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Fresh calls for council to purchase former ABC Toowong site

Fresh calls for council to purchase former ABC Toowong site (1)

The Queensland Greens are pushing for Brisbane City Council and the state government to jointly purchase the former ABC Toowong site and convert it into a park after the major site was listed for sale this week.

The 15,000-square-metre site on the banks of the Brisbane River has already been eyed by the council as a potential landing space for a proposed West End-Toowong green bridge.

Property developer Sunland put the Toowong site up for sale through Colliers International, after years of planning to put a major development on the site.

A “champagne flute” plan for three apartment towers designed by Dame Zaha Hadid was rejected by the Supreme Court in 2018, but Sunland planned to lodge a new development application as of last year.

Sunland purchased the 1.5-hectare site at 600 Coronation Drive after the ABC abandoned its headquarters in December 2006 after a breast cancer cluster among female staff.

In The Medical Journal of Australia, a specialist wrote 10 cases of invasive breast cancer were diagnosed among 550 women employed at the Toowong site from 1994 to 2006. “These cases represented a more than six-fold increase in risk compared with the female population of Queensland.”

Colliers International’s Adam Rubie said he expected strong demand for the site.

“In Toowong, opportunities of this significant scale, just 3.5 kilometres from the CBD, are simply not available in absolute riverfront locations,” he said

“Demand for premium, owner-occupier product continues unabated in Brisbane and we have witnessed strong demand and increasing price points over the last 24 months.”

Greens councillor Jonathan Sri posted on social media calling for the council to purchase the entire site, while Maiwar Greens MP Michael Berkman said the site should never have been privatised.

Fresh calls for council to purchase former ABC Toowong site (2)

“… This could well be our last chance to reclaim it as green space for the people of Brisbane,” Mr Berkman said.

“This is a golden opportunity. The developer is clearly trying to offload this land during the COVID-19 downturn, so the government could get it for a good price now.

“Right now this land is sitting vacant and derelict while locals cry out for more public green space to offset growth, with the Toowong-West End green bridge proposed to land here and a major 25-story development planned for the former Woolworths site up the road.”

On Tuesday, lord mayor Adrian Schrinner said the council would like to purchase some of the site for the planned West End-Toowong bridge.

“That site is one of the options for a landing point for a green bridge between West End and Toowong. If that is the preferred alignment, and obviously we’ve got to some investigation and community consultation, then part of that site will likely be acquired,” he said.

“Back in 2009 when the ABC moved out and the federal government was looking at selling the land, we advocated very strongly at that time for it to be handed over to council and turned into a public park.”

The Rudd government sold the site, with Cr Schrinner saying the value of the site was “now beyond the reach of ratepayers’ affordability” to purchase the entire 1.5 hectares.

“But if we need part of the site to build a bridge, then that’s something we will be looking at,” Cr Schrinner.

Asked if the council would seek to purchase or resume the land, he said the first option would be to discuss it with the owner before resumption became necessary.

The expressions of interest campaign for the site ends on September 30.

 

 

 

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

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Brisbane

Mirvac Sells Golden Triangle Tower for $87m

Golden Triangle Tower

Melbourne-based property fund manager Forza Capital has picked up a prominent office building in Brisbane’s “Golden Triangle” from Mirvac for $86.7 million.

The property, located at 340 Adelaide Street—on the corner of Adelaide and Wharf Streets, comprises 12,800sq m of B-Grade office space across 17-levels, together with a ground floor cafe and parking for 100 cars.

In recent years, Mirvac has refurbished the building, upgrading the lobby and repositioning the external ground plane and retail.

Mirvac chief investment officer Brett Draffen said the proceeds from the sale will be redeployed into prime and A-grade commercial assets as well as its $22.4 billion development pipeline across the residential, office and industrial sectors.

The deal, negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, represents an 11 per cent premium to its book value in June.

“As the first major, post-Covid capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Phipps said.

Golden Triangle Tower1

The building is 93 per cent leased to tenants Covermore, Cerebral Palsy League and Oracle, and has a weighted average lease expiry of 3.8 years. Image: Supplied

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

Forza Capital director Ashley Wain said the asset represented exceptional value, given the building’s comprehensive refurbishment program, and was transacted with a high degree of certainty over a period of one month.

“Shortly after Covid struck, [we] identified the opportunity to prepare our investor base of sophisticated investors for opportunistic property investments.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics,” Wain said.

The acquisition represented $52.5 million of equity from Forza’s client base of family offices, high net worth advisory groups and individuals, and will now sit in the newly-established Forza 340 Adelaide Street Fund.

“The uncertainty in office investment markets has created really attractive investment metrics which, when combined with highly competitive debt funding, results in a target 8 per cent per annum distribution yield over the first five years of the investment,” Wain said.

Last week, Dexus listed a neighbouring A-grade office tower, located at 10 Eagle Street, with price expectations of $300 million.

 

The post “Mirvac Sells Golden Triangle Tower for $87m” by Ted Tabet appeared first on the theurbandeveloper.com Blog

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Brisbane

Yeronga trophy home fronting the Brisbane River listed

Brisbane River

A riverfront Yeronga, Queensland trophy home has been listed without a price guide.

The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.

Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.

Set on 916 sqm, it features two swimming pools and a private boat pontoon.

Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.

It is located seven kilometres from the CBD.

 

The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog

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Brisbane

Mirvac offloads Brisbane office building for $87m

Mirvac office building

Mirvac has offloaded a 17-storey office building in Brisbane to Melbourne-based property fund manager Forza Capital for $86.75 million in one of the first institutional grade office deals to take place in the city since COVID-19 struck.

The building, which is in Brisbane’s ‘Golden Triangle’ at 340 Adelaide Street, had undergone an extensive refurbishment by Mirvac and sold at an 11 per cent premium to its last book valuation in June.

The property, which is 93 per cent leased to tenants such as Oracle, Cover-more Insurance and the Attorney General’s Office, has a 3.8 year weighted average lease expiry.

Brett Draffen, chief investment officer at Mirvac, said proceeds from the sale would be redeployed to grow its asset creation business and would allow the group to “capitalise on opportunities to create Australia’s next generation of workplaces, residential communities and mixed-use precincts”.

The office tower is the first asset to be acquired by Forza Capital following a $240 million capital raising from its client base of family offices and high net worth advisory groups in September and will sit in the newly established Forza 340 Adelaide Street Fund.

Forza Capital director Adam Murchie said they had advised their investor base to be prepared for opportunistic property investments shortly after COVID-19 had struck.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics.”

Forza Capital director Ashley Wain said the uncertainty in the office market had created attractive investment metrics.

“When combined with highly competitive debt funding [the metrics] result in a target eight per cent per annum distribution yield over the first five years of the investment.”

The deal was negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, and Matt Lawrence arranging the debt.

“As the first major, post-COVID capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Mr Phipps said.

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

 

The post “Mirvac offloads Brisbane office building for $87m” appeared first on the afr.com Blog
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