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Harvey Norman moving to Booval Bunnings building in 2015

Bunnings’ departure from its massive Booval site in late 2015 will make way for a different variety of retail big-hitter. Harvey Norman is set to vacate its Ipswich Mall space and relocate to the 8600sqm Hamilton St complex, which is neighboured by a pharmacy warehouse, discount stores and a McDonald’s restaurant. Although Harvey Norman turned…Read More→

Bunnings’ departure from its massive Booval site in late 2015 will make way for a different variety of retail big-hitter.

Harvey Norman is set to vacate its Ipswich Mall space and relocate to the 8600sqm Ipswich Investor, Invest Ipswich, investing, Property market, Property Investing, rental properties, investment PropertiesHamilton St complex, which is neighboured by a pharmacy warehouse, discount stores and a McDonald’s restaurant.

Although Harvey Norman turned down the invitation to comment about the purchase, it is understood the move will result in a considerable expansion in its Ipswich sales, given the larger space.

The site includes car parks for 530 vehicles.

Savills Retail Sales director Jon Tyson, who helped negotiate the $10.8 million deal, said expressions of interest began early this year, attracting a wide variety of potential buyers.

“There were multiple bidders – six or seven of them – ranging from owner/occupiers to developers who had completely different visions for the site,” Mr Tyson said.

Once it moves into Booval, Harvey Norman will find itself in competition with several other electrical and furniture outlets in the area, including The Good Guys, RT Edwards and Dick Smith Electronics – all within a stone’s throw of each other on Brisbane Rd.

Bunnings Warehouse has been leasing the site from the private owner for the last 12 years. The lease expires towards the end of 2015.

The hardware superstore will move a couple of kilometres down the road to the new Mining St, Bundamba site once it is built.

Bunnings chief operating officer Peter Davis said the construction of the Bundamba site was timed to coincide with the expiry of the Booval lease.

Original article published at www.qtnews.com.au by Andrew Korner, 30/8/2014

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Brisbane

Aria offer over 1,100 sqm of resort-style amenity at Trellis, South Brisbane apartments

Trellis

The ground-level homes the Temple of Wellness, designed to be in-keeping with the lush foliage throughout the development

The award-winning Queensland developer, Aria Property Group, are taking the resident amenity to the next level in the latest South Brisbane apartment development, Trellis.

They’re offering residents offer 1,100 sqm of facilities scattered throughout the 13-level, Rothelowman-designed development, crowned by the most impressive amenity of all, the Residents’ Rooftop Club.

That will feature an infinity pool with views across Brisbane, a hot & cold magnesium bath, a lounge, public barbecue areas, and a private dining room.

The ground-level homes the Temple of Wellness, designed to be in-keeping with the lush foliage throughout the development.

A series of gardens line the path to the Temple of Wellness, where residents will walk through the cascading waterfall to a fully equipped fitness centre and meditation zone, home to weights, pilates reformers, cardiovascular equipment and meditation pods.

Aria Living also offers complimentary group yoga and group personal training fortnightly.

Aria Property Group

Trellis 20 Edmondstone Street, South Brisbane QLD 4101 

Residents at Trellis will also have access to a podcast/boardroom, serving as a multi-use space for working at home. There’s also a Residents’ Wine Cellar.

Apartments in Trellis start from $739,000 for an apartment with two bedrooms and two bathrooms. Three-bedroom apartments are priced from $1,084,000.

Completion is slated for mid-2023.

 

Article Source: www.urban.com.au

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Commercial Property

Fed up home buyers take plunge into commercial property

Home Buyers

A young woman in her 20s recently snapped up her first property – it was a ground floor shop leased to a jewellery business in South Melbourne.

The buyer, who declined to be identified, paid $900,000 and will earn income equivalent to a 5 per cent yield for her efforts.

Another first-time commercial buyer, Mark Murray, was priced out of the residential market for the type of property he was looking for and instead opted for a two-storey shop in High Street Northcote, in Melbourne’s inner north.

“This is my first property. I want to lease out some of the spaces,” he said.

Both buyers are part of a growing cohort looking at entry-level commercial properties as an alternative to the well trodden path of homeownership.

Sky high residential values – Melbourne’s house prices were up 15 per cent year-on-year in September – and changes to Victoria’s residential rental laws are pushing some would-be owners to look at alternatives.

Buyers are finding that the returns on residential real estate are so poor – with yields in the range of 1 or 2 per cent – that they prefer to buy something that will give them 3 to 5 per cent, which is commercial property.

Barry Novy from Gross Waddell ICR

The state’s new tenancy laws, introduced in March, have put a fresh onus on residential landlords: banning rental bidding, introducing minimum rental standards, changing eviction rules, and allowing modification of homes by renters – all of which has sharpened the difference with commercial property, real estate agents say.

Mr Murray said he planned to live in the upstairs section of his High Street property and turn the downstairs into artists’ workspaces and a recording studio. The shopfront, next to Sweet Life Tattoo, sold through Fitzroys’ Ervin Niyaz.

Mr Murray said it was a privilege to be able to buy something and share it with the creative community. “I’ll definitely earn an income but probably not as high rent as other places.”

The overheated housing market and superior rental returns are driving people towards commercial real estate, Stonebridge Property Group’s Dylan Kilner said.

The Dorcas Street building that sold in South Melbourne has a three-year lease to Unique Diamonds with fixed 3 per cent annual increases. Its outgoing expenses are also paid by the business tenant.

By contrast, residential leases are usually limited to one-year and have no set increases in rent with landlords required to pay outgoing expenses like extra water charges, taxes and maintenance costs.

“The buyer was a first-time investor who opted for an entry level commercial investment rather than a residential property,” Mr Kilner said.

Gross Waddell ICR’s Barry Novy said buyers should do their homework before taking the plunge into commercial property because of differences between the property classes.

“Buyers are finding that the returns on residential real estate are so poor – with yields in the range of 1 or 2 per cent – that they prefer to buy something that will give them 3 to 5 per cent, which is commercial property,” he said.

However, commercial property has a greater risk of long periods of vacancy, depending on market conditions. “You’ve got to be able to cover that,” he said.

Leasing contracts in the sector are also more complicated to negotiate and administer.

“There is also a misconception that if you buy commercial property you have less maintenance. That may or may not be true.”

 

Article Source: www.brisbanetimes.com.au

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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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