Fund manager and office landlord Dexus has listed stakes in two of the country’s biggest and best-known shopping centres as investors ready themselves for a potential retail rebound once international borders reopen.
The stakes are a quarter interest in the Macquarie Centre in Sydney’s north and a 20 per cent interest in Pacific Fair on the Gold Coast.
If realised, the deal could reflect one of the biggest shopping centre deals in the wake of the pandemic, netting Dexus and its investors upwards of $700 million.
Dexus picked up the interests when, in April, it merged its wholesale fund with a $5-billion AMP Capital-controlled vehicle to create a $15-billion fund.
At the time Dexus pledged to bring liquidity to investors in the wholesale vehicle.
Dexus Wholesale Property Fund has appointed CBRE’s Simon Rooney, together with Nick Willis and Sam Hatcher of JLL, to steer the expressions of interest campaign.
“The positive turnaround in institutional investor sentiment and capital reallocation back to retail is in its early stages,” Simon said.
“[The turnaround] is clearly evident and is centred on assets which are considered the ‘best of the best’–criteria clearly met by Pacific Fair and Macquarie Centre.”
“We have seen a material rebasing in retail asset values over the past 12 to 18 months, together with a ‘mark to market’ rental reset.”
Pacific Fair is the country’s fifth-largest shopping centre spanning around 150,000 square metres.
The centre underwent a $670-million refurbishment five years ago, to elevate it a “luxury destination”, adding 46,500sq m of retail space, about 100 specialty stores and an extra 1300 car parks.
The shopping centre is now home to internationally recognised brands such as Louis Vuitton, Prada, Hermes, Bulgari, Gucci, and Tiffany and Co.
Pacific Fair sits in the heart of the Gold Coast on a 16.6ha site, next to The Star Casino and the Broadbeach retail, conference and accommodation precinct.
In Sydney, the Macquarie Centre spans 135,000sq m and is near the Macquarie Metro Station and Macquarie University, in the heart of the Macquarie Park business park.
The redeveloped shopping centre is recognised as one of Sydney’s premium shopping destination with more than 360 specialty stores over four levels, anchored by Myer and David Jones.
The centre currently has plans for 1000 new apartments in four tower blocks and the centre could also be further overhauled.
“They are more than just shopping centres—their scale and integration in the market make them core pieces of infrastructure that shape their respective markets,” Willis said.
“Retail has performed well coming out of lockdowns, and the best quality assets will continue to outperform.”
Willis said the listings, the first super regional shopping centre opportunities to be offered in Australia since 2019, would attract interest from leading Australian retail owner managers, institutional funds and heavyweight offshore investors.
In late 2019, Lendlease sold a half share in Adelaide’s Westfield Marion for $670 million to the property trust sponsored by Singapore Press Holdings while Scentre Group purchased a half stake in Garden City mall in Western Australia from an AMP Capital managed fund for $575 million.
Last year, Lendlease’s Australian Prime Property Fund listed a 50 per cent stake in Brisbane’s $1.7 billion Westfield Carindale, in the city’s south-east.
Article Source: www.theurbandeveloper.com
What’s within walking distance from Bide apartments
Nestled in the heart of Newstead, the 89 residence apartment tower has been designed as an urban getaway just 3 kilometres north-east of the Brisbane CBD
The latest inner-Brisbane apartment project by the local developer Dibcorp Properties is Bide, which is located in the heart of the upmarket riverfront suburb of Newstead.
The location of the 89-apartment development Bide, at 21 Longland Street, puts it just a stone’s throw from the Brisbane River, and the convenience of the Teneriffe Ferry Wharf which connects the suburb to the CBD.
Residents will have immediate access to Gasworks Plaza on the adjoining Skyring Terrace riverfront street, which is home to a Woolworths and a numb er of other stores, as well as restaurants, cafes and coffee shops like Ping Pong, Yolk and Campos Coffee.
On Longland Street there’s the popular eateries include Smoky Moo, The Defiant Duck, Drum Dining and the Milky Lane Newstead.
Cutting across Longland are a number of side streets like Stratton and Wyandra, which have a number of retailers and boutiques for residents to explore like a Think 24hr fitness, Smile Studio, and Brisbane Skin.
Designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture.
Nestled in the heart of Newstead, the 89 residence apartment tower has been designed as an urban getaway just 3 kilometres north-east of the Brisbane CBD.
It is the latest part of the suburb’s transformation to an up-market residential suburb belying its industrial past. Timber yards, asbestos works, wharves and woolstores once dominated much of the predominantly commercial suburb, now one of the most sought-after apartment spots in Brisbane.
Bide is just a short distance away from Route 25 as well as the Teneriffe Ferry wharf and bus stations for those who choose public transit. As such it is right by the Brisbane river.
The proximity to schooling, as well the large three-bedroom apartments on offer, make Bide attractive for families. The nearby educational institutions include:
- Torrens University Australia – Satellite campus – 1.4km away
- University of Queensland – Satellite campus – 1.9km away
- Queensland University of Technology – Main campus – 3.3km away
- New Farm State School – Public School – 1 km away
- Music Industry College – Private School – 1.1km away
- Angelorum College – Private School – 1.1km away
Dibcorp has offered residents the opportunity to work hand in hand to tailor the layout, configuration and finishes of their apartment.
Apartments inside feature open-plan living and dining, a balcony space and a study nook in some apartments for working from home.
Inside, residents can enjoy 600 sqm of amenity across two levels, including barbeque facilities, private cabanas, landscaped areas and seated space throughout.
Article Source: www.urban.com.au
Brisbane’s best property buys: Six must-see homes under $700,000
Here’s our pick of some of the best property buys in Brisbane right now.
3/888 Wynnum Road, Cannon Hill
Eight is one of the luckiest numbers in many cultures, promising owners of this inner east home fortuitous times ahead. The two-bedroom, two-bathroom, 147-square-metre apartment certainly has a well-positioned tiled ground-level courtyard, ready to host soirees under the Brisbane sun or starlight. It is a massive 7.8 metres by 6.9 metres and faces the lush green ovals of Bill Cash Memorial Park.
LJ Hooker, Ashleigh Hansom 0448 742 538
2404/179 Alfred Street, Fortitude Valley
Bridge-spotters get an eagle’s nest view of one of Queensland’s most iconic at this sky home. The two-bedroom, two-bathroom apartment comes with 78 square metres of title and uninterrupted views of the Story Bridge and inner-cityscape. It claims a lofty level 24 vantage point and its edgy designer tower has a suite of you-beaut perks for residents, including a pool, timber sun platforms, a state-of-the-art gym, cinema room and lounge area.
Ray White, Kai Liu 0430 568 851
42 Bulgin Avenue, Wynnum West
Multigenerational living is catered for at this three-bedroom high-set house, on the market for the first time since the mid-1970s. Upstairs the floor plan maps out three bedrooms, a living, dining, a sunny front porch, and a shady rear terrace to take in the green landscape of the back yard. Downstairs, buyers get a second kitchen, another toilet and a miscellaneous room that could function as a study, another bedroom or studio.
Raine & Horne, Chris Vote 0433 411 540
5/370 Zillmere Road, Zillmere
Sports nuts hunting a first home or rental asset will find good form at this two-bedroom pad in its neat three-storey brick walk-up. The apartment is a punt kick from O’Callaghan Park and the suburban police-citizens youth centre. It has a garage and has been freshened up with new carpets, lights and paint. The local primary school is about 600 metres away.
Ray White, Tiffany Fraser 0451 348 787
5/48 Hood Street, Sherwood
This quirky one-bedroom rear apartment in the city’s leafy west riverside belt presents buyers with 71-square-metres including a covered timber deck with a private garden outlook. There is scope to modernise the interior, although the exposed brick walls and wood-grain kitchen cabinets are charming in their own retro-rustic way. The local primary school is diagonally a block away.
Williams Real Estate, Nick Williams 0419 379 771
9/14 Military Close, Annerley
At face value, this is a screaming good deal for three levels of home less than six kilometres from the CBD. The suburb’s median sale price for a three-bedroom house is $783,000, based on 48 sales in the past 12 months. House-like in size, this 168-square-metre townhouse has access to the estate’s infinity pool and residents’ entertainment deck. Junction Park State School is about 200 metres away to the north-west.
Place, Nick Bekker 0421 461 520
Article Source: www.domain.com.au
The coastal towns where prices have changed little in five years
Property prices have been soaring across Australia’s coastal towns and suburbs, but there are still some pockets where prices have not raced ahead.
House prices have grown rapidly in many sea-change destinations in recent years, skyrocketing even further in some areas amid the pandemic and rise of remote working.
In Byron Bay on the NSW’s north coast, Sunshine Beach in Noosa, and Somers on the Mornington Penisula, median house prices have more than doubled in the space of five years.
However, growth has been more subdued in other markets, Domain data shows, with prices in some suburbs and towns near the coast still back at, or close to, their 2016 levels.
Here’s our pick of some of the markets where house hunters can get into the market at a similar price to five years ago. But be warned, house prices in many of these locations are on the rise.
While house prices in Cairns were up 16.3 per cent over the five years to June to a median of $465,000, there are suburbs a little inland with softer price growth.
Earlville, about four kilometres south-west of the city centre, recorded a median house price of $395,000 over the year to June, up about 4.1 per cent on 2016 prices.
While further south, median prices in the neighbouring suburbs of Edmonton and Bentley Park climbed 3.9 per cent and 1.7 per cent, respectively, over the five-year period.
Selling agent Therese Plath, principal of Ray White Cairns South, said there was strong demand for affordable homes in Bentley Park and Edmonton from locals looking to upsize, interstate tree-changers and investors.
At Bentley Park’s median house price of $371,250, buyers might get a four-bedroom house with one or two bathrooms, Ms Plath said but noted buyers on such a budget were increasingly having to look at three-bedroom homes due to rising prices over the past year. Edmonton’s median now sits at $366,000.
Though not directly on the coast, Bently Park and Edmonton are within a 40-minute drive of multiple beaches and 20 minutes from the Cairns Esplanade, while Earlville is about 10 minutes closer.
West End, Townsville, QLD
Further south, but still in north Queensland, prices in Townsville’s West End are now 1.8 per cent higher than 2016 prices, after the median fell 2.4 per cent over the year to June to $351,250.
Those looking to buy at the suburb’s median house price could expect to secure a three-bedroom, one-bathroom house within a 10-minute drive of Townsville’s foreshore.
Across Townsville, the median house price is up 4.4 per cent over the past five years to $340,000.
Article Source: www.domain.com.au
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