A Sunshine Coast couple have secured one of the final penthouse in the first building of Brookfield Residential Properties’ luxury Gallery House project on the Hamilton riverfront.Andrew and Collette Mitrega undertook significant research before deciding to purchase the four-bedroom penthouse with stunning river and city views.“We visited just about, if not every, new-build apartment project in Brisbane before purchasing at Gallery House,” said Mr Mitrega.“It was all about the location and the opportunity of being able to see the city skyline, but not having to live in the CBD – it felt like the right choice to us.“We did extensive due diligence, reviewing and researching all Brisbane developers, which gave us the confidence we needed to purchase an apartment developed by Brookfield Residential Properties’ and built by Multiplex.”The 216sqm, four-bedroom penthouse features natural stone tiles, a spacious butler’s pantry, wine cabinet, freestanding bath, Miele appliances and amazing river and city views.Mr Mitrega said the Gallery House penthouse gave them everything they needed in terms of space, location and amenity.“Our new penthouse provides us with several bedrooms and one of the biggest balconies we have ever seen, so friends and family can be accommodated when they visit,” he said.“When we decided to transition to apartment living, we thought ‘let’s make it easy and surround ourselves with convenience’.“From Gallery House, in just two minutes we could be watching a movie, eating at numerous restaurants, enjoying Eat Street Markets or picking up a bottle of wine.“Then there’s the added convenience of no maintenance. I’m looking forward to disposing of my lawnmower, ladder and pool vacuum, and having the luxury of locking the door and going away for several weeks without the worry.”Mr Mitrega said an unexpected bonus of Gallery House was the neighbourhood feel.“We have already met and spoken with several of our prospective neighbours and they all want to be part of a social network within the project.” he said.Brookfield Residential Properties’ Managing Director Lee Butterworth said while all penthouses in the first building were sold, some remained in Gallery House Two for those looking for the ultimate in luxury living.“Gallery House will become an address synonymous with style and luxury and its residents will enjoy an enviable riverfront lifestyle with everything at their fingertips,” he said.“Our buyers have been predominately locals looking for waterfront property without the maintenance, who know the benefits of living in this location with its direct access to retail, restaurants, recreation and green spaces.“The three and four-bedroom apartments and penthouses in Gallery House are bigger than many homes, so buyers don’t feel like they are compromising on space.“Instead, they are upgrading to a brand new apartment with all the modern luxuries and lifestyle amenities at their doorstep.”Sales in Gallery House have reached $224 million and construction is just weeks from completion on the first building.Gallery House Two is also under construction with completion anticipated for the end of this year (2019).The first onsite displays will open at Gallery House mid August, showcasing views of the Brisbane River and across the city skyline.Gallery House is located six kilometres from the CBD with easy access to the CityCat, airports and major arterial roads.Gallery House has a mix of two and three bedroom apartments, ‘sky homes’ and penthouses for sale ranging from $575,000 to $2.795 million.For more information on Gallery House visit the Sales & Display Centre at Portside Wharf or www.gallery-house.com.au
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Brookfield Asset Management
Brookfield Asset Management Inc. is a leading global alternative asset manager with over $285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively. For more information, please visit our website at www.brookfield.com.
Sunshine Coast braces for huge auction event as demand steps up from southern buyers
Competition is expected to be hot at a special multi-property auction event on the Sunshine Coast this weekend.
Ray White’s fifth annual auction event will see dozens of properties go under the hammer in-room on Sunday.
However, demand for the coast’s enviable lifestyle has already seen some of the listings snapped up by keen buyers.
In fact, the first weekend of open homes for the event resulted in 20 to 25 groups through some of the properties.
Since the first multi-office auction event on the Sunshine Coast in 2015, $85 million in sales have been achieved from the auction of 195 properties with an average overall clearance rate of 95 per cent.
Ray White Maroochydore director and auctioneer Dan Sowden said interest in the Sunshine Coast from interstate migrants as well as locally had meant this year’s event had recorded strong early results.
“I personally haven’t been involved in a large campaign of this nature that started as quickly as this one has,” Mr Sowden said.
“So, I think it’s the fastest start to any campaign that we’ve seen. Essentially, it’s the fastest start of all of the four years.”
Strong interstate migration was playing its part in the early successes, he said.
According to the Australian Bureau of Statistics, the Sunshine Coast recorded the second highest number of net interstate migrants for any major regional areas in the 2018 financial year.
Mr Sowden said Sydney and Melbourne buyers were seeing “extreme value” in the Sunshine Coast compared to southern capital city markets.
“Buyers between $1 million and $2 million, largely are either people downsizing their homes to big apartments, which is a really huge driver for us, or they are people relocating from Sydney and Melbourne,” he said.
“People relocating from Sydney and Melbourne, I’d say there is extreme value for them. Properties are being snapped up literally on the first weekend from buyers who don’t want to see it go to auction.
“So, not only is there extreme interest, but there’s also that urgency as well and when those two things come together, that’s a really good time in the property market.”
According to Domain Group data, the median house price in Mooloolaba increased 11.5 per cent to $847,500 over the year ending in June and has increased 50 per cent over the past five years.
In nearby Maroochydore, which is the epicentre for one of the largest urban regeneration projects in southeast Queensland in the creation of its new city centre, the median house price has increased by nearly 41 per cent to $620,000 over the past five years.
“There were a lot of property commentators earlier on in the year suggesting that the market has peaked on the Sunshine Coast and things were going to tail off like the rest of the country, but what we’re seeing on the ground is the opposite,” Mr Sowden said.
“So, you want to be in it to win it. Get in there or pay more next year.”
The Auction Event 2019 is on Sunday, September 22 at Mercedes-Benz Sunshine Coast, 65 Maroochy Boulevard, Maroochydore. Registrations open at 9am and the auctions commence at 10am.
Olympian Makes Waves Buying Back Noosa Shopping Centre
Property developer and former Olympian Mark Stockwell has bought back the Noosa Civic shopping centre on the Sunshine Coast for $250 million from QIC.
The former swimmer, who at 21 competed in the 1984 Olympics as part of Australian swimming’s “Mean Machine”, raised a property fund to back the purchase.
His Brisbane-based investment and development group Stockwell originally owned the property before selling it to QIC in 2012 for about $200 million. QIC Global Real Estate held Noosa Civic jointly in its flagship QIC Property Fund and the QIC Shopping Centre Fund.
The 30,000sq m centre is located 150km north of the Brisbane CBD, within the exclusive township of Noosa, an area renowned as one of Queensland’s and Australia’s premiere tourist destinations.
The centre occupies more than 31 hectares of land, of which more than 20 hectares is undeveloped, presenting the potential to further expand and develop the complex.
The move by Stockwell seems advantageous buying back into “one of the key sub-regional shopping centres on the Sunshine Coast”.
The Noosa Civic sits within a trade area home to 91,980, estimated to have a combined spending power of $1.3 billion, which is forecast to grow by an average of 4 per cent per annum to reach $1.9 billion by 2028.
“We are pleased to be able to bring Noosa Civic back into our portfolio,” Stockwell managing director Mark Stockwell said.
“This acquisition is key to the strategy of Stockwell Property Funds to identify existing, well-located, quality retail assets that we can expand and unlock the development potential for our investors.”
Stockwell has invested and developed shopping centres across Queensland.
Last February, Victorian construction and development firm Pellicano and publican family Zagame acquired the Poinciana Place Shopping Centre in Tewantin from Stockwell for $17.3 million on a record yield of 5.9 per cent for the Sunshine Coast.
The Noosa deal was brokered by Lachlan MacGillivray and Stewart Gilchrist of Colliers International and was struck on a yield of 6 per cent.
QIC managing director Michael O’Brien said the divestment of Noosa Civic, jointly held by the QIC Property Fund and the QIC Shopping Centre Fund, was in line with the client endorsed strategies for both funds.
O’Brien pointed to the deal as reaffirming shopping centres values which have been under pressure this year as big landlords, including Stockland, have trimmed centre values.
In May this year, QIC GRE divested its mixed-use asset currently under development at 80 Collins Street in Melbourne in a record deal for close to $1.5 billion.
Noosa apartment record broken with $8.25 million Hastings Street sale
A Hastings Street apartment on Noosa’s priciest beachfront strip has sold for a record $8.25 million.
The three bedroom apartment is in the pricey Twenty Three Hastings block.
It was sold after a very short listing period in August by Tom Offermann Real Estate and beat the former record, held since 2006 when the penthouse in the nearby Noosa Court on Hastings sold for $8.2 million.
The living spaces of the triplex garden apartment comes with pool plus direct beach access.
The listing agent Mal Cox described it as one of the finest apartments he’s had the privilege to market.
The sale comes after the Tom Offermann agency secured $6.1 million for a nearby Hastings Street penthouse.
Tom Offermann says there’s a resurgence in beachfront property sales and there’s no sign of it changing soon.
“Noosa Main Beach is one of a very few true north-facing beaches on the east coast of Australia,” Offermann says.
“Noosa has an amenable sub-tropical climate and a town brimful with natural assets which turns holiday makers into property buyers, something I have experienced over 30 years.
The Noosa apartment market recorded the strongest capital growth of any unit market across the country over the last year with values soaring nearly 25 per cent.
“The investment potential speaks only of enviable financial success for those who are fortunate to acquire their piece of Noosa Heads ’hottest real estate.”
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