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Logan City Builds on ‘Family Magnet’ Study Findings

Logan City Builds on ‘Family Magnet’ Study Findings

Logan could grow by an additional 56,000 dwellings in the next 15 years, with more than $18 billion in government-funded infrastructure projects planned for the city.

The City of Logan has launched its Housing Study, the first step in a three-stage strategy for the south-east Queensland district, located between Brisbane and the Gold Coast.

A number of factors are driving residential development potential, including declared priority development areas at Yarrabilla—a 2,200-hectare site—and a 7,188-hectare Greater Flagstone site, part of which Peet Limited was given approval to develop last year.

Meanwhile, in the surrounding area, Golden Gate Property has kicked off a $130 million residential project; CFMG Capital has acquired a large development site and a $460 million Logan Hospital revamp is also on the cards.

The entire Logan City Council was sacked last year over fraud and corruption allegations.

The new housing study provides the new council with options for higher-density development around transport corridors.

Since 2010, annual residential dwelling approvals have increased by 77 per cent, nearing 4000.

The City of Logan is now home to more than 334,358 residents with a growth rate of 1.9 per cent; by 2041 as many as 586,000 people are expected to live in the city.

Potential for residential development in Logan by 2036

Potential for residential development in Logan by 2036

^ Source: City of Logan Housing Study 2020

The study found that affordable choices for housing and high availability have attracted families to the area from other parts of Queensland and as far afield as New Zealand.

Other findings include the fact that nearly a quarter of residents—23 per cent—are 14 years or younger, with a further 12 per cent of the population in the 15 to 24 age bracket, 63 per cent of whom are still living at home.

The median weekly rent for a three-bedroom house is $350 and the majority of families live in stand-alone homes with double garages.

City of Logan mayor Darren Power said the results of the study allow council to set a strategic vision that meets the expectations of the community as they look towards their 2025 planning scheme.

“Families are flocking to our booming new residential developments, our established suburbs are being re-energised and we have also seen growth in the traditional Logan rural-residential lifestyle,” Power said.

“The contents of this study will now help shape our housing strategy to establish best-practice policy options for future housing and residential development across the city.”

Stage 2 of the housing strategy will involve detailed investigations on planning issues including managing development in established areas, examining lot sizes and dwelling areas as well as identifying locations for new residential growth.

This article is republished from theurbandeveloper.com 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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