Developer Raykong Property has announced plans for a $96 million mixed-use development comprising twin 15-storey towers at Upper Mt Gravatt in Brisbane.
It is the first Brisbane venture for Raykong Property, a company associated with the Zhang family which has been developing commercial and residential property in China since 2002.
The developer’s project manager, PDS Group, said the plans are for a proposed 174-apartment complex on a 3154 sqm residential parcel at 7-15 Cremin Street that Raykong purchased last year for $5.28 million.
If approved, the project’s towers will be the highest in Upper Mt Gravatt and they will offer sweeping views of the surrounding area and east to Moreton Bay.
The development will incorporate retail and commercial precincts, a shared basement and podium level, as well as rooftop communal facilities for residents including a swimming pool, outdoor cinema, private dining room and a barbecue area.
PDS Group director Michael Sutherland said Upper Mt Gravatt was an ideal location for an apartment development because of its proximity to major retail, education, employment and transport hubs.
The project site is within 200m of Westfield Garden City, Kessels Road and Logan Rd, and is a short distance from Griffith University’s Mt Gravatt and Nathan campuses.
Mr Sutherland said the development’s two and three-bedroom apartments would appeal to Generation Y and downsizers seeking quality and convenience.
He expected owner occupiers to account for 50 to 60 per cent of apartment buyers.
“This is a very convenient location with Garden City and Griffith University nearby and easy access to public transport and major arterial roads,” he said.
Becky Zhang, of Raykong Property, said the area had recorded steady capital growth during the past five years and she anticipated investors would reap returns of around 5 per cent.
Brisbane City Council is expected to make a decision on Raykong’s development application within two to four weeks.
Originally Published On: http://www.theurbandeveloper.com/
Subdued Office Occupancy Underpins Need To Support CBD
The latest results of the Property Council’s office occupancy survey show that Brisbane’s CBD activity levels have remained flat during April, as the Property Council ramps up efforts to encourage workers to return to the city.
The survey revealed Brisbane’s CBD occupancy level had stagnated at just over 60 per cent in April, marking the fifth consecutive month of little movement in the return to workplaces.
The Property Council’s Queensland Deputy Executive Director, Jen Williams, explained that while flexibility will continue to be a major feature of workplaces and there remains a small risk of future lockdowns, there is still a long way to go until the CBD reaches the level of occupancy anticipated in the new ‘normal’.
“Activity levels in Brisbane’s office buildings not only affect workplaces and office landlords, but the thousands of small businesses and retailers that rely on high levels of foot traffic to turn a profit.
“All businesses in the CBD are interrelated and largely reliant on office workers. From dry cleaners, to take away outlets, to electronic scooter companies, everyone relies on the consistent foot traffic that workers generate.
“As a direct result of the state’s success in tackling the health pandemic and the relatively low level of restrictions remaining, Brisbane was an early mover in the return of workers to the CBD.
“Unfortunately, we have seen the number of workers heading back into the CBD stagnate over the past five months. To position Brisbane for the future and capitalise on the generations of investment that have gone before, we must break the habits of COVID and get our people back together.
“In other parts of the world where employees have been forced to work from home for longer, businesses are desperate to get back to the office, as they have seen their productivity stagnate.
“With the likes of Google and Apple announcing major return to the office plans once the vaccine rollout allows, Brisbane and Australian businesses will risk losing their first mover advantage if they don’t get their teams back to together.
“This is why the Property Council is working with Brisbane City Council on a campaign to not only attract workers back into the office, but to ensure they make the most of what local retailers, cafes, restaurants, and bars have to offer.
“The State Government and Brisbane City Council’s Brisbane Holiday Dollars initiative is welcome recognition of the important role the CBD plays in contributing to the broader state and economy.
“While much is being done, there is still a long way to go until CBD activity levels return to ‘normal’. The Property Council is keen to work across all levels of government and industry to bring activity back to our city centre.”
Article Source: www.miragenews.com
Major new tenant for Brisbane’s fast growing Airport City
The list of tenants at Brisbane Airport (BNE) will soon include the world’s largest distributor for home-brewing brands such as Still Spirits, Mangrove Jacks, and Grainfather following the sod-turning ceremony for a new facility at the gateway.
Bevie’s 2,600sqm state-of-the-art unit will be located within a Warehousing Industrial Duplex Facility on Grevillea Place in Export Park.
Martin Ryan, Brisbane Airport Corporation’s executive general manager for commercial, joined John van Rensburg, CEO and president of Bevie, and more than 20 Bevie delegates on site to mark the commencement of construction.
Van Rensburg noted that a number of Bevie delegates were able to take advantage of the trans-Tasman travel bubble and fly in from New Zealand for the event.
He enthused: “We are looking forward to calling Brisbane Airport home to our soon-to-be constructed, custom facility, and I cannot wait to see the look on everyone’s face when we move in at the end of the year.
“Our existing facility in Banyo has served us well but providing our team with a modern home will allow us to serve our retail partners across Australia more efficiently.”
Ryan said the addition of Bevie is a perfect example of BNE’s evolving Airport City and our ability to attract non-aviation related businesses to Brisbane Airport.
“Bevie’s arrival is very exciting for all of us at Brisbane Airport as it diversifies the mix of industries we have here on site,” noted Ryan.
“We have a number of exciting projects underway and a property assets portfolio exceeding A$1.7 billion. Bevie is a part of BNE’s exciting future, which includes the opening of the BNE Auto Mall in 2024.”
The remaining portion of Brisbane Airport’s new Warehousing Industrial Duplex Facility is a 1,900sqm site that is still available for lease.
“These two units will complete the last piece of real estate available on Grevillea Place, but we have plenty more sites available for everyone’s needs,” added Ryan.
The project is generating more than 30 construction jobs and is expected to be completed by December 2021.
Article Source: airport-world.com
Cromwell Lands Former Flight Centre HQ
Brisbane-based fund manager Cromwell will add the former Flight Centre headquarters at 545 Queen Street in Brisbane to its managed portfolio.
Settlement is imminent for the $117.5 million acquisition being sold by Axis Capital, which bought it in 2017 for $70 million, in a deal that requires Foreign Investment Review Board approval.
The 13,300sq m, A-grade office building is located on a 2735sq m parcel of land at the entrance to the Brisbane CBD’s ‘Golden Triangle’ and has undergone an extensive refurbishment programme.
Hamish Wehl, Cromwell’s head of retail funds management, said the property fit its target profile with 88 per cent of income derived from the federal government, as well as listed or multinational tenant-customers
“The current interest rate environment has made things challenging for investors searching for opportunities that meet their income needs.
“Cromwell is actively seeking additional assets that will help DPF meet its objectives and benefit unitholders even further,” Wehl said.
DPF, which started in 2013, owns seven office and retail assets—in Queensland, New South Wales, Victoria, South Australia and ACT—outright and has exposure to a further three with a total value of just over $1 billion.
Wehl said the fund had been strongly supported by local investors who are paid a monthly dividend averaging 5.8 per cent a year.
The transaction was negotiated by CBRE’s Peter Chapple, Bruce Baker, Flint Davidson and Stuart McCann.
“We have seen a strong increase in buyer demand for high quality, multi-let Brisbane office towers, with long-term investors backing that there will be a flight to quality as tenants seek to upgrade to prime grade CBD and metropolitan office assets,” Baker said.
Brisbane’s renowned Golden Triangle has been subject to a number of high-profile transactions in recent years.
The tower, at 410 Queen Street, sold for $53.5 million to local development and investment group PGA Properties early last year.
Dexus and Canada’s CPP Investment Board also recently sold Brisbane’s 10 Eagle Street office tower for $285 million to Brisbane-based investment manager Marquette Properties.
Article Source: www.theurbandeveloper.com
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