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Gold Coast’s Australia Fair joins shopping centre reno rumble with $25m refit

AUSTRALIA Fair is the latest shopping centre rolling out renovations as part of the Gold Coast’s store wars — and it has an ace up its sleeve.

Owners YFG Shopping Centres are working on a masterplan that could finally see the Southport property capitalise on its unique waterfront position by extending its food court out across Marine Parade.

The masterplan is also likely to include the addition of more levels.

An artist’s impression of the revamped Australia Fair.

In the meantime, the centre is about to begin work on the second phase of a massive refurbishment program that has already seen $16 million spent upgrading the Australia Fair Metro building on the western side of Scarborough Street.

The centre will spend $25 million upgrading the main Australia Fair building on the eastern side of Scarborough St.

Australia Fair general manager Ramon Otten said work would begin next month and would include a new facade for the Scarborough St entrance and an upgrade of part of the ground floor shopping area.

“The work is in line with what we’ve done at Metro and goes from Scarborough Street to Fig Tree Court,” he said.

The Fig Tree Food Court will disappear for good as part of the renovations as the alfresco dining area makes way for an expanded Coles supermarket with an in-store butcher, seafood outlet and bakery.

Coles’ retail space will expand from 3400sq m to 4222sq m as part of the Australia Fair revamp.

The work will take Coles’ retail space from 3400sq m to 4222sq m.

Kmart Australia recently upgraded its store while the rebranded Event Cinemas has refurbished its facilities to include a new foyer area, designer seats and renovated Gold Class lounges.

A host of other national retailers are either relocating or investing in new fit-outs including City Beach and Ally Fashion, while management is currently securing new retailers.

New amenities on the ground floor will open by the end of the week in preparation for the overhaul of the ground floor concourse.

Australia Fair’s renovation announcment comes as shoppers rush to catch a glimpse of the new-look Pacific Fair Shopping Centre at Broadbeach.

The current revamp is expected to be completed by mid-2017.

Mr Otten said the centre was committed to providing an improved experience for shoppers, while also playing a key role in the revitalisation of the Southport CBD.

“We’re doing some masterplanning and concepts for future stages,” he said.

“Certainly, we’re looking at what we do in the medium to long term with the centre.

“We’re been developing some concepts to maximise our location but we’re not in a position to announce anything further at this stage.

“I don’t think at this stage anything substantial would be possible before 2018.”

The property is one of 19 centres YFG owns in Queensland.

Robina Town Centre has also announced a multi-million dollar food precinct.

“It’s the only waterfront property and certainly the largest in the portfolio and it’s the only one on the Gold Coast,” Mr Otten said.

“It’s probably the one that has the most potential.”

Area councillor Dawn Crichlow said the centre’s owners had met with council planners to discuss expansion plans.

“They want to build out over Marine Parade so that the traffic goes underneath and can still go into Australia Fair,” she said.

“By building it over, the will have a massive area all the way along there with a food hall and a good view over the Broadwater Parklands.

“They will build the office tower higher too.

“They’ve shown the town planners and now they’ve gone away to do drawings and lodge it.”

Original article published at www.goldcoastbulletin.com.au by Suzanne Simonot & Alister Thomson 12/8/16

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Brisbane

Landmark Brisbane Hotel Sells for $50 Million

Landmark

A Sydney-based hospitality group has swooped on a landmark riverside Brisbane hotel at the northern end of the city’s iconic Story Bridge.

Oscars Hotel Group—owned and operated by brothers Bill and Mario Gravanis—has paid $50 million for the Oakwood Hotel and Apartments.

The 11-storey accommodation asset, on a prominent 2966sq m corner site at 15 Ivory Lane, has been offloaded by Singapore’s Mapletree Investments, which purchased it in 2015 for $48 million.

Formerly the Adina Brisbane Hotel, its sits above the Howard Smith Wharves precinct and Crystalbrook Vincent Hotel—originally The Fantauzzo—that was purchased last year by Syrian billionaire Ghassan Aboud in a $70-million-plus deal.

The four-star Oakwood Hotel and Apartments comprises 162 suites, a bistro, business centre, gym and pool but its new owners are expected to undertake a major revamp to capitalise on its prime location within the popular riverside precinct.

Its latest change-of-hands adds momentum to the rising wave of southern property players seeking geographic diversification due to the impact of Covid-19 lockdowns in New South Wales and Victoria.

Industry experts predict the flow of capital into Queensland’s property sector will continue its groundswell over coming years in the lead-up to the 2032 Brisbane Olympics.

The Gravanis brothers—known as Sydney’s kings of hospitality with a portfolio of more than 30 venues across NSW—made their big move into Queensland in May, snapping up Long Island in the Whitsundays for circa $20 million.

They are planning a new resort project for the island off Airlie Beach.

Oscars Hotel Group was established in 1986 with the acquisition of a single pub in Sydney’s inner-west.

Its purchases of Brisbane’s Oakwood Hotel and Apartments and Whitsunday’s Long Island are part of a strategic expansion to gain northern exposure in the tourism and hospitality sector.

CBRE Hotel’s national director Wayne Bunz negotiated the deal.

 

Article Source: www.theurbandeveloper.com

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Brisbane

Cromwell Sells Ipswich Office Tower for Record $145m

Cromwell

Cromwell Funds Management Limited has sold the Icon building in Ipswich for $144.9 million, a record price paid for an office building in Queensland outside Brisbane.

Castlerock picked up the nine-storey building with 17,870sq m of commercial space after raising $90 million in seven weeks for its new The Auslink Property Trust No 2.

The A-grade tower at 117 Brisbane Street, in the Ipswich City Heart precinct, was built in 2013 and included 207 car parks, 120 bicycle stations and office winter gardens.

Cromwell made the decision to sell because of the $16.4-million premium to the previous book value of $128.5 million and that the trust had less than two years to maturity.

Cromwell head of retail funds management Hamish Wehl said unit-holders would receive a special distribution as a result of the transaction.

“It was a difficult decision to sell the property, however, with less than two years to go to maturity, we felt that money-in-the-hand was the right outcome for unit-holders,” Wehl said.

Castlerock director Adam Bronts said the capital raised showed the appeal of the new fund and the high level of demand for quality property assets.

“This capital raise was the largest in Castlerock’s 18-year history, so it was extremely gratifying to see such keen investment appetite for the fund,” Bronts said.

The Queensland government is Icon’s major tenant, accounting for more than 91 per cent of the net lettable area.

The sale is unconditional and is expected to settle on October 21, 2021. It was put in play through Colliers state chief executive Simon Beirne and Queensland director of investment services Sam Biggins.

“Castlerock’s acquisition is further evidence of syndicator capital moving up the price curve into larger office assets in key metropolitan markets in Queensland,” Biggins said.

“The Icon transaction represents the largest sale of an office building in Queensland outside Brisbane. Castlerock was attracted to the long-term growth prospects of the Ipswich region. which is Queensland’s fastest growing local government area.”

 

Article Source: www.theurbandeveloper.com

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Commercial Property

Preparing for a rural property renaissance

property

It appears that agriculture has hit a purple patch and the rural property market, like rising commodity prices, is finding new highs.

It is a unique cycle and the key drivers are low interest rates, strong commodity prices and favourable seasonal conditions said Brad James, Rabobank’s Regional Manager for Southern QLD and Northern NSW.

While not every rural producers season is on par, things are still reasonably good and being spurred on by the hike in commodity prices led by beef, grain, cotton and also sugar according to James.

This general alignment of the planets is also backed by a willing banking sector, who is showing great faith in the future of the agriculture industry. Certainly at least that is the sentiment of Rabobank.

James said there is a lot of emphasis on growth, through both on farm investment and expansion into further holdings.

“The property market is going strong and it is difficult to pick where the top point is, particularly in the beef sector as people seek to expand their business and rebuild their herd numbers as prices hit 30 year highs, in relative terms.

“It’s a rare event when the market goes up in contrast with low herd numbers, both domestically and globally and that has helped build the confidence in the land market.”

Watch 2021: The year of farm expansion on RaboTV

Planning to expand

With the keen focus on growth and expansion across agricultural operations, James said it is important to weigh up your options and to have a plan before committing to buying that new property or indeed embarking on major expansion plans that see the enterprise needing to increase debt.

“While the first instinct may be to buy more property so you can grow and expand your operation, as a business it is also important to consider how well placed you will be if there is a correction in markets, a lift in interest rates or a missed season… or heaven forbid, all three.”

“Consider what your appetite for risk is and how well you have mapped out the expansion plan and importantly also consider the risk appetite of other key stakeholders in the business.”

“With so many vagaries to manage in agriculture, most of these out of the producers control, it is important to be agile and prepared to change and open to new thinking or ways of doing things that may be needed to manage through adversity. This applies in a range of commercial (non-farm) businesses also.”

“It is also important to keep a close eye on the level of gearing the enterprise is being asked to manage/service when expanding,” James said.

“This is a highly sensitive ratio to manage when we have escalating land prices, as we have now. The large fixed expense associated with the acquisition of further holdings is serviced by the many variables around the income stream as mentioned. This is why gearing is such a focus point.

“As we all know, it takes time to build the herd and develop country, these should all be part of your business plan.”

James said the impact of an adverse circumstance can vary and some we cannot foresee nor avoid, but if we have a line of sight on the early warning signs and take an agile approach then we stand the best chance of moderating the impact.

“There is one certainty in all of this, those enterprises with the highest relative levels of gearing feel the impact the most. So keeping up to date with market and commodity trends and knowing when to engage that ‘what if’ strategy is key,” he said.

Efficiency gains

James said the current hike in confidence  across agriculture was likely to create some ground breaking innovation in farming, particularly for the beef industry who are enjoying very strong returns, this is often associated with reinvestment into technology and efficiency gains.

“What we are seeing is people reinvesting in their industry with the confidence that this will improve their long term efficiency and in the end profitability,” he said.

“We can expect to see efficiency gains across management practices, pasture development, livestock handling, use of drones, carbon farming, rotation grazing and regenerative agriculture.”

Watch RaboTV to see how virtual fencing can revolutionise your operation

“This could be the catalyst for a road map for the future as producers look to take advantage of this current trend,” said James.

“There are so many tremendous opportunities in agriculture at present and with a measured approach, many can avail themselves of the unique circumstances to develop and grow in what we consider to be among the best agricultural lands and enterprises in the world.”

Australian cattle farmers are enjoying a golden era learn more from the Hartley family ThankAFarmer Hartley Grazing  

 

Article source: inqld.com.au

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