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Elanor Nabs 1.5ha Brisbane Site for $80m

Listed real estate fund manager Elanor Investors Group has purchased a Brisbane office and healthcare property for $80.2 million for its unlisted healthcare property fund.

The 1.5 hectare Woolloongabba site comprises two buildings, which stand two and three levels in height, occupied by the Catholic Education Office and Queensland Health.

The site’s zoning allows for heights up to 12 levels.

The Burke Street property was purchased in a new single asset unlisted real estate fund, which the fund says attracted strong demand from institutional and private capital partners.

Elanor Brisbane Site

▲ A 1.5 hectare Woolloongabba site at 2 Burke Street has sold for $80.2 million

Elanor’s co-head of Real Estate David Burgess said the property provides value-add opportunities given its location and “favourable” zoning.

“Our focus on acquiring strong income generating properties that also possess options for value-add strategies is a particularly attractive prospect for our wholesale investors in a post-Covid environment,” Burgess said in a statement.

The purchase follows Elanor’s sale of Auburn Central in western Sydney for $129.5 million this month.

In October, the fund manager purchased a nearby Brisbane community health centre for $37 million.

The Woolloongabba Community Health Centre sits within a health precinct close to Brisbane’s Princess Alexandra Hospital.

Elanor’s latest $80 million office and healthcare acquisition is fully leased to the Queensland government’s Metro South Health department.

Burgess said Woolloongabba is one of Brisbane’s fastest-growing suburbs with a population projected to grow at more than 4 per cent annually.

The Queensland state government’s Metro South Health occupies 2 Burke Street with a lease expiring in 2025.

Catholic Education, which occupies the building fronting Ipswich Road, recently entered into a new 10-year lease.

 

Article Source: theurbandeveloper.com

 

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Brisbane

Brisbane Officially Top Choice for 2032 Olympic Games

Olympic Games

Queensland officials are finalising plans for the $4.5 billion Brisbane 2032 Olympic Games as the hunt for stadiums, venues and infrastructure funding continues.

The International Olympic Committee selected Queensland’s capital as the targeted host for the games bringing “stability” as the committee moves towards a cost neutral event.

The site of the opening ceremony is yet to be finalised with the top picks Metricon Stadium on the Gold Coast, Suncorp Stadium in Brisbane or a completely new venue on the cards.

During bidding, a masterplan was developed with two athlete villages, an 80,000 seat stadium and a second M1 Motorway with final locations to be determined.

The majority of the sports will be held in existing venues with the exception of rowing which requires a new base.

Instead, funding for Brisbane 2032 Olympics will be focused on bringing infrastructure projects forward, which will have a knock-on effect for the property market.

Premier Annastacia Palaszczuk said they already have 85 per cent of the venues for the event.

“It’s a new norm, which means it is a game changer, we don’t have to build huge stadiums that are not going to be used in the future,” Palaczszuk said.

“There is an option of one new big venue in terms of the opening ceremony but we may use Carrara as well, we’ve got to go down to the fine print and make sure we’ve got all the funding lined up.

“We want to include the regions as well, so of course with the football we’ve been looking at the soccer matches up around the different regions and of course all of the state will share in an Olympic glory.”

Lord mayor Adrian Schrinner said this is the best opportunity the state has had in generations.

“Now we need to actually go through and make sure we lock in the plans for improved infrastructure,” Schrinner said.

Queensland is already on the cusp of an economic boom with domestic migration reaching double digits and house prices hitting a record high in January.

Olympic Games

▲ The blueprint for Brisbane 2032 Olympic Games under new rules that would allow a region, rather than a city to host the event. Images: Urbis

Developers back Brisbane 2032 Olympics

Brisbane’s bid for the games dates back to 2015 and some of the state’s biggest property developers have pledged their support.

Consolidated Properties Group chief executive Don O’Rorke said the latest announcement will further build confidence in the property market for both Australians and people overseas.

“There’s going to be an intangible excitement that builds over the next decade,” O’Rorke said.

“Covid has shown Australia is a great place relative to the rest of the world.

“When it comes to the more tangible aspects, there will be construction jobs created doing the build [of Olympics-related assets] and that will be over five to six years.

“The spotlight will be put on Queensland, and you only have to look at Sydney to know what that does.

“We need to ensure the responsible deployment of capital so that stadiums [and other assets] can be used afterwards…and southeast Queensland will become known worldwide as a destination.”

Property Council of Australia executive director Chris Mountford said done right, the Olympics will turbocharge investment in the region.

“Along with facilitating investment in catalytic infrastructure, hosting the Olympics will showcase our region to the world, and inspire confidence in the private sector to invest alongside government,” Mountford said.

“Queensland is already well-placed to capitalize on its success in its handling of the pandemic, and the Olympic spotlight will only accelerate the growth trajectory of the region.”

Brisbane Airport Corporation chief executive Gert-Jan de Graff, Aria Property Group founder Tim Forrester, Hutchinson Builders chairman Scott Hutchinson as well as sporting figures Darren Lockyer, Ian Healy and Duncan Armstrong are behind the push for a Brisbane Olympic games.

Olympic funding strategy shifts

Australian Olympic Committee president John Coates said the IOC do not want countries to go out and spend big money so the three levels of government need to focus elsewhere.

“They’ve got to get in one [mindset] in terms of the funding not for the games but the funding, that this region requires to host the games…the future infrastructure, transport, in particular rail and road,” Coates said.

“The IOC is on a budget of circa $4.5 billion, the IOC puts in $2.5 billion give or take the exchange rate…then you get $1 billion from national sponsorship and $1 billion from ticketing.

“They don’t want to have big costly losses for many cities, you know go back to Melbourne and Sydney, we spent $30 million on those.”

IOC president Thomas Bach said the decision to pick Brisbane aligns with their new agenda for 2020 onwards, as a result of the pandemic.

“It proposes sustainable games in line with the region’s long-term strategy and using primarily existing and temporary venues,” Bach said.

“The commitment of Australia and Oceania to Olympic sports has grown remarkably since the fantastic Olympic Games Sydney 2000.”

Although the city is the only candidate now being considered for the 2032 games there are still a few minor hurdles to jump through before it is set in stone

 

Article Source: theurbandeveloper.com

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Brisbane

Two green bridges underway, Brisbane City Council seeks feedback on two more

Construction on two green bridges linking Brisbane’s inner-city suburbs is slated to begin this year, but the location of three other planned bridges remains unclear.

In 2019, Lord Mayor Adrian Schrinner made a $550 million pledge to build five new green bridges, catering for pedestrians and cyclists, to reduce vehicle traffic and improve the city’s connectivity.

At Tuesday’s public and active transport committee meeting, Brisbane City councillors were given an update on the progress of the green bridges program.

Public and active transport committee chairman Ryan Murphy told the committee the council wanted state or federal funding support alongside the $550 million already committed.

The $190 million Kangaroo Point green bridge will be 470 metres long and 6.8 metres wide, with separated cycling and pedestrian lanes, linking the inner-city suburb with the City Botanic Gardens.

Construction on the Kangaroo Point and Breakfast Creek bridges will begin this year, with the council now out to tender for both.

Consultation for two West End bridges

Community consultation on the bridges from West End to St Lucia and West End to Toowong was extended following concerns the December-January consultation was too short.

For the West End bridges, suggested locations put forward by Brisbane City Council would either place the landing pads on public parks, such as Orleigh Park in West End and Guyatt Park in St Lucia, or on private property.

Two green bridges

A concept image for the St Lucia to West End green bridge(Supplied: Brisbane City Council)

Greens councillor Jonathan Sri, in whose ward both West End bridges would sit, said it appeared the third option for the St Lucia bridge — between Keith Street in St Lucia and Boundary Street in West End — was most supported.

“I’ve heard from several residents who’ve said they think the Option C location for the St Lucia bridge is preferable from a transport perspective, but they have concerns about the scale and design of the exact alignment proposed by council, and the associated home resumptions,” Cr Sri said.

“The vast majority of residents seem to prefer alignment Option A for the Toowong Bridge, and it seems like the Toowong bridge in general has a lot more support.”

Two green bridges

A concept image for the Toowong to West End landing pad for a green bridge(Supplied: Brisbane City Council)

Option A for the Toowong bridge would see the bridge land at 600 Coronation Drive — the former ABC Towoong site now owned by developers Sunland, but put up for sale late last year.

Last year, Cr Schrinner ruled out purchasing the 600 Coronation Drive site saying the cost would be prohibitive, but said the council would consider resuming a portion of the land for a green bridge if needed.

LNP councillor James Mackay, in whose ward of Walter-Taylor the two bridges would land, recently spoke at a rally for a group opposed to a possible Guyatt Park alignment for the St Lucia to West End Bridge.

Cr Mackay referred queries about his community’s opinions to the lord mayor’s office.

Fifth green bridge site unknown

In mid-2020 a fifth proposed bridge, from Belbowrie to Wacol, was scrapped after several rounds of community consultation found little support.

The council is preparing options for a fifth bridge location, the committee heard.

Two green bridges

A concept image of the Breakfast Creek green bridge linking Kingsford Smith Drive and Newstead House(Supplied: Brisbane City Council)

Deputy Labor leader Kara Cook in a statement said she had lodged a petition with more than a thousand signatures calling for a bridge on the eastern side of the river.

Cr Cook said a bridge in her area — around Bulimba and Hawthorne connecting across to New Farm or Teneriffe — had been mooted since at least 1925.

Technical challenges are greater for the eastern section of the river as any new bridge must be of a height to allow ships through and would span a wider section of water.

 

Article Source: www.abc.net.au

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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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