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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

Commercial Market Update – Brisbane Fringe Cityscope February 2021

The latest research from Brisbane Fringe Cityscope shows in the last three months property sale numbers have increased but sales figures have had a slight increase. The last three months to the beginning of February 2021 recorded 22 sales for a total of $114.2 million, with $23.7 million for commercial, $4.4 million for commercial strata, $4.2 million for retail, $4.3 million for retail strata and $77.5 million for other.

In comparison, the last three months to the beginning of November 2020 recorded 14 sales for a total of $98.9 million, with $86.2 million for commercial, $1.5 million for commercial strata, $800,000 for retail strata and $10.5 million for other.

The 12 months leading up to early February 2021 recorded 60 sales for a total of $323.5 million, more than $212.6 million less than the same time last year.

The table below shows sales recorded for the past eight updates of Brisbane Fringe Cityscope:

Commercial Market

Brisbane Fringe Sales Grid

Significant sales recorded this quarter total nearly $80 million, these sales include:

After a failed sale to iProsperity, interests associated with Amora Hotels & Resorts have purchased the 296-room Novotel Brisbane Hotel for just over $67.8 million; the hotel will be rebranded following Novotel’s lease expiring in late April this year. JLL Hotels & Hospitality Group negotiated the sale. The hotel last traded for $63.5 million in 2010.

A three-storey child care centre at 20-22 Marie Street, Milton has been sold for $8.435 million; it was purchased through The Trust Company (Australia) Limited. The property, formerly an office building, was extended and refurbished in 2018 for use by the a 120-space child care centre. It previously traded for $6.15 million in 2017.

Developer, builder and property managers, Pellicano, have purchased 68 Brunswick Street, Fortitude Valley for $8 million from Metro Property Group. The property was originally going to house stage 4 of the adjoining Central Village development. The 5,374 sqm site was sold through JLL Brisbane and has Council approval to demolish the existing buildings on site.

Commercial Market

Brisbane Fringe Sales Chart

Properties for sale include:

  • Lanmor House, 124 Brunswick Street and 52 Amelia Street – a two-storey office building and a two-storey warehouse/office building, with a combined area of 960 sqm and associated car parking. For sale by expressions of interest, closing February 24, 2021; agent, Colliers International (Hunter Higgins and Nick Wedge).
  • 29 Amelia Street, Fortitude Valley – two-strata units (the whole building) with a combined 828 sqm of office space over two levels, plus ground floor car parking for 20 vehicles. For sale by expressions of interest, closing February 18, 2021; agent, C Property Qld (Sam Callanan and Joe Kennedy).
  • 196 Wickham Street, Fortitude Valley – a two-storey retail/entertainment building with lower ground level to the rear. For sale by offers to purchase; agent, Commercial Brisbane (Glenn Corrigan and Tom Chan).

Properties under contract (conditional or unconditional) include:

  • 38 Warry Street and adjoining car parking at 41 Kennigo Street – 2,955 sqm of office space (the former Keatings Bread Factory site) and an adjoining carparking for 20 vehicles. Under contract; agent, Cushman & Wakefield Brisbane (Peter Court and Mike Walsh) and CBRE Brisbane (Jack Morrison and Peter Chapple).
  • 72 Costin Street, Fortitude Valley – a single-storey plus mezzanine, brick office building with car parking for 15 vehicles. Net lettable area, 507 sqm. Under contract unconditionally with a long, one-year settlement period expected; agent, Colliers International Brisbane (Hunter Higgins and Nick Wedge). The property was advertised with a potential leaseback agreement from 9-months to three-years.

 

Article Source: www.corelogic.com.au

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Commercial

Broadbeach Mall Hits the Market

A 1990s mall between some of the biggest developments on the Gold Coast has hit the market in an expressions of interest campaign.

The four titles in the Niecon Portfolio make up the largest contiguous freehold site in Broadbeach at 5,463square metres.

The mixed-use Niecon Plaza features two levels of office and retail space with a large internal glass atrium and internal mall linking Victoria Avenue with Albert Avenue.

There is also the 14-storey Niecon Tower office building and two freestanding dual-level office buildings created by the Nikiforides Group led by Con Nikiforides.

The estimated fully leased portfolio net income is $2.89 million with a 46m frontage to Broadbeach Mall.

The Gold Coast property market is riding an unexpected wave of developments and sales brought on by the pandemic.

However the price expectations for the Niecon Portfolio are unclear with the Circle of Cavill sale achieving $62 million at the peak of the 2020 pandemic.

Another Broadbeach listing for “Main Place” a 3,275sq m site with an approved 50-storey development was listed for about $65 million in 2014, but was taken off the market.

Broadbeach Mall

▲ The ’90s Niecon Plaza and office towers make up one the largest freehold sites in Broadbeach.

Colliers Gold Coast director-in-charge Steven King said there hasn’t really been anything comparable on the market.

“The Niecon Plaza portfolio represents a unique long-term repositioning and redevelopment opportunity, with national brand, corporate and boutique operators providing a diversified income stream,” King said.

“The Gold Coast has traditionally been one of Australia’s largest tourism markets averaging 12 million visitors to the region annually over the last 3 years, totalling circa $15.5 billion in expenditure over the period.

“Broadbeach is a key lifestyle and commercial destination underpinned by several landmark pedestrian drivers including The Star Casino, The Gold Coast Convention Centre, the Oasis Shopping Centre, Pacific Fair and the Broadbeach Beach and Victoria Mall.”

Nearby on Broadeach Island, The Star Entertainment Group is also making ground on its $2 billion skyscraper development.

 

Article Source: theurbandeveloper.com

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Brisbane

Christie Building Gets $25m Facelift

Christie Building

Plans for a $25 million makeover of the Christie Building at 320 Adelaide St have been lodged with Brisbane City Council.

The plans include replacing old imitation sandstone cladding to a regulation-compliant cladding, and a contemporary addition to the site with stepped terraces that add a further 1488sq m of gross floor area and 353sq m of outdoor space.

The L-shaped modernist building was originally built in the 1960s to accommodate the ATO. Robert Christie bought the building in 1999 and its facade was updated with non-compliant expanded polystyrene cladding.

Christie Spaces national asset manager Michael Conroy said they had decided to add value to the building instead of just updating the cladding, and engaged Fitzpatrick + Partners’ Paul Reidy.

The construction of the stepped terraces will add more leasable space to the site, and extend its footprint on the parcel of land. There are also plans to demolish the top floor and rebuild it as a penthouse boutique office space incorporating glass and timber.

“I think it’s a pretty exciting project … it’s a very innovative sort of redesign,” Conroy said.

“We wanted to add value to the building, we wanted to actually really improve the building. The top floor is being completely redone.”

Conroy said the well-known Christie Building was the largest flexible co-working space in Australia. The company has been renovating the building in line with this strategy and work-life shift since 2016.

Conroy said while Covid had impacted the CBD he believed there would be a shift back to workplaces in line with a hub-and-spoke model.

“With all the stock around you really need to offer something outside the box to bring (workers) back into the city from home.”

Fitzpatrick + Partners’ Paul Reidy said flexible working was an important part of the redesign.

“The opportunity was there to give it a new face and amenity. (The new construction adds) a series of terraces going away from the corner, adding in additional outdoor breakout spaces,” Reidy said.

Reidy said the new development and refurbished penthouse incorporated timber and glass for a contemporary refresh.

“The impact of Covid means more people are working from home. The office has to offer you more and that is in part technology and collaboration, but the building itself has to offer comfort and warmth and amenity.”

A timeline for the construction process will not begin until plans are approved by the Brisbane City Council.

 

Article Source: theurbandeveloper.com

 

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