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Crown Group Reboots $460m West End Project

Crown Group Reboots $460m West End Project (1)

Sydney-based developer Crown Group is moving ahead with plans for its controversial $460 million residential development in Brisbane’s West End.

Crown Group originally submitted its application for a FJMT-designed scheme in January 2018, soon after picking up the 1.25-hectare site—the former home of Computershare—at 117 Victoria Street for $35 million.

Crown Group placed the project on hold in mid-2019.

The application, comprising four 12-storey buildings, originally called for 463 dwellings, a mix of one, two and three-bedroom apartments, as well as terraces and four-bedroom penthouses, across a common podium adjacent to the Brisbane river.

It also planned for resort-style facilities include a 25-metre pool, cabana and poolside lounges, barbecue facilities, a gym and 4,200sq m of communal open space.

The project’s approval was granted by council in December 2018 after the developers modified initial plans for the design, subsequently reducing its scale to 455 dwellings.

The proposal was met with strong backlash from locals, who shut down West End’s Vulture Street and Montague Road intersection in March 2019, arguing the approved development didn’t have enough supporting infrastructure.

Crown Group Reboots $460m West End Project (3)

Adjustments made to the project resulted in an amended approval granted in March, however Crown Group said it is now considering a revised development application comprising 450 apartments, with the redesign phase in initial stages.

Crown Group, led by Iwan Sunito, told The Urban Developer it was now planning to provide for larger apartments with a greater project gross floor area in response to market conditions, and plans to take its amended application to council later this year.

Crown Group, which currently has projects on-the-go across Australia, Los Angeles and Jakarta, noted that the project would mark its foray into Brisbane, a residential market it has long been drawn to.

“Brisbane was set for a surge in property activity in early 2020 and since then housing data has shown the city is set to have the strongest recovery in Australia from Covid’s impact,” Crown Group development director Trent McLauchlan said.

“All the indicators show Brisbane is set to return to a state of housing undersupply and it will push apartment prices up.”

Crown Group Reboots $460m West End Project (2)

McLauchlan pointed to a potential strong rebound in 2021 and 2022, once state and international borders reopen.

“When conditions start to normalise, we will see demand as interstate buyers who have been waiting to visit start to reappear and act on the low interest rates and as foreign buyers take advantage of the strong exchange rate,” McLauchlan said.

The developer has opened a new office in West End with the project anticipated to be launched by September 2021 and completion slated for 2024.

Significant projects in the West End area include Japanese developer Sekisui House’s $800 million mixed-use precinct, West Village; the $51 million apartment development “Bohemia” by Turrisi Properties and Pradella’s Light+Co project as part of its broader $1 billion investment in West End.

Chinese developer R&F Property has plans for a seven-building development on an amalgamated 1.6-hectare site in West End, tipped to deliver 1,032 apartments staged over six years.

West End is also on track to see the addition of two new green bridges and a ferry terminal at Victoria Street.

West End State School is also currently undergoing a $25 million expansion to cater for population growth, and the headquarters of the Queensland Ballet, the Thomas Dixon Centre, is undergoing a $35 million transformation being delivered by Hutchinson Builders.

 

 

 

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

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Brisbane

‘Stretching, pulling’ Perth Property expert calls for end to city’s sprawl at expense of CBD

Perth Property

A prominent Perth property identity has queried state spending on projects fringing the CBD while its centre goes begging, creating a sprawling city without a heart.

Multiplex WA managing director Chris Palandri told an industry gathering last week the city was being “stretched and pulled in every direction” as the state government continually favoured decentralised projects that “elongated” an already enormous city.

His commentary follows WAtoday columnist Gareth Parker’s recent description of the city as full of disconnected, masterplanned precincts that left it “derelict and depressing” instead of enlivened.

The Property Council of Australia WA lunch on Friday focused on the $1.5 billion City Deal bonanza of federal funds to bring Edith Cowan University’s business and technology schools, plus its WA Academy of Performing Arts, into Perth city, representing 10,000 students.

This centrepiece of the deal, plus another 5000 students each from relocating certain schools from Curtin and Murdoch, is hoped to eventually deliver foot traffic, a so-called “night-time economy” and a population boost to the city centre, which is well behind the residential population density of Brisbane, Sydney and Melbourne.

In a discussion on whether this would be the transformative hit commentators have for years said Perth’s economy and atmosphere were sorely in need of, and diminish anti-social behaviour, homelessness and vacant storefronts currently dominating the city experience, Lord Mayor Basil Zempilas said it was the “start of our city boom”.

But Mr Palandri identified other another trend potentially stalling progress.

He said “alternative” land parcels being developed east of the city “cannibalised” population growth that might otherwise benefit core boroughs such as Elizabeth Quay.

Examples of redevelopments in East Perth include Claisebrook Village, the East Perth train station upgrade, East Perth Power Station, Optus Stadium, Belmont Park and Riverside, which includes the long-dormant Waterbank overlooking the Causeway in East Perth that has seen no construction start despite being in development for the past 10 years.

The government has played an instrumental hand in most of these, most controversially recently the East Perth Power Station.

“I don’t know why the state government is spending money at East Perth when we have all that land around Royal Perth Hospital,” Mr Palandri said.

“Perth is pretty much empty. Go to any suburban park mid-Sunday afternoon. The joint is empty. We can take another million people without really disturbing the place.”

Chris Palandri, Multiplex

“There are great heritage buildings there that could be repurposed and we could start creating an environment there that would be great for the city. The city and the state government are not connected.

“Where is the hero shot we have up on the wall that says, ‘this is the overall plan for Perth’?

“We need that document, something that developers and everyone can have a look at and go, ‘this is the plan, stick with the plan’ … make the city more liveable.

“They have the budget, they are just spending that budget in the wrong place.”

Mr Palandri said Perth was an extremely liveable city with a beautiful climate that had an opportunity to sell itself as a place to live and work, to ease skills shortages in many industries.

“Western Australia is suffering without enough people,” he said.

“Perth is pretty much empty. Go to any suburban park mid-Sunday afternoon. The joint is empty. We can take another million people without really disturbing the place,” he said.

“We need more people in WA, we want more people in the CBD. At the moment what we’re doing is to get them in the CBD we are cannibalising other areas.”

Mr Zempilas said the next fortnight would bring a gathering of stakeholders intending to progress such a plan for Perth’s centre.

He inadvertently revealed further government investment in East Perth, saying he was very confident a primary school would be announced within that area in the near future, though that was “not my announcement to make”.

Indigenous cultural centre must be ‘iconic’: Zempilas

Asked what Perth needed most as its next central city project, Mr Zempilas said the Indigenous cultural centre and museum.

He said it was hard to believe it had not yet been built.

“We have to do it better than just about any development has ever been done in this country,” he said.

“It should be, in my opinion, the second or third most iconic structure in this country, and if the Opera House and the Sydney Harbour Bridge are one and two, it needs to be true, it needs to be three.

“It needs to be that special, that significant image to represent the people that it needs to stand for.”

Mr Zempilas said the cultural centre and museum should also be able to be held up as a global tourism drawcard.

The Elizabeth Quay master plan provided for not just a cable car but for a nationally significant centre of indigenous culture, art and learning. This, however, did not form part of the first stage of the project and no funding was ever allocated for planning and construction.

The Property Council of WA-commissioned Big (and small) Ideas for Perth report named a “cultural anchor at Elizabeth Quay” as “essential” and said an Indigenous culture museum should be a priority for all levels of government.

 

Article Source: www.brisbanetimes.com.au

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Brisbane

Brisbane apartment market in the spotlight: Media Hunt’s May update

The media veteran Steve Hunt has cast his eye over the Brisbane market and what’s happening in the Queensland capital

The Brisbane apartment market continue to show strength over May, posting 1.1 per cent gains, CoreLogic’s monthly Hedonic Home Value Index found.

The rolling quarterly apartment gains are now up to 3.2 per cent, with the median apartment price reaching $411,000.

The media veteran Steve Hunt, who founded the public relations and media strategy firm Media Hunt in 2005, has cast his eye over the Brisbane market and what’s happening in the Queensland capital.

Hunt mentioned The Fernery, which has been popular with local owner-occupiers

Urban recently spoke to Colliers residential director Andrew Scriven, who said most of the buyers have come from a couple of kilometre radius.

Brisbane

The Fernery 47 Conavalla Street, Ferny Grove QLD 4055 

“There’s been overwhelming success since launch in April from the local market, looking to either downsize, invest or secure something for the children,” Scriven said.

“Locals have really embraced the project. They haven’t really had that offering ever.”

The project by the Townsville-based Honeycombes, in partnership with their financier MaxCap, will comprise the 82 apartment block The Fernery, as well as a 12,000 sqm retail centre set next to the Ferny Grove train station.

 

Article Source: www.urban.com.au

 

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Brisbane

Multimillion-dollar deals fuel record auction day in Brisbane

A record-setting $43 million in real estate sold under the hammer across Brisbane on Saturday in an incredible feat of strength that has revealed the city’s soaring market is showing no signs of slowing.

From the 71 auctions reported 63 transacted to achieve a 89 per cent clearance rate, compared with 65 per cent last week and a meagre 33 per cent this time last year.

It’s also the highest amount fetched in a single day of Saturday auctions in more than six months, with several multimillion-dollar properties sold amid reports of fierce bidding wars.

Although one of the top sales included a sophisticated Queenslander at 92 Elfreda Street in Enoggera, which collected $2.301 million through Place Estate Agents Newmarket, it was a laid-back family suburb on the outskirts of the city that stole the show after hundreds of buyers and onlookers flooded three separate auctions, resulting in milliondollar-plus sales.

Brisbane

92 Elfreda Street, Enoggera QLD 4051

Wishart, which is 14 kilometres from the city and has a median house price of just over $800,000, could have been mistaken for an inner-city borough after the three homes collected a combined $3.644 million. Property punters said house prices in the increasingly popular patch have risen by as much as 25 per cent in a year.

Ray White Annerley principal Geoff Sellars sold a dated, low-set brick abode on a 646-square-metre block at 106 Delavan Street to two first-home buyers for $1.067 million on Saturday, and said the price and number of bidders told more than just a tale of the city’s soaring market, but also of a suburb where demand was skyrocketing.

Brisbane

106 Delavan Street, Wishart QLD 4122 

The young buyers were forced to compete against 35 registered bidders for the modest four-bedroom house, forking out $217,000 over the reserve price in front of a crowd of more than 150.

“Wishart has always been fairly popular as well as the Mansfield area, there are people who just buy there to be in the Mansfield High School catchment, but not in the like of what we’re seeing at the moment,” Mr Sellars said.

“There’s an enormous amount of confidence in the market and it becomes a snowball effect. Interest rates are low and people have just prioritised buying property over things like travel and I think the bank of mum of dad is the fifth biggest bank in Australia right now so a large majority of buyers are first home buyers. The confidence over the past 12 months has driven them to that point but a lot of their parents are fronting up money (to help them get their deposit over the line) as well.

“And, in Wishart, I would have thought 106 Delavan would be lucky to be a mid-$700,000s property so there has been a 25 per cent price increase here in some parts.

“At its worst, I think this is the new normal and we have set new average prices for a lot of suburbs. I don’t think we’ll go down from here and there’s definitely the potential for things to strengthen.”

LJ Hooker Sunnybank Hills agents Rob Senic and Kosma Comino sold the other two Wishart homes under the hammer on Saturday, collecting $1.45 million for a contemporary abode at 44 Craig Street and $1.127 million for the slightly rundown four-bedroom house at 22 Cotswold Place.

Brisbane

44 Craig Street, Wishart QLD 4122

It was the Cotswold Place property that Mr Comino said attracted an almost rockstar turnout, leading to a 45-minute auction, about 50 bids and a sale price that was $127,000 above the reserve.

“While I knew it would be a good auction because that part always does well, we were thinking it would sell for a maximum of $1,030,000 but then, during the auction, we had a lot of people rock up late and we had a total of 15 registered bidders,” he said.

Brisbane

22 Cotswold Place, Wishart QLD 4122

“From the 15 registered, we had six of them really fighting for it – they were a very mixed group. The bidding opened at $800,000, and it was really rapid then on the fifth bid we hit the reserve.

“A family ultimately won the auction and it’s funny because they had actually missed out on the last two auctions with me in that pocket.”

Mr Comino said first-home buyers and young families looking to upgrade into their second home were making up a large portion of the buyer demographic, with that enticing school catchment attracting half of the buyers, and the suburb’s location being the “X-factor” for the rest.

“You’re also close to the motorway and then you’re close to Westfield Garden City – in fact, if you drive through there now, it’s busier than the city centre. It’s gotten crazy there now.”

Elsewhere, Ray White Carina agent Jose Peralta sold a striking four-bedroom family oasis at 22 Faraday Street in Camp Hill for $1.401 million, and next door in Norman Park, Paula Pearce, of Place Estate Agents Bulimba, sold a modern Queenslander at 64 Morehead Avenue for $1.675 million under the hammer.

Brisbane

64 Morehead Avenue, Norman Park QLD 4170 

In Northgate, Ray White Aspley agent Dwight Colbert transacted the meticulous four-bedroom abode at 26 Mann Avenue for $1.07 million in an auction he said attracted nine registered bidders before fetching $120,000 above the reserve price.

“They were all local buyers and many with young families but in the end it was a retired couple who bought the place as they have six grandchildren. My sellers are upsizing and have bought at Nudgee Beach as they have three children and want some more room,” Mr Colbert said.

“There’s still a lot of desperation for good stock, and it feels like a shortage of listings which I know is helping with competition.”

 

Article Source: www.domain.com.au

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