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Panettiere Plans 22-Storey Brisbane Project

Storey Brisbane

Panettiere Developments has plans for a 22-storey mixed-use development that would be constructed over five stages on Brisbane’s city fringe.

Backed by the Brisbane-based Panettiere family, the Newstead property at 75 Longland Street spans a 3298sq m site and would comprise a total of 239 apartments.

The proposal includes the construction of the 22-storey building comprising commercial and retail, with plans for seven ground floor tenancies and a hotel, subject to approvals.

At 22 levels, the proposed project exceeds Brisbane City council’s height limit for the site.

In its response, the developer said the project takes a “design-led approach” to the area, resulting in “a height proportionate to the increased width to Longland Street whilst maintaining views of the city centre from Kingsford Smith Drive”.

The developer picked up the Newstead site in early 2018 for $13.2 million.

Plans would see the existing commercial buildings demolished to make way for the new project, known as Oro, designed by Urban Solutions Architects.

Short-stay accommodation would span levels three to seven, with the developer seeking dual classification of apartments as both multi-unit dwelling and short-term accommodation, covering 85 apartments.

Storey Brisbane

Located on the corner of Stratton Street, Longland Street and Kyabra Street Newstead, Panettiere Developments has lodged plans for the 3,298sq metre site.

Panettiere director Joe Panettiere, who explained the project’s name means gold in Italian, said there is demand for quality office space in Newstead.

“The building has a flexible framework we’re putting in place,” Panettiere told The Urban Developer.

“At the moment there may not be strong demand for short term accommodation in the area but down the track, there will be.”

“The building has two levels of commercial space that can be used for offices. We’re also supporting co-working space on level 19 for people who want to work from home.

“So we’re providing what I call a true mixed-use development.”

The application for stage one includes plans for food and drink, health care service, indoor sport and recreation, the 85 apartments of short-term accommodation and another 154 apartments.

Plans show 417 car spaces are included in the application.

Stage five would include the hotel pool bar, gym, pilates and yoga area, sauna, steam room, a BBQ and teppanyaki area.

Storey Brisbane

Plans for the 76-metre tower will include 85 short-stay apartments and another 154 residential apartments. Image: Urban Solutions Architects.

The inner Brisbane suburb was once a predominantly industrial area, centring around the Teneriffe Woolstores and Newstead Gasworks, and has since seen significant development over the past decade.

Panettiere is also behind another Newstead project, the nine-storey 106 apartment building on Doggett Street, known as Nero.

 

The post “Panettiere Plans 22-Storey Brisbane Project” by Dinah Lewis Boucher appeared first on the theurbandeveloper.com Blog

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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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