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Frasers Property : Construction of Riverlight North at Hamilton Reach forges ahead

Frasers Property Construction of Riverlight North at Hamilton Reach forges ahead

Frasers Property Australia has commenced construction of Riverlight North, the eleventh residential project within the $700 million Hamilton Reach masterplanned community located at Northshore, the largest waterfront urban renewal project by the Queensland Government.

With 85 apartments over 11 levels, comprising of one, two-and three-bedroom floorplans and two penthouses, Riverlight North has a total value of $48.4m.

Riverlight North adjoins the nearly sold out Riverlight East which was recently reported as the highest selling apartment project in Brisbane’s inner north and second highest in inner Brisbane for the December quarter according to the Apartment Essentials Report1.

Hamilton Reach is now home to almost 1,000 residents and includes award-winning projects Atria, Green Quarter, Newport and River Homes.

Frasers Property has appointed builder Tomkins to construct Riverlight North which is expected to employ around 300 workers throughout construction, with completion slated for the second quarter of 2021. Tomkins has previously constructed the Newport and River Homes projects within Hamilton Reach.

Scott Ullman, General Manager Residential Queensland for Frasers Property Australia, says that getting construction of Riverlight North underway was a positive sign for property and construction markets during the challenges of COVID-19.

‘Hamilton Reach has experienced strong sales this financial year – particularly for the last remaining Riverlight East apartments – so it is both timely and exciting for the crane to be going up and for construction to be commencing on Riverlight North,’ Mr Ullman said.

‘The two Riverlight buildings are similar with the same high quality of finish, however we have catered for the ongoing demand for three-bedroom apartments by increasing the proportion of this apartment style in the North building,’ he said.

‘Throughout COVID-19 restrictions, construction has remained an essential activity, so we are very proud to be commencing building with Tomkins and their associated sub-contractors, while following strict COVID-19 site safety and social distancing protocols. It is vital to our economy that construction projects such as Riverlight North forge ahead.

‘We have already sold a number of Riverlight North apartments off the plan and are anticipating similar popularity to that experienced with adjoining project, Riverlight East, thanks to the lifestyle appeal of Hamilton Reach, the quality of the apartments and the resident facilities on offer.’

Riverlight North is the first Hamilton Reach precinct set to have its own ‘sensory garden’ – a shared landscaped community garden space to incorporate fresh herbs such as rosemary and mint along with other plant species like aromatic jasmine and frangipani.

Riverlight North will also have access to the Riverlight resident facilities that include a 20-metre lap pool with sundeck, fully equipped gymnasium, dining and function room and award-winning landscaped gardens and barbecue area. Residents will also have access to kayaks and bicycles for exploring Hamilton Reach and its surrounds.

Riverlight North apartments are priced from $422,500 for a one bedroom apartment, from $517,500 for a two bedroom apartment and from $750,000 for a three bedroom apartment. There are also two penthouses on Level 11 priced from $1.55 million.

Hamilton Reach residences attract strong rental rates which as at November 2019 were on average, $401 per week for one bedroom apartments, $513 for two bedroom apartments, $782 for three bedroom apartments and $912 for four bedroom residences2.

Both Riverlight East and North residences are a superior lifestyle choice with over 1,700 sqm of landscaped gardens and spaces to explore and apartments that offer premium views of the Brisbane River, Royal Queensland Golf Club and surrounding parklands.

The Hamilton Reach Sales and Display Centre is currently open by appointment at 310 MacArthur Avenue, Hamilton with virtual tours also available. Call Frasers Property on 13 38 38 or visit www.hamiltonreach.com.au for more information.

1 Urbis Apartment Essentials Report – December 2019 quarter, Urbis Australia.

2 Real Property Consultants (RPC) rental figures, as at November 2019.

 

 

 

This article is republished from www.marketscreener.com under a Creative Commons license. Read the original article.

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Brisbane

‘Absolutely inundated’: Lack of stock drives Queensland interest

‘Absolutely inundated’ Lack of stock drives Queensland interest

As open-home restrictions begin to lift, a Brisbane agency has reported huge interest from first home buyers clamouring to get onto the property ladder despite COVID-19.

Coronis Agency has reported that it had more than 80 potential buyers attend the first scheduled open home of an Archerfield property.

The three-bedroom, two-bathroom property only hit the market last Thursday and received more than 56 phone and email enquiries within 48 hours.

Director Anthony Hunt said the agency was “absolutely inundated with buyer enquiries within 30 minutes of the property going live, with many buyers asking to schedule a private inspection on the Thursday night or Friday as they were eager to beat the rush on Saturday”.

“In the end, I opened the property up on Friday afternoon and had nine groups of buyers turn up purely from responding to their calls and emails,” he explained.

He added that at the Saturday open home, which was the first advertised inspection, “it took more than an hour to get everyone through the property due to the social distancing restrictions, but on the whole, everyone was really understanding and willing to wait their turn”.

Mr Hunt said the general feedback he received from most parties is that “they want to buy something right now, despite everything going on with COVID-19”.

“Many of them are first home buyers with pre-approval who are looking to get their foot on the property ladder and aren’t fazed about going out in public to attend open homes,” he said.

The director believes that what they’re more concerned about is the lack of properties to choose from and how quickly properties are selling at the moment.

By Saturday afternoon, Mr Hunt said he had received four offers and it was under contract by Saturday night for a price that exceeded the seller’s expectations, “so they’re very happy”.

While 140 Granard Road was “beautifully presented”, the agent expressed the opinion that the main reason it was so popular with buyers was because it offered “great value for money in a suburb only 15km from Brisbane CBD”.

He iterated that buyers are willing to look outside of their desired suburb to purchase the right property.

His message to those who are considering holding off on selling? Don’t wait.

“In the past week, the Coronis sales team has received more than 1,000 buyer enquiries, and from that, 550-plus groups attended an open home on the weekend, so there is no doubt about it — buyers have a strong appetite to purchase now, they just need more options to choose from,” he concluded.

 

 

 

This article is republished from www.smartpropertyinvestment.com.au under a Creative Commons license. Read the original article.

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Brisbane

Rio’s New Digs Hit High Point

Rio’s New Digs Hit High Point

Hutchinson Builders has topped out the “first-of-its-kind” full merging of two separate commercial buildings in Brisbane’s $700 million Midtown Centre.

Mining giant Rio Tinto signed a 10-year lease deal in 2019 on the 27-storey, Fender Katsalidis-designed tower, developed by AM Brisbane CBD Investment, a joint venture between wealth manager Ashe Morgan and developer David Mann’s DMann Corporation.

The project involves the $175 million connection and refurbishment of the former Health and Forestry Buildings located at 155 Charlotte Street and 150 Mary Street—acquired in 2017 for $66 million—into a cross-block hub comprising a commercial tower, with a public laneway connecting both streets.

Rather than using the conventional method of joining the existing 20-storey buildings by a skybridge, the buildings have been merged from top to bottom using a base podium and exterior, to provide large campus-style 2,500sq m floor plates.

The infill is locked in by a new level 20 slab supporting an additional six levels above, to form the single 26-storey tower currently being constructed by Hutchinson Builders—who, like other “essential services” have continued work while adapting to Covid-19 social distancing measures.

Fender Katsalidis director Mark Curzon said the infill completion is a huge accomplishment in terms of commercial design outcomes, adaptive reuse and sustainability in Australia.

“Through good design, we have given new life to the buildings in a somewhat unconventional but highly innovative and technically considered manner.

“We’re leading the way for more environmentally-friendly adaptive reuse while meeting commercial objectives in creating large floorplates that would otherwise be unattainable in this CBD location,” Curzon said.

Compared with a demolish and rebuild scenario, Midtown Centre’s infill achieves a claimed 231 per cent cumulative impact reduction across all environmental indicators, including a 37 per cent carbon dioxide reduction compared to a new build.

Rio’s New Digs Hit High Point (2)

Curzon said that although the successful merging of the structures in the Midtown development rests partly on the fact that the two buildings’ original designs mirror each other, the technique was transferable.

“The infill has afforded significant environmental savings, adding to the viability of this technique and its potential to be implemented across other buildings that sit side-by-side.”

Fender Katsalidis principal James Mills said the project sets a new standard for the repurposing of buildings.

“Despite nothing of this scale or nature taking place in Australia previously, we have found a way to add value to the site through a cutting-edge architectural process that is exemplar for Brisbane and beyond.

“Our work at Midtown Centre is focused on bringing the buildings in line with today’s needs, increasing net lettable area and producing environmental sustainability through the design of commercial assets,” Mills said.

Rio’s New Digs Hit High Point (3)

Even before coronavirus created the new normal of social distancing, which in turn is set to have transformative impact on office design—Ashe Morgan chairman Michael Moss predicted the “customised office solution” prescribed for Rio Tinto would “create a benchmark for workplaces of the future”.

The centre features a level 20 “sky garden”, landscaped garden terrace atop the podium and “green seam” encasing the tower along with landscaped areas across the development totalling in excess of 3,000sq m.

With the Midtown centre slated for completion in mid-2020, the next phase of construction involves the addition of six levels to create a single tower from the new level 20 slab.

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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Brisbane

Landlords hit by rising vacancies, falling prices

Landlords hit by rising vacancies, falling prices

Property prices don’t necessarily always fall during recessions but this time you would have to think that prices will tumble significantly, given the speed and depth of the COVID-19 economic shock.

Simon Pressley, managing director of Propertyology, says the problems in the property markets will be temporary.

Even those sober economists at the big banks are forecasting price falls of up to 32 per cent over the next couple of years – though the banks’ “base” cases, or most likely scenarios, are for price declines in the order of 10 per cent.

A lot of homeowners are ahead on their mortgage repayments and have a nice buffer in case they have to drop their payments to the required minimum, and history shows most people can hold on without becoming forced sellers.

That’s also likely to be the case this time, given the level of government support through JobKeeper and JobSeeker and lenders’ granting of repayment deferrals to their home loan customers affected by the financial fallout of the pandemic.

However, the situation is trickier for property investor landlords.

Rental vacancy rates in Sydney’s CBD hit more than 13.8 per cent during April – the highest ever recorded by property researcher SQM Research.

Vacancies at Melbourne’s Southbank are similarly at 13 per cent, and in the CBD it is 7.6 per cent.

So far, the vacancy rates in the suburbs of our two largest cities have risen only slightly, with the elevated rates contained to inner-city areas.

Still, the relatively low suburban vacancy rates may be understating the true weakness in rental market, given many tenants have negotiated rent discounts or deferrals with their landlords.

Robert Mellor, executive chairman of economic and property forecaster BIS Oxford Economics, describes the high vacancy rates of inner-city areas as “alarming”.

It is the number of people out of work, fewer international students and loss of immigration that’s driving the surge, particularly in areas with many higher-density developments.

Overseas travel bans have also led to demand for short-term accommodation through sites such as Airbnb drying up, leading property owners to list their housing for long-term leasing. That’s pushing vacancy rates in holiday hotspots higher, though that will change once interstate travel resumes.

Simon Pressley, managing director and head of market research at buyer’s agency Propertyology, says many landlords with investment properties in inner-city areas are finding it tough.

And those who bought investment properties recently risk being in negative equity if prices fall significantly, where they owe more on the property than what it is now worth, he says.

However, Pressley cautions against punching out doom and gloom predictions on a negative trend.

“I’m in the minority, but I’m not seeing double-digit price falls,” he says.

“It is a dreadful thing for some landlords but we are talking about specific pockets. It is not going to be like this forever.”

The coronavirus has at least ensured that interest rates and, therefore, borrowing costs, will stay low for years to come.

Time will tell, but the almost 2 million Australians with at least one investment property will be hoping Pressley’s optimism proves correct.

 

 

 

This article is republished from www.brisbanetimes.com.au under a Creative Commons license. Read the original article.

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