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Indooroopilly builder’s decades-long restoration project sells for $2.2m

The magnum opus of a Brisbane artisan builder has sold for $2.2 million under the hammer, collecting the city’s highest recorded sale at auction over the weekend.

Self-confessed Queenslander tragic and renowned “old-school renovator” Bill Brown snapped up the former house of horrors at 27 Gladstone Street, Indooroopilly, just under 40 years ago for $85,000, before spending decades restoring his colonial-era home into what’s since been dubbed one of Brisbane’s finest.

After a fast-and-furious auction campaign, selling agent and principal Kris Matthews, of Ray White Toowong, said 11 registered bidders battled it out for the meticulous four-bedroom house, with a family from the very same street securing the winning bid.

“The market is incredibly strong — 12 months ago we would not have seen a result like this. It really is going from strength to strength and we are seeing no signs of a winter cool down,” Mr Matthews said.


27 Gladstone Street, Indooroopilly QLD 4068 

That real estate fire was burning in Kelvin Grove on Saturday, where Tamara Lee, of Ray White Ashgrove, secured a reserve-smashing $937,000 for a miniscule three-bedroom abode on a 304-square-metre block at 15 Victoria Street.

It was the first time the rundown cottage had sold in six decades – with the sale marking the end of an era for the Sicilian family who had called it home for all those years.

“They were a lovely family, and it was very, very emotional for them,” Ms Lee said.

“The house was also stuck in a time warp from 60 years ago and it even had the ’60s retro kitchen. There were tears everywhere when it sold under the hammer on Saturday. The Sicilian family burst into tears — they were really happy it went to first-home buyers who had been looking for six months and had missed out on so many homes.”


15 Victoria Street, Kelvin Grove QLD 4059 

While it was a fairytale ending and a fairytale for beginning for two families, Ms Lee confessed the road to auction success wasn’t smooth sailings.

“The highest offer we had before the auction was $820,000 and the reserve was then set and that was an ambitious reserve compared to what sold nearby just a week ago,” she said.

“But, two days before the event we lost that buyer and then the buyer with the second-highest offer withdrew by email.

“Then it sold for $937,000 and it stunned me, it stunned the street and it stunned the neighbours and the buyers who were bidding to the end had no problem with paying it, they were just so happy to get a house.”

Nearby, in Ashgrove, Ms Lee collected $1.56 million for a cottage in dire need of a fresh coat of paint at 20 Plant Street, with a local family forking out $210,000 above the reserve price.

“We only had 60 groups through that whole campaign, so not massive numbers and we were thinking, ‘is this going to go off’?

“But, then we had 16 registered bidders and I think that’s because there’s no stock and then there’s the location of the house. It may not have been a typical ‘Ashgrovian’ house that’s been renovated beautifully, but it ticked all the boxes for bedrooms and bathrooms.


20 Plant Street, Ashgrove QLD 4060 

The four-bedroom, three-bathroom abode — on a 405-square-metre block — had not been renovated since 2002. The highest offer before auction came in at $1.3 million.

In the city’s south, and in the heart of Sunnybank, Place Estate Agents Annerley agent Mitchell Smith sold a sprawling family home at 90 Valhalla Street for $1.379 million – a strong result he said revealed just how much the underrated suburb was blossoming.

“We had 19 registered bidders, which was a fair bit more than we thought we would have and we got close to $100,000 over the reserve price,” Mr Smith said.

“I think just having all those registered bidders shows that this market is really firing at the moment. There are three properties in that street all under contract but I do think ours was a great sale.

“The location of that home is really good and it’s been the same owner for 20 years but, interestingly, the buyer had been driving past that home for 10 years and had been saying for all those years that when it comes on the market, he’ll buy it.”

The five-bedroom, three-bathroom house, on a 655-square-metre block, was the top sale registered in Sunnybank on Saturday, with three more homes sold under the hammer in what Mr Smith said was proof the southern patch wasn’t exempt from the boom igniting Brisbane’s soaring property market.

Within the Queensland capital a total of 49 homes sold at auction from 69 on Saturday, with sales totalling more than $28 million.


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Charter Hall leads the charge with $560m industrial deals

Charter Hall

Funds management and development juggernaut Charter Hall has swooped on $560 million worth of industrial properties as it builds its pipeline to service the explosive growth in the ecommerce, data and cold storage sectors.

Defying the pandemic-hit market conditions, it has acquired and settled 17 assets which have lucrative high-quality tenant covenants, with long lease terms ranging up to 16.9 years and located in large industrial precincts with proximity to major infrastructure and metropolitan areas.

Further boosting its $16 billion pipeline, Charter Hall has purchased a number of development sites that come with surplus land for expansion and development. The group has forecast the industrial portfolio will grow beyond $20 billion.

Charter Hall is an ASX-listed $7.75 billion diversified manager that specialises in assets with long leases across the traditional sectors of office, retail and industrial as well as fast-moving consumer foods, pubs, healthcare and childcare.

Charter Hall chief executive David Harrison said the acquisitions build on the group’s strong momentum in acquiring high-quality industrial assets in prime locations across Australia.

“We continue to lead the Australian market in deal volume, and our ability to secure high-quality assets off-market continues to deliver long-term value for the business and superior outcomes for our capital partners and investors,” Mr Harrison said.

Major tenant customers secured with the latest acquisitions include Australia Post, Toll, Border Express, Cleanaway, Zirconia (Iron Mountain) and state government agencies. One large site is the distribution centre in Lytton, Brisbane leased by Kmart.

Charter Hall industrial and logistics chief executive Richard Stacker said with a further $3 billion of investment capacity together with a captive development pipeline, “we would expect our $16 billion industrial portfolio to grow beyond $20 billion over coming years.”

The deals reflect how the country’s commercial property sales moved up a gear in the second quarter, with the industrial sector posting the strongest ever quarterly deal flow, the latest Australia Capital Trends report from Real Capital Analytics (RCA) shows.

Benjamin Martin-Henry, RCA’s head of analytics, Pacific, said quarterly sales of industrial stock outpaced offices and retail properties combined for only the second time since the start of 2020, having never achieved this feat in the previous two decades.

“This record was despite a relatively quiet first quarter for the industrial market. With a hefty deal pipeline of around $2 billion of industrial deals awaiting settlement, 2021 is highly likely to be a record-breaking year for the sector,” Mr Martin-Henry said.

Commercial property sales worth $13.4 billion were closed over the second quarter, up 15 per cent on the same period last year. For the first six months of 2021, volumes reached $21.2 billion, up 11 per cent compared to the same period in 2020.

Together with the Charter Hall deals, Blackstone completed the sale of the Milestone Industrial Portfolio to GIC and ESR for $3.8 billion, while LOGOS, together with partners Australian Super, Ivanhoe Cambridge, TCorp and AXA IM Alts, bought Australia’s largest intermodal logistics facility – Moorebank Logistics Park (MLP) in Sydney – for $1.67 billion from Qube.


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Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village

Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.

The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.

The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.

“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.

“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”

He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.

Brekky Ck

The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.

Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.

The council insists the remaining bridges need federal and state government funding to go ahead.


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Green ‘Grand Central’: Cross River Rail unveils changes to parklands vision

Cross River

Developers of Queensland’s biggest infrastructure project, the $5.4 billion Cross River Rail, appear to have bowed to public pressure and moved to preserve more public space in its redesign of the city’s Roma Street parklands precinct.

The Cross River Rail Delivery Authority has confirmed it will allow more public open space in a revised development plan for the area.

A new development scheme for the Roma St precinct, which will contain the state’s most most important transport interchange (dubbed Grand Central) as well as the proposed Brisbane Live arena, identifies new green areas and more affordable housing than was originally planned.

The Palaszczuk government has insisted that the development of an underground Roma St station as part of Cross River Rail is a chance to revitalise an under-used part of Brisbane into a major opportunity for private investment.

The government expects that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.

However, the delivery authority came under fire for giving over part of the Roma St parklands which houses a public car park and Brisbane City Council maintenance depot to residential and commercial development.

The authority now says under the finalised development scheme the precinct would have more “publicly accessible open space”.

“The existing 11 hectares of publicly accessible open space within the Roma St Parklands will not only be protected forever, but will be expanded even further by more than two hectares,” the authority said in a statement.

“The development scheme also provides for new social and affordable housing as part of new residential buildings parallel to the rail corridor, adding to the existing apartment complexes along Parkland Boulevard.”

“This scheme is all about renewing one of Brisbane’s most underutilised inner-city locations while protecting and enhancing the beautiful natural features that already exist. ‘

About 46,000 people each weekday are expected to use the new high-capacity underground station at Roma Street by 2036.


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