The property, located at 340 Adelaide Street—on the corner of Adelaide and Wharf Streets, comprises 12,800sq m of B-Grade office space across 17-levels, together with a ground floor cafe and parking for 100 cars.

In recent years, Mirvac has refurbished the building, upgrading the lobby and repositioning the external ground plane and retail.

Mirvac chief investment officer Brett Draffen said the proceeds from the sale will be redeployed into prime and A-grade commercial assets as well as its $22.4 billion development pipeline across the residential, office and industrial sectors.

The deal, negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, represents an 11 per cent premium to its book value in June.

“As the first major, post-Covid capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Phipps said.

Golden Triangle Tower1

The building is 93 per cent leased to tenants Covermore, Cerebral Palsy League and Oracle, and has a weighted average lease expiry of 3.8 years. Image: Supplied

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

Forza Capital director Ashley Wain said the asset represented exceptional value, given the building’s comprehensive refurbishment program, and was transacted with a high degree of certainty over a period of one month.

“Shortly after Covid struck, [we] identified the opportunity to prepare our investor base of sophisticated investors for opportunistic property investments.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics,” Wain said.

The acquisition represented $52.5 million of equity from Forza’s client base of family offices, high net worth advisory groups and individuals, and will now sit in the newly-established Forza 340 Adelaide Street Fund.

“The uncertainty in office investment markets has created really attractive investment metrics which, when combined with highly competitive debt funding, results in a target 8 per cent per annum distribution yield over the first five years of the investment,” Wain said.

Last week, Dexus listed a neighbouring A-grade office tower, located at 10 Eagle Street, with price expectations of $300 million.

 

The post “Mirvac Sells Golden Triangle Tower for $87m” by Ted Tabet appeared first on the theurbandeveloper.com Blog

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Brisbane

Yeronga trophy home fronting the Brisbane River listed

Brisbane River

A riverfront Yeronga, Queensland trophy home has been listed without a price guide.

The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.

Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.

Set on 916 sqm, it features two swimming pools and a private boat pontoon.

Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.

It is located seven kilometres from the CBD.

 

The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog

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Brisbane

Mirvac offloads Brisbane office building for $87m

Mirvac office building

Mirvac has offloaded a 17-storey office building in Brisbane to Melbourne-based property fund manager Forza Capital for $86.75 million in one of the first institutional grade office deals to take place in the city since COVID-19 struck.

The building, which is in Brisbane’s ‘Golden Triangle’ at 340 Adelaide Street, had undergone an extensive refurbishment by Mirvac and sold at an 11 per cent premium to its last book valuation in June.

The property, which is 93 per cent leased to tenants such as Oracle, Cover-more Insurance and the Attorney General’s Office, has a 3.8 year weighted average lease expiry.

Brett Draffen, chief investment officer at Mirvac, said proceeds from the sale would be redeployed to grow its asset creation business and would allow the group to “capitalise on opportunities to create Australia’s next generation of workplaces, residential communities and mixed-use precincts”.

The office tower is the first asset to be acquired by Forza Capital following a $240 million capital raising from its client base of family offices and high net worth advisory groups in September and will sit in the newly established Forza 340 Adelaide Street Fund.

Forza Capital director Adam Murchie said they had advised their investor base to be prepared for opportunistic property investments shortly after COVID-19 had struck.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics.”

Forza Capital director Ashley Wain said the uncertainty in the office market had created attractive investment metrics.

“When combined with highly competitive debt funding [the metrics] result in a target eight per cent per annum distribution yield over the first five years of the investment.”

The deal was negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, and Matt Lawrence arranging the debt.

“As the first major, post-COVID capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Mr Phipps said.

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

 

The post “Mirvac offloads Brisbane office building for $87m” appeared first on the afr.com Blog
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