An entire city block on the fringes of Surfers Paradise has hit the market following the collapse of Sydney-based property developer Ralan Group.
The Budds Beach site is approved for a development known as “Sapphire” and greenlit in 2016 for 1000 apartments across two high-rise apartment buildings.
Failed Ralan Group, led by director William O’Dwyer, went into voluntary administration earlier this year leaving apartment buyers at risk after investigations found a shortfall of $277 million in the developer’s trust account for deposits.
At the time of its collapse, the developer had a pipeline of more than 3000 residential units, many in the construction or pre-sale stage.
Ralan purchased the Surfers Paradise development site, which spans an entire 11,470sq m city block bounded by Norfolk, Pine, Oak and and Ferny avenues in 2015 for just under $20 million.
Knight Frank are marketing the sale, who are acting under instructions from Deloitte appointed by the mortgagee.
The Sapphire development site’s approval allows for two towers that would stand 71 and 33-storeys tall, along with a café, community centre, restaurant, retail and food premises
Knight Frank’s Mark Witheriff and James Branch are managing the listing, which is offered to market “in one line” or in parts due to the site made up of multiple existing titles and properties.
The pair said the campaign for the sale of the major site is two-fold, offered to market as a whole city block, or as individual beach houses, with expectation interest would come from major developers.
“The existing dwellings offer both owner occupiers and potential investors various opportunities to acquire either one or multiple properties, underpinned by significant future development potential, including both residential and commercial,” Witheriff said.
“We expect some buyers may consider acquiring a grouping of lots attracted by the future development potential in the precinct.”
The Sapphire site is being offered for sale by formal tender which closes at the end of this month.
The new city center of Maroochydore promotes real estate growth
The new city center of Maroochydore is slowly taking shape and, according to developer SunCentral, is already helping to drive real estate growth in the nearby Sunshine Coast suburbs.
The new Maroochydore City Center is located on a former 53 hectare golf course and is one of the largest CBD projects in the green field in Australia.
John Knaggs, SunCentral’s chief executive officer, said that the project, when completed, would deliver commercial, residential, retail, and mixed-use projects along with public green spaces such as parks, squares, and waterways.
“Maroochydore’s new CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and bring in more than $ 4.4 billion to the local economy,” Knaggs said.
“The total construction cost for the 20-year project is estimated at $ 2.1 billion.”
After more than a decade of planning, the first stage of the Maroochydore City Center was officially opened to the public in August. The first buildings are under construction.
It will be complemented by other infrastructure developments in the region, including the expansion of the Sunshine Coast Airport and the recent completion of the Sunshine Coast University Hospital for $ 2 billion.
“Maroochydore’s CBD will be at the heart of a region where unprecedented investments in private and public infrastructure are being made,” said Knaggs.
“The confidence of companies on the Sunshine Coast is strong as the economy is growing four times faster than the Australian one.”
According to a real estate report by analyst Terry Ryder, average property prices in the Sunshine Coast suburbs have risen by up to 37 percent. These include the Twin Waters suburbs, which grew 21 percent last year, and Mooloolaba, which grew 14 percent.
Further north, Sunshine Beach grew 37 percent, and the Noosa hinterland suburb of Doonan grew 19 percent.
“The new CBD is at the heart of this growth. It provides a center for the growing economy and employment opportunities of the Sunshine Coast while helping to boost housing price increases in the region,” said Ryder.
The local government districts of Sunshine Coast and Noosa are expected to reach 580,000 residents by 2041.
“Population growth leads to higher demand for real estate, which in turn leads to higher values,” said Ryder.
“In fact, the region is now tending to shortage of new housing. The Property Council of Australia warns that the Sunshine Coast cannot keep up with demand.”
Downsizer Development offers stylish living with lots of space
They say that size matters – and for some, it certainly is when it comes to buying property.
The privacy, storage and contemporary design of the Velocity Property Group’s Parque on Oxford apartments and townhouses give downsizers good reasons to put Taringa on the coveted location list. The sales were already made in the recently launched development.
With the completion of the 3-room apartments, the emphasis on warehousing was well received by buyers.
A focus on large, open living and dining areas and an airy, bright ambience thanks to clever design that makes optimal use of the urban view were also a success.
The Parque on Oxford Apartments were designed in a modernist style to create sophisticated, large executive residences that could be anywhere in the world.
The building designed by HAL Architects in Brisbane appears solid, slim and solid and has a sculptural design piece that anchors the two sides.
The Parque on Oxford Apartments offer pergolas for natural light and shade as well as privacy, great views and a captivating breeze.
Five of the seven apartments are still available in the housing estate on Oxford Terrace. The focus is on privacy as well as the low-maintenance design and the beautiful surfaces. The apartments range in size from 183 to 254 m² and cost USD 995,000. Most have a media room or an office.
Next door, the Parque on Oxford townhouses are due to be completed early next year. They are 225 to 313 square meters in size and cost $ 1,099,000.
The 11 townhouses were designed with a subtropical, modern Queensland feel to capture the height and elevation of the place.
With three levels, excellent surfaces and plenty of storage space, thanks to forward-looking planning and architecture in some residential buildings, they also offer the option of including elevators for the future.
In addition to the Parque on Oxford, the Velocity Property Group also built condominiums in Ellerslie Crescent in Taringa to take advantage of the city view and elevated location. Only two of them are left.
Velocity Property Group’s national sales manager, Caroline Humbert, has been selling real estate projects for over 15 years and now sells luxury apartments, townhouses and condominiums to Velocity’s primary downsizer audience.
Ms. Humbert said there were four main ingredients that downsizers were looking for in townhouses or apartments, all of which would be delivered at the Parque on Oxford.
“The first ingredient is storage, storage and more storage. Downsizing is not about sacrificing everything you have collected over many years to move to a smaller residence. It’s about bringing what you really love to your new home and storing it comfortably, ”said Ms. Humbert
“The second thing that downsizers are looking for is the best possible results. Many downsizers consider this phase of their lives to be their final home forever. They therefore want to enjoy the best kitchens and bathrooms they have ever had.
“The third ingredient is to lock yourself up and lose your life. Downsizers have time to pursue their interests and travel, and ensuring that their home is safe and does not require maintenance while they are away is a priority.
“The last ingredient is the location. Downsizers want to be close to the services, stores, and lifestyle factors they enjoy. Taringa ensures proximity to the city and a wealth of dining, shopping and more options in the heart of Brisbane’s Inner West.
“The Velocity Property Group is reviewing a number of locations in Brisbane in 2020 to create more desirable residential homes for downsizers, just like those in Parque on Oxford, Taringa.”
Dexus secures $2.1 billion redevelopment of Brisbane’s Eagle Street pier
Two sparkly new office towers, a variety of restaurants and shops, a green open space, and enhanced riverbank facilities are on the cards for a $2.1 billion Brisbane waterfront master plan.
Announced this morning by the Queensland Government the development will be helmed by property group Dexus who will transform the city’s Eagle Street Pier into a premium business and leisure destination.
The property developer estimates 1120 annual construction jobs will be created over the next 10 years, with an additional 916 operational jobs supported once construction has completed.
In addition to the office towers and the riverfront restaurant and shopping precinct is a new and revitalised public space.
The space will feature around 7900 square meters of open space, incorporating a market square and steps, urban veranda terraces, the extension of the City Reach Riverwalk, and a new ‘green’ corridor connecting Eagle Street to the riverbank.
Minister for State Development Cameron Dick says the project will not only beautify the Eagle Street precinct but be a major boost to the city’s economy.
“This is a landmark project that’s estimated to provide a $5.7 billion boost to Queensland’s Gross State Product over the next 40 years, including $230 million in value and add to our state’s construction and professional services sectors,” says Dick.
“The Waterfront Brisbane proposal is a city-shaping development for Brisbane’s CBD and one that the Palaszczuk Government is proud to facilitate with Dexus for the benefit of the Brisbane and Queensland community.”
Dexus chief investment officer Ross Du Vernet says the Eagle Street precinct has been ignored for too long.
“This is a significant milestone that unlocks the considerable potential in this Brisbane CBD gateway site which has set under-developed for almost 30 years,” says Du Vernet.
“It’s scale and central riverfront location provide a truly unique opportunity to create a world-class destination for city workers, residents and tourists.”
Construction on the site is expected to commence in 2022, with the first tower to be completed in 2026.
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