One Cannes had wrapped up 65 per cent of sales in just 10 days after its launch in May
The Gold Coast developer Marquee Development Partners has nearly sold out their $85 million One Cannes apartment development between Broadbeach and Surfers Paradise.
The sales update comes just over a month after the development at 1 Cannes Avenue received approval from the Gold Coast City Council.
One Cannes had wrapped up 65 per cent of sales in just 10 days after its launch in May.
Marquee has now launched the two remaining penthouses, which are offered fully customisable in the early stages of development.
The award-winning Plus Architecture has designed the spaces which sit across level 17 of the 17 level building.
They each have four bedrooms, three bathrooms, three car spaces, a media room and an expansive entertainers’ kitchen with a butler’s pantry and dry bar.
Marquee Development Partners sales director Azura Griffen said there has been consistent demand from local buyers at One Cannes.
“The project has been very well received by luxury downsizers looking for luxury spaces in an idyllic secluded location close to parklands, with a huge range of amenity for buyers to enjoy,” Griffen says.
“Drawing an artistic flair from the French Riviera, we are thrilled to be launching One Cannes’ penthouse collection to the market – offering buyers uncompromising luxury, unparalleled views and expansive living spaces coupled with the finest collection of resort-style facilities.”
Both on corner positions of the building, the penthouses are wrapped in floor to ceiling glass windows with each featuring two balconies offering 270-degree views of the Main River, Pacific Ocean, the Hinterland, and the Gold Coast city skyline.
One Cannes will have extensive work from home facilities, a riverfront infinity pool with cabanas and sun lounges, a gym with sauna, and a yoga and pilates studio oriented towards the adjoining parklands.
The project also draws inspiration the QANTAS first class lounges to offer a business lounge, boardroom, private offices, and meeting rooms for residents.
Article Source: www.urban.com.au
Hope Island’s Peninsula Collection apartments show great appeal to interstate and international investors
The Peninsula Collection has 63 apartments, starting from a low $565,000 for the three-bedroom apartments
The ASX-listed ASF Group have released the final opportunity to buy in their unrepeatable gated Hope Island community, The Peninsula.
Peninsula Collection is the final instalment of apartments in the master-planned development on Harbourview Drive, which is located in the highly sought-after Hope Island Resort.
ASF has already sold out Peninsula Homes, a collection of 17 townhouses, Peninsula Residences, comprising 40 apartments, and Peninsula Terraces, just 22 terraces, which sit along side the Peninsula Collection.
The Peninsula Collection has 63 apartments, starting from a low $565,000 for the three-bedroom apartments. Since the official launch of Peninsula Collection last month, more than 10 apartments have already been snapped up
They’re likely to be popular with investors, particularly internationally, with Hope Island Resort featuring Foreign Investment Review Board (FIRB) exemption. This gives investors a global re-sale market for future capital returns seldom found in other developments in Australia.
The project is also offering a three-year rental guarantee of five per cent per annum, along with the option for property management services.
Hope Island apartments have seen 3.8 per cent price growth per annum over the past 10 years, according to SQM Research. In the last 12 months, apartments have seen 16.5 per cent growth.
This can be attributed to a number of factors, not least of which is shortage of supply. According to property consultants Urbis in 2019, The North Shore precinct, which includes Hope Island, was the most undersupplied market on the Gold Coast for apartment buyers. A situation which hasn’t see much improvement until recently with five new apartment developments set for Hope Island.
Rental stock has also remained extremely tight on Hope Island.
The 2032 Brisbane Olympics announcement is also backing up this data, ensuring investment from both private and public sectors upwards of hundreds of millions of dollars in infrastructure and more in the near and long term.
Three-bedroom apartments in Peninsula start from $565,000, below the suburb median of $579,000, according to SQM.
Rents have also been on the rise with rental asking prices up 24.8 per cent in the past year and 4.4 per cent per annum for the past 10 years.
‘The Peninsula, as an exclusive gated community development on Hope Island Resort’s unique river canal, is located within one kilometre of three golf courses, across the road from the Azzura Greens Resort and Links Hope Island Golf Club.
It’s one of the closest new developments near the Hope Island Shopping Centre, reachable on buggy or foot.
Article Source: www.urban.com.au
Cromwell Sells Ipswich Office Tower for Record $145m
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
Dexus Lists Pacific Fair, Macquarie Centre Stakes
Fund manager and office landlord Dexus has listed stakes in two of the country’s biggest and best-known shopping centres as investors ready themselves for a potential retail rebound once international borders reopen.
The stakes are a quarter interest in the Macquarie Centre in Sydney’s north and a 20 per cent interest in Pacific Fair on the Gold Coast.
If realised, the deal could reflect one of the biggest shopping centre deals in the wake of the pandemic, netting Dexus and its investors upwards of $700 million.
Dexus picked up the interests when, in April, it merged its wholesale fund with a $5-billion AMP Capital-controlled vehicle to create a $15-billion fund.
At the time Dexus pledged to bring liquidity to investors in the wholesale vehicle.
Dexus Wholesale Property Fund has appointed CBRE’s Simon Rooney, together with Nick Willis and Sam Hatcher of JLL, to steer the expressions of interest campaign.
“The positive turnaround in institutional investor sentiment and capital reallocation back to retail is in its early stages,” Simon said.
“[The turnaround] is clearly evident and is centred on assets which are considered the ‘best of the best’–criteria clearly met by Pacific Fair and Macquarie Centre.”
“We have seen a material rebasing in retail asset values over the past 12 to 18 months, together with a ‘mark to market’ rental reset.”
Pacific Fair is the country’s fifth-largest shopping centre spanning around 150,000 square metres.
The centre underwent a $670-million refurbishment five years ago, to elevate it a “luxury destination”, adding 46,500sq m of retail space, about 100 specialty stores and an extra 1300 car parks.
The shopping centre is now home to internationally recognised brands such as Louis Vuitton, Prada, Hermes, Bulgari, Gucci, and Tiffany and Co.
Pacific Fair sits in the heart of the Gold Coast on a 16.6ha site, next to The Star Casino and the Broadbeach retail, conference and accommodation precinct.
In Sydney, the Macquarie Centre spans 135,000sq m and is near the Macquarie Metro Station and Macquarie University, in the heart of the Macquarie Park business park.
The redeveloped shopping centre is recognised as one of Sydney’s premium shopping destination with more than 360 specialty stores over four levels, anchored by Myer and David Jones.
The centre currently has plans for 1000 new apartments in four tower blocks and the centre could also be further overhauled.
“They are more than just shopping centres—their scale and integration in the market make them core pieces of infrastructure that shape their respective markets,” Willis said.
“Retail has performed well coming out of lockdowns, and the best quality assets will continue to outperform.”
Willis said the listings, the first super regional shopping centre opportunities to be offered in Australia since 2019, would attract interest from leading Australian retail owner managers, institutional funds and heavyweight offshore investors.
In late 2019, Lendlease sold a half share in Adelaide’s Westfield Marion for $670 million to the property trust sponsored by Singapore Press Holdings while Scentre Group purchased a half stake in Garden City mall in Western Australia from an AMP Capital managed fund for $575 million.
Last year, Lendlease’s Australian Prime Property Fund listed a 50 per cent stake in Brisbane’s $1.7 billion Westfield Carindale, in the city’s south-east.
Article Source: www.theurbandeveloper.com
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