New changes to the state government’s priority development scheme will see the delivery of up to 4000 new apartments in the new $2.1 billion Maroochydore CBD.
The Queensland government has approved changes to the Maroochydore City Centre that would see an increase in residential dwellings from 2000 to 4000 apartments within the priority development area.
Maximum building heights have been increased in areas to accommodate growth, while development will also need to meet design requirements relating to residential privacy and natural light access.
Last month investment and development company Pro-Invest announced it would develop the first new hotel in the Sunshine Coast’s new town centre.
The nine-storey, 167 room hotel will operate under the Holiday Inn brand, and is scheduled to open late 2020.
Construction kicked off on the first commercial building, the $30 million Cottee Parker-designed Foundation Place, by local developer Evans Long last month.
The new CBD builds on state government announcing the Maroochydore City Centre as a PDA in 2013, priming the precinct for infrastructure investment, economic development and the creation of a new CBD.
The PDA spans approximately 60 hectares, covering council owned land including the site of the former Horton Park Golf Club and land in Dalton Drive, purchased by the Sunshine Coast Council for $42 million in 2015.
The South East Queensland regional plan forecasts an additional 53,700 dwellings needed within Sunshine Coast urban areas by 2041.
Sunshine Coast Mayor Mark Jamieson said the latest approval will assist council meeting urban infill targets.
“Maroochydore is ideally placed to deliver more apartment living options for the region, and these changes will enable the city centre to grow.”
Yeerongpilly Green Urban Renewal Ramps Up
A major urban renewal project in Brisbane’s south continues as the first residential stage of the $850 million development project has launched to market.
Spanning a 14-hectare site, Yeerongpilly Green, described by the Queensland government as “an exciting urban village” is under way by developer Consolidated Properties Group and CVS Lane Capital Partners.
The regeneration project, located five-kilometres from Brisbane’s CBD, will comprise 28,000sq m of commercial space, an 8750sq m retail and dining precinct, and 1.8 hectares of parkland space, with plans for 1200 dwellings to be constructed.
Consolidated Properties, led by Don O’Rorke, won the government tender to develop the Brisbane riverside site in 2015.
When completed, the precinct will be home to 3000 new residents, a range of commercial and retail businesses, and up to two-hectares of parklands.
The launch to market of three boutique buildings marks the first public release of the residential stage, with O’Rorke describing the buildings’ as designed with owner-occupiers in mind.
Park House and Garden House, which are both five levels in height, comprise 35 and 56 apartments respectively. While Green Terraces will comprise ten, three-bedroom residences.
O’Rorke says the Yeerongpilly project is in-line with the company’s plan to focus on residential development in established urban areas.
“After 40 years in development it’s my view that we need to be enriching amenities and social infrastructure through redevelopment in our existing communities, rather than contributing to sub-urban sprawl,” he said.
The Yeerongpilly project is the second Brisbane urban renewal project for Consolidated Properties Group, following the $650 million Cornerstone Living project in Sunnybank in Brisbane’s south, which is also in partnership with state government and CVS Lane Capital Partners.
“We expect to commence construction of all three buildings early next year… [so] the first residents could move in as early as 2021,” O’Rorke said.
Yeronga PDA development green lit
In nearby suburb Yeronga, a development scheme for the Yeronga Priority Development Area (PDA) on the old Yeronga TAFE site has been approved.
The scheme will act as a framework to transform a three-hectare site into an integrated mixed-use community and residential precinct.
Economic Development Queensland said it will partner with a private developer to deliver the precinct, with the successful development partner to be announced later this year.
International Uni, 30-Storey Tower Next Step in Fortitude Valley Renewal
A new $180 million international university campus and 30-storey tower comprising student accommodation, co-living and co-working space is planned for Brisbane’s inner suburb of Fortitude Valley.
The development application for the major project will be lodged this month by Sydney fund manager Millinium Capital, with the first stage slated for completion by the end of 2020, pending approvals.
A 12-year lease agreement has been signed with the international NASDAQ-listed Torrens university for its new Fortitude Valley based campus, with its fit-out designed by Brisbane firm Arkhefield.
The development of the Waltons site, at 240 Brunswick Street and 11 Overells Lane, will span two stages with plans to transform a vacant building into an educational and residential hub on the 3489sq m site, furthering the regeneration push and growth of the higher education sector in the area.
Millinium Capital Managers, through its Millinium Alternatives Fund, said it has secured debt finance and “received firm interest from equity investors” for the first stage of its Waltons development project.
A project manager has been appointed for the project, but Millinium says it’s still in talks with tier one builders on the multi-million-dollar development.
Millinium, which has experience purchasing and managing hospitality assets including Sydney’s Four Seasons Hotel, says it aims to maximise returns from the project’s second stage.
The Waltons site comprises several interconnected buildings located above Fortitude Valley’s train station.
The project’s first stage, expected to be completed by the end of 2020, will involve refurbishment of the heritage-listed Overells and Lincoln Mills buildings, and a university-owned restaurant will be established on the lower ground floor.
The second stage will involve the demolition of the former Waltons store and part of the Braggs building, retaining their facades, with a 30-storey tower proposed on the Waltons site, with the tower offering a mix of student and co-living accommodation and co-working space.
Expressions of interest will be sought to manage the student accommodation.
Millinium confirmed the development application and concept drawings will be lodged with council this month.
Brisbane’s Fortitude Valley
The area, which has been undergoing transformation, is one of Brisbane’s fastest growing areas with forecast population growth of 4.5 per cent per annum over the next decade.
Developer Silverstone this week announced it would be working with state government to deliver a revamp of the PCYC at 458 Wickham street.
The $43 million Fortitude Music Hall at 312 Brunswick Street, with a capacity of 3,300 opened this year, while a new cinema complex in the Valley Metro Centre recently received approval.
The Sydney fund manager describes the project as a “significant further step in the regeneration of the Fortitude Valley precinct”.
“The project will be transformative for Millinium’s Alternative Fund which is considering the acquisition of other quality property assets,” Millinium said in an announcement to the ASX.
“The fund intends to divest its non-property assets progressively and has appointed Boutique Global Securities Pty Ltd to manage these and the fund’s other assets, including the capital raised to fund the Waltons project.”
Cbus, Nielsen Properties Announce Architect Shortlist for 205 North Quay
Cbus Property has released an architect shortlist peppered with international firms for the design of a $600 million office tower in Brisbane’s North Quay.
The construction super fund’s property arm has partnered with local group Nielsen Properties to develop a 50,000sq m office project at 205 North Quay at the southern end of Brisbane’s CBD.
The four design partnerships — BVN and Shop; Architectus and Woha; Cox, SOM and Rapt Studio; and Hassell, Rex and Richards & Spence — will compete in a competition for 205 North Quay, with the successful team appointed in September.
The teams will produce a concept design for the A-grade office tower that capitalises on the waterfront location and transforms the CBD precinct, according to press issued by Cbus Property.
The skyscraper will add 50,000sq m to Brisbane’s office market, which has seen vacancy rates fall to the lowest levels since 2013.
Increasing demand for A-grade assets has led to a surge of development — with construction currently under way at theRio Tinto-anchored Midtown Centre, Mirvac’s 80 Ann Street, Shayher Group’s 300 George and Dexus’ 12 Creek Street.
Brisbane group Marquette has started work on transforming a tired Edward Street tower into an A-grade office asset after securing a large anchor tenant and tapping BVN to help refurbish the 28-storey building.
The project is Cbus’ second office development in Brisbane after delivering the controversial “tower of power” for Queensland more than 7,500 public servants in 2016.
Nielsen Properties owns the 3,000sq m site, which it amalgamated from 30 Herschel Street and 205 North Quay.
Property records show the local developer acquired North Quay in 2002 and Herschel Street in 2005, paying $7.25 million and $5 million respectively.
“[The site] is ideally located to capitalise on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live,” Cbus Property chief executive Adrian Pozzo said.
The 205 North Quay tower is set to add to the rapid regeneration of Brisbane’s north quarter precinct, neighbouring Shayher Group’s under construction 300 George and recently-completed W Hotel.
Pozzo said that the competition attracted strong interest from local and international architecture firms.
“Brisbane is a new world city and we plan to partner with the world’s best architects.
“The site provides an unrivalled opportunity to establish the innovative workplace of the future and create a new commercial building of inspiring architecture that will represent the new world of work.”
The property council’s latest office market report recorded a slight 1 per cent decline in Brisbane CBD vacancy rates over the first half of 2019.
PCA Queensland director Chris Mountford said that the market has experienced increasing demand for A-grade assets over the first half of the year.
“The Brisbane office market is clearly in the midst of a good recovery, with confidence that demand will continue to grow and strong investment under way in new office projects,” Mountford said.
The 205 North Quay office project is slated for completion in 2023.
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