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Development Upside for Former Entertainment Hub

Development

A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.

Ray White Commercial Northern Corridor Group are marketing the former food and entertainment hub, 403-407 Elizabeth Avenue, Kippa-Ring for sale.

Located 18 minutes from the fast-growing North Lakes, the 13,093sq m site comprises three buildings including two drive-thru buildings and a once-bustling bowling alley, creating a total building area of 2,472 square metres.

The suburban neighbourhood-zoned site boasts a large car park area providing 86 car parks and a highly-exposed 140m wide street frontage to Elizabeth Avenue. This exposure includes three driveways for access.

Ray White Commercial Northern Corridor Group commercial director and principal Chris Massie said the site is among one of the stronger sites for potential development.

“The two-existing drive-through sites will be an obvious drawcard for value-add developers to generate immediate income while they reposition the main building,” Massie said.

“Due to this site’s proximity to Kippa-Ring Station and Kippa-Ring State School, the development has the opportunity to service a daily transport patronage of 2,000 people travelling inbound and outbound, as well as capture the attention of more than 30,000 daily vehicle movements.”

Development

▲ A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.

In its 2019-20 budget, the Moreton Bay Council confirmed it will provide more than $227 million for capital works with a focus on community infrastructure and healthy and active lifestyle opportunities.

This includes $112 million on road and transport networks to improve connectivity, travel time and transport options, increasing vehicle movement through the area.

While the addition of the $1 billion Redcliffe Peninsula Rail Line is set to service 618,000 residents by 2036 and 39 new residential developments.

“Strong infrastructure investment and growth projections for the Northern Corridor mean this confidence is likely well placed.” Ray White Commercial Northern Corridor Group associate director Aaron Canavan said.

“We are seeing more confidence from traditionally passive investment groups, who are now willing to look at value add properties like this.”

The site is located within walking distance of the Peninsular Fair Shopping Centre, Kippa-Ring Station and Kippa-Ring State School and within 10 minutes of the Redcliffe Hospital, Clontarf industrial estate and the stunning Redcliffe waterfront.

Expressions of interest close 4pm, Thursday 18 March 2021 if not sold prior.

 

Article Source: theurbandeveloper.com

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Brisbane

Cromwell Lands Former Flight Centre HQ

Cromwell

Brisbane-based fund manager Cromwell will add the former Flight Centre headquarters at 545 Queen Street in Brisbane to its managed portfolio.

Settlement is imminent for the $117.5 million acquisition being sold by Axis Capital, which bought it in 2017 for $70 million, in a deal that requires Foreign Investment Review Board approval.

The 13,300sq m, A-grade office building is located on a 2735sq m parcel of land at the entrance to the Brisbane CBD’s ‘Golden Triangle’ and has undergone an extensive refurbishment programme.

Hamish Wehl, Cromwell’s head of retail funds management, said the property fit its target profile with 88 per cent of income derived from the federal government, as well as listed or multinational tenant-customers

“The current interest rate environment has made things challenging for investors searching for opportunities that meet their income needs.

“Cromwell is actively seeking additional assets that will help DPF meet its objectives and benefit unitholders even further,” Wehl said.

DPF, which started in 2013, owns seven office and retail assets—in Queensland, New South Wales, Victoria, South Australia and ACT—outright and has exposure to a further three with a total value of just over $1 billion.

Wehl said the fund had been strongly supported by local investors who are paid a monthly dividend averaging 5.8 per cent a year.

The transaction was negotiated by CBRE’s Peter Chapple, Bruce Baker, Flint Davidson and Stuart McCann.

“We have seen a strong increase in buyer demand for high quality, multi-let Brisbane office towers, with long-term investors backing that there will be a flight to quality as tenants seek to upgrade to prime grade CBD and metropolitan office assets,” Baker said.

Brisbane’s renowned Golden Triangle has been subject to a number of high-profile transactions in recent years.

The tower, at 410 Queen Street, sold for $53.5 million to local development and investment group PGA Properties early last year.

Dexus and Canada’s CPP Investment Board also recently sold Brisbane’s 10 Eagle Street office tower for $285 million to Brisbane-based investment manager Marquette Properties.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Cromwell buys in Brisbane and on the hunt for more properties

Cromwell

Cromwell Property Group has confirmed it is buying the former Flight Centre headquarters at 545 Queen St, Brisbane, for $117.5 million.

Hamish Wehl, Cromwell’s head of retail funds management, said the refurbished office building in the Brisbane CBD’s so-called “Golden Triangle” was purchased for its Direct Property Fund (DPF), a retail investment vehicle.

“We are actively looking for further acquisition opportunities,” he said.

“The fund remains open, we’re seeing attractive investment inflows and it’s all about acquiring the right property that suits the return profile of the investors.”

He said DPF has been strongly supported by “mum and dad investors” who are paid a monthly dividend averaging 5.8 per cent a year.

DPF, which started in 2013, owns seven assets outright and has exposure to a further three with a total value of just over $1 billion . All but one – a Bunnings in South Australia – is an office building.

Mr Wehl said office will remain a focus for DPF though there is scope to invest in other sectors, depending on returns.

“We are cautiously optimistic in the current environment and think the office sector as a whole will always be relevant for white collar employment,” he said.

“It fosters innovation, creates and maintains workplace culture.”

He added: “There’s still a bit to play out from last year’s fallout [and] if we see quality property that is attractively priced within the retail and industrial sectors, the fund has the ability within its investment mandate to acquire those assets.”

Cromwell bought the 13,000sq m building – now 100 per cent leased with average weighted expiry of 4.1 years – from Axis Capital, which paid $70 million in 2017 shortly after Flight Centre moved to other premises and left it mostly empty.

Axis Capital refurbished and repositioned the building, leasing it up before selling to Cromwell on a yield of 5.9 per cent.

The sale required Foreign Investment Review Board approval due to the large stake activist investor, ARA Asset Management, based in Singapore, has in Cromwell.

The transaction was negotiated by CBRE’s Peter Chapple, Bruce Baker, Flint Davidson and Stuart McCann.

Brisbane CBD has sprung back to life after the quiet 2020, with at least four other major properties still on the market. Total transaction value this year is expected to exceed $1 billion over the next two months.

The catalyst for the listings surge has been strong post-COVID-19 prices paid for office towers at 10 Eagle Street, which fetched $285 million, and 310 Ann Street, sold to Ashe Morgan for $210 million.

 

Article Source: www.afr.com

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Commercial

Commercial Market Update – Gold Coast Cityscope April 2021

Gold Coast Cityscope

The latest research from Gold Coast Cityscope shows property sale figures have significantly decreased over the past three months. Sales recorded in the three months to March 2021 recorded 25 sales for a total of $64.3 million. Of this, $4.6 million was for commercial, $1.9 million was for commercial strata, $40.8 million was for retail, $5.1 million was for retail strata and $11.8 million was for other.

In comparison, the three months to December 2020 recorded 53 sales for a total of $106.8 million. Of this, $54.3 million was for commercial, $15.8 million was for commercial strata, $11.9 million was for retail, $15 million was for retail strata and $9.7 million was for other.

The latest data raises the 12-month total to over $371.7 million, only $7.4 million less than the previous 12-month period.

The table below shows sales recorded for the past eight updates of Gold Coast Cityscope:

Gold Coast Cityscope

The most significant sales recorded this quarter together totalled over $41.1 million.

Bunnings Robina has been sold for $28.05 million to David Feldman Developments Pty Ltd. Jacob Swan, Sam Hatcher and Nick Willis of JLL negotiated the sale, which represented an initial yield of 5.49% on a passing income of $1,540,531 (n). The 12,803 sqm warehouse was purpose built for Masters in March 2014 (Masters closed in late 2016) and converted for use by Bunnings 2018 (opened December 2018). The property includes car parking for 321 vehicles. Original development cost, $15.75 million.

Primewest Property Income Fund, an open-ended unlisted fund, has purchased Bluebird Early Education Centre in Robina for $7.25 million through Perpetual Corporate Trust Limited. The sale represented an initial yield of 5.86% on a passing income of $425,000 (n). The single-storey child care centre was purpose built in 2004 for Smarter Kids Kindergarten and was recently refurbished.

A Gold Coast investor has purchased 86 Bundall Road, prior to auction, for $5.8 million. The property includes a two-storey 2,017 sqm showroom/office building fronting Bundall Road and a single-storey, 90 sqm warehouse to the rear. Steven King and Marlon Crawford of Colliers International Gold Coast negotiated the sale.

Gold Coast Cityscope

Properties currently listed for sale include:

  • 8-10 Windmill Street, Southport – a large warehouse to the rear with a ground floor showroom and first floor office space to the front. The property includes undercover car parking for 25 vehicles. Total building area around 1,645 sqm. For sale with an asking price of $4.25 million; agent, Corwells (Cody Hart).
  • 3 Beach Road, Surfers Paradise – a 769 sqm vacant block of land. For sale with an asking price of $3.95 million; agent, Cushman & Wakefield Gold Coast (Richard McCouaig and Ed Howard).
  • 46 Scottsdale Drive, Robina – a 4,719 sqm vacant block of land; agent, CBRE Gold Coast (Tania Moore and Mark Witheriff).
  • 25 Griffith Street, Coolangatta – a two-storey building with a ground floor retail shop and a three-bedroom, two-bathroom residence upstairs. Building area, 348 sqm. The property includes a swimming pool and two-car garage to the rear. For sale with an asking price of $2.9 million; agent, Tsimos Commercial Real Estate (John Black).

Properties currently under contract (conditionally or unconditionally) include:

  • 287 Scottsdale Drive, Robina – a 6,985 sqm vacant block of land, part of the M1 Business Precinct. Under contract; agent, CBRE Gold Coast (Mark Witheriff and David Corke).
  • 9 Energy Circuit, Robina – a 4,781 sqm vacant block of land, part of the M1 Business Precinct. Under contract; agent, CBRE Gold Coast (Mark Witheriff and David Corke).
  • 82 Griffith Street, Coolangatta – a 266 sqm, two-storey office building. Under conditional contract; agent, DJS Stringer Commercial (David Stringer).
  • Home & Life Centre Robina – a 14,782 sqm home and retail precinct. Under contract; agents, JLL Brisbane and Savills Brisbane.

 

Article Source: www.corelogic.com.au

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